MeiraGTx Holdings plc financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data MeiraGTx Holdings plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Revenue			13.3	15.6	37.7	15.9	14	33.3	81.4
Research and development	22.4	33.6	24.9	33.9	66.7	85.7	104	119	130
Selling and marketing								23.8	4.84
General and administrative	9.33	44.5	46.7	44.2	43.8	46.6	47.3	54.2	52.9
Operating expenses	31.7	78.1	71.6	78.1	110	132	151	197	187
Operating income	-31.7	-78.1	-58.3	-62.6	-72.8	-116	-137	-164	-106
Interest expense	0.04	0.03	0.05	0.14	0.29	4.95	13.2	13.3	12.2
Interest income	0.03	0.05	0.37	1.28	0.21	0.78	2.27	4.15	1.82
Pre-tax income	-31	-83.3	-54.7	-58	-79.6	-130	-84	-148	-114
Income tax	0	-0.47	0	0	0		0	0	0
Net income	-31	-82.9	-54.7	-58	-79.6	-130	-84	-148	-114
EBITDA	-31	-76.1	-56	-58.4	-64.9	-108	-123	-151	-93.4
EPS, basic	-3.72	-4.47	-1.65	-1.54	-1.80	-2.87	-1.49	-2.12	-1.42
EPS, diluted	-3.72	-4.47	-1.65	-1.54	-1.80	-2.87	-1.49	-2.12	-1.42
Shares, basic (weighted)	8.57	18.9	33.2	37.7	44.1	45.2	56.5	69.8	80.4
Shares, diluted (weighted)	8.57	18.9	33.2	37.7	44.1	45.2	56.5	69.8	80.4

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Cash and equivalents	8.55	68.1	227	210	138	116	130	104	65.9
Receivables						21.3	10.1	0.71	3
Inventory								0.39
Other current assets	0.97	1.22	1.97	4.57	2.42	1.67	1.02	2.02	1.53
Total current assets	11.5	74.7	269	273	183	154	160	124	91.8
Property, plant and equipment	14.3	22	23.9	44	75.9	109	116	103	105
Lease right-of-use assets			21.9	21.5	22.8	20.1	15.9	10.6	12.9
Intangible assets			0	2.12	1.79	1.34	1.12	0.82	0.58
Long-term investments					6.66	6.33			6.75
Other non-current assets			0.2	1.03	1.4	1.4	1.92	1	1.15
Total assets	25.9	96.9	324	364	320	318	327	270	244
Accounts payable	7.06	3.04	3.76	7.13	15.3	16.6	16	23.6	10.1
Accrued liabilities	9.33	12	18.1	20.9	27.6	39.8	42.6	27.4	32.9
Total current liabilities	21.4	15.5	49.2	54.1	68.1	82.1	67.1	60.8	123
Long-term debt						71	72.1	73.2	49.7
Lease liabilities		0.01	21.5	19.7	20.4	17.3	13	7.52	11.4
Other non-current liabilities	0.18
Total liabilities	21.9	15.8	133	125	135	200	189	202	250
Paid-in capital	20.1	229	396	504	529	582	694	774	808
Retained earnings	-65.4	-148	-203	-261	-341	-470	-554	-702	-816
Other comprehensive income	-2.02	0.29	-1.79	-4.9	-2.67	6.05	-1.44	-3.72	2.41
Shareholders' equity	-47.4	81.1	191	239	185	118	138	67.8	-5.79
Total equity	-47.4	81.1	191	239	185	118	138	67.8	-5.79
Total liabilities and equity	25.9	96.9	324	364	320	318	327	270	244
Shares outstanding	8.71	27.4	36.8	44.2	44.5	48.5	63.6	78.4	81.1

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2021	FY2023	FY2024	FY2025
Net income	-31	-82.9	-54.7	-58	-79.6	-130	-84	-148	-114
Depreciation and amortization	0.68	2.05	2.24	4.17	7.87	8.72	13.7	12.8	12.5
Stock-based compensation	2.96	17.9	15.9	18.4	20.8	28.6	27.7	25.2	22.1
Deferred income tax	-4.94	-12.5	-9.75	-15.8	-37	-26	-9.66	-24	-21.3
Change in payables	4.73	-2.12	-0.01	1.57	13.3	3.74	2.33	10.7	-12.3
Cash from operations	-18.1	-58.9	20	-64	-10.5	-73.1	-105	-104	-46.4
Capital expenditures	-10.5	-11.3	-8.98	-20.9	-46.4	-45	-20.2	-4.96	-3.83
Acquisitions			-0.39
Cash from investing	-10.5	-11.3	-9.37	-37	-61.7	-45	34	23.5	-4.11
Stock issued	0.01	69.8	155	87.1	1.71	25	92	59.4	15.1
Cash from financing	19.3	130	148	82.7	1.71	95.2	84	54.5	12.3
Exchange rate effect	0	-0.36	0.24	0.42	-1.28	0.67	2.44	1.5	0.72
Net change in cash	-9.25	59.9	159	-18.3	-70.5	-22.9	12.7	-26.5	-38.2
Free cash flow	-28.6	-70.1	11.1	-84.9	-56.9	-118	-126	-109	-50.2
Interest paid	0.02	0.03	0	0	0.14	0.33	13.1	12	11
Income taxes paid								0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	46.3%	Operating income / revenue.
EBITDA margin	49.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	19.9%	Net income / revenue.
FCF margin	2.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.4%	Cash from operations / revenue.
Return on assets (ROA)	19.9%	Net income / average total assets.
R&D / revenue	38.5%	Research and development expense / revenue.
Stock-based pay / revenue	4.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	144.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	72.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	39.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-108.5%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-9.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	15.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	21.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	16.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.76x	Current assets / current liabilities.
Quick ratio	2.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.46x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	45.6%	Total liabilities / total assets.
Interest coverage	14.7x	Operating income / interest expense.
Working capital	$160.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.00x	Revenue / average total assets.
Fixed asset turnover	3.96x	Revenue / average property, plant and equipment.
FCF conversion	13.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.24	Revenue / diluted weighted shares.
FCF per share	$0.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.15	Cash from operations / diluted weighted shares.
Cash per share	$1.52	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.05B	Share price x shares outstanding.
Enterprise value	$904.7M	Market cap + total debt - cash - short-term investments.
P/E	13.3x	Market cap / net income. Only when net income is positive.
P/S	2.64x	Market cap / revenue.
P/FCF	100x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	76.5x	Market cap / cash from operations, when positive.
EV/Sales	2.28x	Enterprise value / revenue.
EV/EBIT	4.92x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.61x	Enterprise value / EBITDA, when both are positive.
EV/FCF	86.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	7.5%	Net income / market cap (the inverse of P/E).

What was MeiraGTx Holdings plc's revenue in fiscal 2025?

MeiraGTx Holdings plc reported revenue of $81.4M for fiscal 2025, 144.6% higher than the year before.

Was MeiraGTx Holdings plc profitable in fiscal 2025?

No. It reported a net loss of $114.2M.

How much free cash flow did MeiraGTx Holdings plc generate in fiscal 2025?

Cash from operations of $46.4M minus capital expenditures of $3.8M left free cash flow of -$50.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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