Stocks OGN Financial statements
Financial statementsOrganon & Co. financial statements
Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Organon & Co. 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
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Revenue | 7,777 | 6,532 | 6,304 | 6,174 | 6,263 | 6,403 | 6,216 |
| Cost of revenue | 2,274 | 2,119 | 2,382 | 2,294 | 2,515 | 2,688 | 2,903 |
| Gross profit | 5,503 | 4,413 | 3,922 | 3,880 | 3,748 | 3,715 | 3,313 |
| Research and development | 220 | 210 | 443 | 471 | 528 | 469 | 366 |
| Selling, general and administrative | 1,443 | 1,356 | 1,668 | 1,704 | 1,893 | 1,760 | 1,721 |
| Interest expense | 0 | 0 | 258 | 422 | 527 | 520 | 504 |
| Pre-tax income | 3,696 | 2,752 | 1,529 | 1,122 | 673 | 807 | 425 |
| Income tax | 390 | 496 | 178 | 205 | -350 | -57 | 238 |
| Income from continuing operations | 3,306 | 2,256 | 1,351 | 917 | 1,023 | ||
| Net income | 3,218 | 2,160 | 1,351 | 917 | 1,023 | 864 | 187 |
| EPS, basic | 12.69 | 8.52 | 5.33 | 3.61 | 4.01 | 3.36 | 0.72 |
| EPS, diluted | 12.69 | 8.52 | 5.31 | 3.59 | 3.99 | 3.33 | 0.72 |
| Shares, basic (weighted) | 254 | 254 | 254 | 254 | 255 | 257 | 259 |
| Shares, diluted (weighted) | 254 | 254 | 254 | 255 | 256 | 259 | 261 |
| Dividend per share | 0.56 | 1.12 | 1.12 | 1.12 | 0.34 |
Balance sheet
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | 0 | 12 | 737 | 706 | 693 | 675 | 574 |
| Receivables | 1,038 | 1,382 | 1,475 | 1,744 | 1,358 | 1,331 | |
| Inventory | 913 | 915 | 1,003 | 1,315 | 1,321 | 1,406 | |
| Other current assets | 930 | 726 | 747 | 756 | 994 | 1,033 | |
| Total current assets | 3,567 | 3,760 | 3,931 | 4,508 | 4,348 | 4,352 | |
| Property, plant and equipment | 984 | 973 | 1,018 | 1,183 | 1,168 | 1,303 | |
| Lease right-of-use assets | 31 | 230 | 215 | 173 | 157 | 155 | |
| Goodwill | 4,603 | 4,603 | 4,603 | 4,603 | 4,680 | 4,153 | |
| Intangible assets | 503 | 651 | 649 | 533 | 1,414 | 1,130 | |
| Total assets | 10,109 | 10,681 | 10,955 | 12,058 | 13,101 | 12,867 | |
| Accounts payable | 259 | 1,382 | 1,132 | 1,314 | 1,153 | 952 | |
| Short-term debt | 0 | 9 | 8 | 9 | 20 | 16 | |
| Total current liabilities | 2,673 | 2,597 | 2,512 | 2,918 | 2,718 | 2,390 | |
| Long-term debt | 0 | 9,125 | 8,905 | 8,751 | 8,860 | 8,628 | |
| Lease liabilities | 23 | 184 | 150 | 125 | 112 | 116 | |
| Other non-current liabilities | 1,739 | 463 | 411 | 412 | 977 | 1,008 | |
| Total liabilities | 4,623 | 12,189 | 11,847 | 12,128 | 12,629 | 12,115 | |
| Total debt | 0 | 9,134 | 8,913 | 8,760 | 8,880 | 8,644 | |
| Paid-in capital | 0 | 0 | 0 | 25 | 108 | 167 | |
| Retained earnings | 0 | -998 | -331 | 443 | 1,010 | 1,109 | |
| Other comprehensive income | -622 | -513 | -564 | -541 | -649 | -527 | |
| Shareholders' equity | 7,035 | 5,486 | -1,508 | -892 | -70 | 472 | 752 |
| Total equity | 7,035 | 5,486 | -1,508 | -892 | -70 | 472 | 752 |
| Total liabilities and equity | 10,109 | 10,681 | 10,955 | 12,058 | 13,101 | 12,867 | |
| Shares outstanding | 254 | 254 | 256 | 258 | 260 |
Cash flow statement
| FY2019 | FY2021 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|
| Net income | 3,218 | 2,160 | 1,351 | 917 | 1,023 | 864 | 187 |
| Depreciation and amortization | 49 | 56 | 92 | 96 | 120 | 132 | 156 |
| Stock-based compensation | 41 | 40 | 59 | 75 | 101 | 105 | 77 |
| Deferred income tax | 12 | -32 | -288 | -18 | -485 | -160 | 63 |
| Change in receivables | 200 | 13 | -277 | -123 | -212 | 383 | 79 |
| Change in inventory | -91 | 34 | -138 | -220 | -230 | -131 | -13 |
| Cash from operations | 3,020 | 2,284 | 2,160 | 858 | 799 | 939 | 700 |
| Capital expenditures | -92 | -255 | -192 | -196 | -251 | -175 | -162 |
| Cash from investing | -88 | -250 | -481 | -420 | -260 | -513 | -390 |
| Debt issued | 0 | 0 | 9,470 | 0 | 80 | 1,186 | 1,055 |
| Debt repaid | 0 | 0 | -112 | -108 | -338 | -1,197 | -1,513 |
| Dividends paid | 0 | 0 | -145 | -290 | -294 | -297 | -88 |
| Cash from financing | -2,932 | -2,022 | -977 | -433 | -569 | -368 | -561 |
| Exchange rate effect | 0 | 0 | 23 | -36 | 17 | -76 | 150 |
| Net change in cash | 75 | -249 | 667 | -31 | -13 | -18 | -101 |
| Free cash flow | 2,928 | 2,029 | 1,968 | 662 | 548 | 764 | 538 |
| Income taxes paid | 131 | 214 | 135 | 293 | 287 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 52.7% | Gross profit / revenue. |
| Pre-tax margin | 8.0% | Pre-tax income / revenue. |
| Net margin | 3.4% | Net income / revenue. |
| FCF margin | 9.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 12.0% | Cash from operations / revenue. |
| Effective tax rate | 57.4% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 20.8% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.6% | Net income / average total assets. |
| R&D / revenue | 5.8% | Research and development expense / revenue. |
| SG&A / revenue | 27.8% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 1.2% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 2.8% | Capital expenditures / revenue. |
| D&A / revenue | 2.6% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | -2.9% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 0.2% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | -1.0% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | -10.8% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | -5.1% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | -5.6% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -78.4% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | -41.1% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | -38.7% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -78.4% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -41.5% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | -39.0% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -25.5% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -6.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -21.1% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -29.6% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -6.7% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -23.3% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | -69.6% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | -32.8% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 59.3% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 5y | -32.8% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | -1.8% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 5.5% | 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 | 4.9% | 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 | 0.6% | 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 | 0.7% | 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 | 0.6% | 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 | 1.95x | Current assets / current liabilities. |
| Quick ratio | 1.00x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.43x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 8.50x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 64.9% | Total debt / total assets. |
| Liabilities / assets | 92.4% | Total liabilities / total assets. |
| Net debt | $7.42B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Working capital | $2.50B | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 40.0% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$4.26B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.46x | Revenue / average total assets. |
| Fixed asset turnover | 4.78x | Revenue / average property, plant and equipment. |
| Inventory turnover | 2.15x | Cost of revenue / average inventory. |
| Days inventory | 170 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 4.11x | Revenue / average receivables. |
| Days sales outstanding | 89 days | 365 x average receivables / revenue. |
| Days payables | 132 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 127 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 271.3% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 23.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $0.77 | 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 | $22.65 | Revenue / diluted weighted shares. |
| FCF per share | $2.10 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $2.73 | Cash from operations / diluted weighted shares. |
| Book value per share | $3.83 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$16.22 | Tangible book value / shares outstanding. |
| Cash per share | $4.31 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 8.6% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 3.2% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $3.61B | Share price x shares outstanding. |
| Enterprise value | $11.03B | Market cap + total debt - cash - short-term investments. |
| P/E | 17.3x | Market cap / net income. Only when net income is positive. |
| P/S | 0.59x | Market cap / revenue. |
| P/B | 3.58x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 6.36x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 4.89x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.80x | Enterprise value / revenue. |
| EV/FCF | 19.4x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 15.7% | Free cash flow / market cap. |
| Earnings yield | 5.8% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 0.5% | (Dividends paid + share buybacks) / market cap. |
What was Organon & Co.'s revenue in fiscal 2025?
Organon & Co. reported revenue of $6.22B for fiscal 2025, 2.9% lower than the year before.
Was Organon & Co. profitable in fiscal 2025?
Yes. Net income was $187.0M, a net margin of 3%.
How much free cash flow did Organon & Co. generate in fiscal 2025?
Cash from operations of $700.0M minus capital expenditures of $162.0M left free cash flow of $538.0M.