Rani Therapeutics Holdings, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Rani Therapeutics Holdings, Inc. 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
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.46
2.72
0
0
1.03
1.63
Research and development
12
26.5
36.6
39.6
26.7
20.2
General and administrative
4.96
27.8
26.8
26.5
23.9
19.7
Operating expenses
-17
54.3
63.5
66.1
54.3
39.9
Operating income
-16.5
-51.6
-63.5
-66.1
-53.3
-38.3
Interest expense
0.12
0.47
1.07
5.09
5.03
2.89
Interest income
0.06
0.09
Pre-tax income
-16.7
-53
-63.3
-67.9
Income tax
0.04
0.04
0.07
0
0
0
Net income to minority interests
-16.7
-44.8
-32.8
-33.9
-26.6
-11.3
Net income
-16.7
-8.33
-30.6
-34
-30
-29.7
EBITDA
-16
-51.1
-62.9
-65.3
-52.3
-37.4
EPS, basic
-0.43
-1.28
-1.33
-1.05
-0.45
EPS, diluted
-0.43
-1.28
-1.33
-1.05
-0.45
Shares, basic (weighted)
0.02
0.02
0.03
0.03
0.07
Shares, diluted (weighted)
0.02
0.02
0.03
0.03
0.07
Balance sheet
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
73.1
117
27
5.86
3.76
18.6
Short-term investments
98.5
Receivables
0
2.04
Other current assets
0.17
2.14
2.44
2.31
1.68
1.57
Total current assets
74.9
120
101
50.8
29.7
53.3
Property, plant and equipment
4.47
4.61
6.04
6.11
1.55
0.74
Lease right-of-use assets
0
1.07
0.72
5.1
4.32
Other non-current assets
0
0.25
0.25
0.25
Total assets
79.4
124
108
57.9
36.6
58.6
Accounts payable
0.54
1.08
1.46
0.65
1.36
0.31
Accrued liabilities
0.55
1.43
2.3
Deferred revenue
2.72
0
6.83
Short-term debt
1.36
0
4.9
15
0
Total current liabilities
5.31
2.64
4.82
7.99
19.9
12.7
Long-term debt
2.41
0
29.1
24.5
9.61
0
Lease liabilities
0
0.06
0
3.64
2.73
Total liabilities
8.04
2.64
34
32.5
33.1
17.1
Total debt
3.77
0
30
30
25
0
Paid-in capital
0
55.7
75.8
85.8
105
166
Retained earnings
-114
-8.33
-38.9
-72.9
-103
-133
Other comprehensive income
0
-0.07
-0.01
0.01
0
Shareholders' equity
-113
47.4
36.9
12.9
1.99
33
Minority interests
0
74.2
37.1
12.6
1.5
8.5
Total equity
-113
122
74
25.4
3.49
41.5
Total liabilities and equity
79.4
124
108
57.9
36.6
58.6
Cash flow statement
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-16.7
-53.1
-63.3
-67.9
-56.6
-41
Depreciation and amortization
0.59
0.5
0.55
0.82
1.03
0.9
Stock-based compensation
0
22.6
15.8
19
16
11.8
Deferred income tax
0
0
0
Change in receivables
0
-2.04
Cash from operations
-15
-32.2
-46.5
-51.2
-35.5
-18.7
Capital expenditures
-1.2
-0.51
-1.62
-1.23
-0.27
-0.09
Purchases of investments
0
-73.8
-73.3
-57.5
-33.7
Sales and maturities of investments
0
3
104
77.6
26.8
Cash from investing
-1.2
-0.51
-72.4
29.9
19.8
-7.03
Debt issued
0
29.6
0
Debt repaid
0
-5
-20.7
Stock issued
71.1
0
0.05
0.01
Cash from financing
72.7
77.1
29
0.23
13.6
40.3
Net change in cash
56.5
44.4
-89.9
-21.1
-2.1
14.6
Free cash flow
-16.2
-32.8
-48.1
-52.5
-35.8
-18.8
Interest paid
0.06
0.29
0.73
4.18
4.11
2.12
Income taxes paid
0.07
0.05
0.04
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 $0.76 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-675.8%
Operating income / revenue.
EBITDA margin
-660.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-618.0%
Net income / revenue.
FCF margin
-417.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-416.1%
Cash from operations / revenue.
Return on equity (ROE)
-76.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-49.5%
Net income / average total assets.
Return on invested capital (ROIC)
-75.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
375.4%
Research and development expense / revenue.
Stock-based pay / revenue
186.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
1.0%
Capital expenditures / revenue.
D&A / revenue
15.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
58.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 5y
28.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
1,557.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-3.6%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
60.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-18.4%
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
-5.9%
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
132.3%
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
40.6%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.31x
Current assets / current liabilities.
Quick ratio
0.65x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.46x
(Cash + short-term investments) / current liabilities.
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
$0.03
Revenue / diluted weighted shares.
FCF per share
-$0.11
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.11
Cash from operations / diluted weighted shares.
Book value per share
$0.21
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
21.7x
Market cap / revenue.
P/B
2.70x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.70x
Market cap / tangible book value, when positive.
EV/Sales
20.7x
Enterprise value / revenue.
FCF yield
-19.2%
Free cash flow / market cap.
Earnings yield
-28.5%
Net income / market cap (the inverse of P/E).
What was Rani Therapeutics Holdings, Inc.'s revenue in fiscal 2025?
Rani Therapeutics Holdings, Inc. reported revenue of $1.6M for fiscal 2025, 58.9% higher than the year before.
Was Rani Therapeutics Holdings, Inc. profitable in fiscal 2025?
No. It reported a net loss of $29.7M.
How much free cash flow did Rani Therapeutics Holdings, Inc. generate in fiscal 2025?
Cash from operations of $18.7M minus capital expenditures of $88.0K left free cash flow of -$18.8M.
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.