TG THERAPEUTICS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TG THERAPEUTICS, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0.15	0.15	0.15	0.15	0.15	6.69	2.79	234	329	616
Cost of revenue						0.79	0.27	14.1	38.5	101
Gross profit						5.9	2.52	220	291	516
Research and development	69.2	103	159	154	166	223	125	76.2	94.3	160
Selling, general and administrative				15	108	128	95.5	123	154	232
General and administrative	9.89	16.3	15.2	15	108
Operating expenses	79.1	119	175	169	274	351	196
Operating income	-79	-119	-174	-169	-274	-345	-218	20.6	41.9	123
Interest expense		0.85	0.88	5.29	6.33	5.64	10.2	12.6	24	26.7
Interest income	0.32	0.3	0.86
Other non-operating income	0.72	0.24	0.92	-3.82	-5.79	-3.33	-5.5	-7.57	-16.3	-15.9
Pre-tax income	-78.3	-0.12	-0.17	-0.17	-0.28	-348	-224	13.1	25.6	107
Income tax	0	0	0	0	0	0	0	0.39	2.21	-340
Net income	-78.3	-118	-173	-173	-279	-348	-224	12.7	23.4	447
EBITDA	-78.9	-119	-174	-169	-273	-344	-218	20.8	42	123
EPS, basic	-1.81	-2.16	-2.60	-2.22	-2.73	-2.97	-1.65	0.09	0.16	3.10
EPS, diluted	-1.81	-2.16	-2.60	-2.22	-2.73	-2.97	-1.65	0.09	0.15	2.77
Shares, basic (weighted)	43.4	54.9	66.8	78.2	102	117	135	142	145	144
Shares, diluted (weighted)	43.4	54.9	66.8	78.2	102	117	135	149	160	161

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	25	56.7	42	113	553	299	102	92.9	180	79.1
Short-term investments	19.9	28	26.9	27.8	52	15.9	59.4	125	131	62.8
Receivables						1.39	0	51.1	129	306
Inventory							0	39.8	110	126
Other current assets	0.22	0.44	0.44	0.61	1.08	2.88	2.36	9.52	15.7	57.6
Total current assets	50.9	93.3	79	149	612	331	168	318	566	631
Property, plant and equipment	0.33	0.25	0.25	0.28	0.48	0.6	0.31	0.1
Lease right-of-use assets			0	9.4	9.31	8.63	8.89	8.05	7.15	6.28
Goodwill	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
Long-term investments	0					35.5	12.4	0	0.81	59.1
Other non-current assets	0.16	0						2.31	2.07	2.04
Total assets	54.8	97.4	83.6	163	626	380	194	330	578	1,063
Accounts payable	15.3	25.9	36.4	30	37	51.3	42	38.5	58.3	108
Deferred revenue	0.15	0.15	0.15				0.15	0.15	11.4	21.2
Short-term debt				0	22.2	0.98	0
Total current liabilities	16.9	28	38.9	84.4	87.6	65.4	53.2	53.7	90.7	154
Long-term debt	0	0	0	29	7.72	66.8	71.1	100	244	246
Lease liabilities			0	10.2	10.4	9.85	10.3	9.23	8.13	7.02
Other non-current liabilities		0	18.4	0
Total liabilities	18.9	30.4	59.6	124	106	142	135	169	355	415
Total debt			0	29	29.9	67.8	71.1	100	244	246
Paid-in capital	272	422	553	740	1,500	1,566	1,586	1,713	1,760	1,830
Retained earnings	-236	-355	-528	-701	-981	-1,329	-1,527	-1,553	-1,529	-1,082
Treasury stock	-0.23	-0.23	-0.23	-0.23	-0.23	-0.23	-0.2	-0.2	-8.99	-100
Shareholders' equity					519	237	58.6	161	222	648
Total equity	35.9	67	24	38.6	519	237	58.6	161	222	648
Total liabilities and equity	54.8	97.4	83.6	163	626	380	194	330	578	1,063
Shares outstanding	50.2	64.7	74.2	96.8	124	127	146	151	156	155

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-78.3	-118	-173	-173	-279	-348	-198	12.7	23.4	447
Depreciation and amortization	0.06	0.08	0.09	0.1	0.16	0.28	0.3	0.21	0.07	0.06
Stock-based compensation	7.5	15.9	12.9	11.3	80.3	61.3	44.7	37.9	42.5	64.7
Deferred income tax				0	0			0	0	-348
Change in receivables				0	0	-1.39	1.39	-51.1	-78.1	-176
Change in inventory						0	0	-36.9	-66.9	-33.5
Change in payables						16	-11	0.19	22.8	55.9
Cash from operations	-61.6	-93.8	-129	-133	-215	-296	-176	-31.4	-40.5	-24.8
Capital expenditures	-0.34	-0	-0.09	-0.13	-0.36	-0.4	-0.01	0	-0.05	-0.21
Cash from investing	26.5	-8.21	1.18	-0.72	-24.5	-0.33	-20	-50.7	-1.04	13.8
Debt issued						70	0	25	245	0
Stock issued	0					2.22	0	46.3	0	0
Share buybacks							0	0	-8.76	-91.2
Cash from financing	5.02	134	114	204	680	41.4	-0.39	72.7	129	-89.7
Net change in cash	-30	31.7	-14.1	70.7	441	-255	-197	-9.36	87	-101
Free cash flow	-61.9	-93.8	-129	-133	-215	-296	-176	-31.4	-40.6	-25
Interest paid			0	2.62	4.5	3.47	5.45	8.77	18.5	24.2
Income taxes paid							0	0	0.5	7.88

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 $57.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	82.4%	Gross profit / revenue.
Operating margin	17.1%	Operating income / revenue.
EBITDA margin	17.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.7%	Pre-tax income / revenue.
Net margin	55.2%	Net income / revenue.
FCF margin	2.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	2.2%	Cash from operations / revenue.
Effective tax rate	-334.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	73.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	26.9%	Net income / average total assets.
Return on invested capital (ROIC)	12.4%	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	28.2%	Research and development expense / revenue.
SG&A / revenue	37.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	10.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	87.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	504.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	426.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	77.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	489.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	194.1%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	193.8%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	1,812.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,747.0%	EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	191.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	122.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.5%	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	84.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	76.4%	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	11.2%	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	0.7%	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	6.0%	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	9.6%	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	4.27x	Current assets / current liabilities.
Quick ratio	3.55x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.23x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.5%	Total debt / total assets.
Liabilities / assets	63.2%	Total liabilities / total assets.
Net debt	$193.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.64x	Operating income / interest expense.
Working capital	$877.2M	Current assets - current liabilities.
Tangible book value	$604.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Inventory turnover	0.95x	Cost of revenue / average inventory.
Days inventory	383 days	365 x average inventory / cost of revenue.
Receivables turnover	1.99x	Revenue / average receivables.
Days sales outstanding	183 days	365 x average receivables / revenue.
Days payables	553 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	13 days	Days inventory + days sales outstanding - days payables.
FCF conversion	3.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.81	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	$5.08	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	$3.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.95	Tangible book value / shares outstanding.
Cash per share	$3.61	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	1,025.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.79B	Share price x shares outstanding.
Enterprise value	$8.98B	Market cap + total debt - cash - short-term investments.
P/E	19.9x	Market cap / net income. Only when net income is positive.
P/S	11.0x	Market cap / revenue.
P/B	14.6x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.6x	Market cap / tangible book value, when positive.
P/FCF	506x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	492x	Market cap / cash from operations, when positive.
EV/Sales	11.2x	Enterprise value / revenue.
EV/EBIT	65.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	65.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	517x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.2%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.

What was TG THERAPEUTICS, INC.'s revenue in fiscal 2025?

TG THERAPEUTICS, INC. reported revenue of $616.3M for fiscal 2025, 87.3% higher than the year before.

Was TG THERAPEUTICS, INC. profitable in fiscal 2025?

Yes. Net income was $447.2M, a net margin of 72.6%.

How much free cash flow did TG THERAPEUTICS, INC. generate in fiscal 2025?

Cash from operations of $24.8M minus capital expenditures of $214.0K left free cash flow of -$25.0M.

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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