Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TherapeuticsMD, 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
19.4
16.8
16.1
49.6
64.9
2.57
70
1.3
1.76
3.02
Cost of revenue
4.19
2.64
2.74
6.34
16
1.4
1.4
Gross profit
15.2
14.1
13.4
43.3
48.9
1.17
68.6
1.3
Research and development
53.9
33.9
27.3
19.8
10.4
7.09
Selling, general and administrative
51.3
57.7
116
174
193
8.9
4.74
Selling and marketing
114
117
108
General and administrative
60.5
77
80.7
56.7
8.9
6.1
6.85
Operating expenses
105
91.8
144
195
204
80.7
67.4
9.83
7.87
7.41
Operating income
-90.3
-77.6
-130
-151
-156
-79.6
1.19
-8.52
-6.11
-4.39
Interest expense
4.68
17.4
28.6
32.9
0.2
0.3
0.01
0.01
Interest income
0.01
0.3
0.14
0.14
Other non-operating income
0.38
0.7
-2.4
-24.9
-28
0.27
-0.12
0.78
3.77
3.74
Pre-tax income
-89.9
-76.9
-133
-176
-184
-79.3
1.07
-7.74
-2.34
-0.65
Income tax
-0.04
-0.03
Income from continuing operations
-79.3
1.07
-7.7
-2.31
-0.65
Net income
-89.9
-76.9
-133
-176
-184
-172
112
-10.3
-2.18
-0.57
EBITDA
-90.1
-77.4
-130
-150
-151
-78.8
2.38
-7.6
-5.6
-4.01
EPS, basic
-23.17
-18.64
-29.72
-36.27
-33.75
-21.66
12.41
-0.99
-0.19
-0.05
EPS, diluted
-23.17
-18.64
-29.72
-36.27
-33.75
-21.66
11.96
-0.99
-0.19
-0.05
Shares, basic (weighted)
3.89
4.08
4.47
4.89
5.47
7.96
9.03
0.01
11.5
11.6
Shares, diluted (weighted)
3.89
4.08
4.47
4.89
5.47
7.96
9.37
0.01
11.5
11.6
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
132
127
162
161
80.5
64.9
49.3
4.33
5.06
7.48
Receivables
4.5
4.33
11.1
24.4
32.4
36.2
Inventory
1.08
1.49
3.27
11.9
7.99
7.62
Other current assets
2.3
6.6
10.8
11.3
7.54
5.86
6.03
4.04
3.64
3.44
Total current assets
139
140
187
208
128
119
55.4
11.8
12.3
14.4
Property, plant and equipment
0.52
0.44
0.47
2.51
1.94
0.82
0.08
Lease right-of-use assets
10.1
9.57
8.23
7.58
6.87
6.1
5.29
Intangible assets
2.41
3.1
4.09
5.26
41.4
7.14
6.94
6.1
4.32
3.76
Other non-current assets
24.7
55.1
0.25
0.25
0.25
0.06
0.13
0.44
Total assets
142
143
212
266
182
169
90.5
43.3
38.8
37.7
Accounts payable
7.36
4.1
22.7
19.2
21.1
3.37
2.16
0.03
0.26
0.38
Accrued liabilities
6.55
8.75
0.76
0.09
0.31
Short-term debt
188
Total current liabilities
15
13.3
41.1
53
59.2
253
46.8
6.85
5.17
4.79
Long-term debt
73.4
195
238
0
Lease liabilities
9.15
8.68
8.06
7.37
6.53
5.54
5.12
Other non-current liabilities
2.14
1.11
0.64
0.74
0.87
Total liabilities
15
13.3
114
257
306
263
55.3
14
11.5
10.8
Total debt
73.4
195
238
188
Paid-in capital
437
516
617
704
755
958
974
979
979
979
Retained earnings
-310
-387
-519
-695
-879
-1,051
-939
-950
-952
-952
Shareholders' equity
127
130
97.5
9.2
-124
-93.6
35.1
29.3
27.4
26.9
Total equity
127
130
97.5
9.2
-124
-93.6
35.1
29.3
27.4
26.9
Total liabilities and equity
142
143
212
266
182
169
90.5
43.3
38.8
37.7
Shares outstanding
3.9
4.3
4.77
5.38
5.95
8.6
9.5
11.5
11.5
11.6
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-89.9
-76.9
-133
-176
-184
-172
112
-10.3
-2.18
-0.57
Depreciation and amortization
0.13
0.21
0.29
1.39
4.07
0.74
1.19
0.92
0.51
0.38
Stock-based compensation
17.4
6.89
8.66
10.7
10.7
18.1
11.6
1.27
0.26
0.08
Change in receivables
-3.98
0.17
-6.95
-13.7
-8.22
-4.33
Change in inventory
-0.39
-0.41
-1.78
-8.59
-3.34
-0.71
Change in payables
4.23
-3.26
18.6
-3.56
1.89
-1.06
-1.21
-2.14
0.23
0.12
Cash from operations
-69.1
-76.2
-107
-166
-159
-143
9.36
-23.1
1.17
2.45
Capital expenditures
-0.4
-0.06
-0.22
-2.45
-0.21
-0.03
Acquisitions
-140
-140
-140
Cash from investing
-1.26
-0.83
-21.5
-23.9
-1.6
-2.22
-0.36
Debt issued
75
Debt repaid
-81.7
-50
-219
Stock issued
135
68.6
89.9
77
31.7
184
2.45
3.15
Cash from financing
137
72.6
163
189
80.7
130
-235
3.15
Net change in cash
-4.4
34.5
-0.78
-80.3
-15.4
-15.8
-45
0.73
2.42
Free cash flow
-69.5
-76.2
-107
-168
-160
-143
Interest paid
1.89
17.8
25.8
25.1
13.5
Income taxes paid
0.08
0.04
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 $2.05 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-120.9%
Operating income / revenue.
EBITDA margin
-109.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-8.0%
Pre-tax income / revenue.
Net margin
-6.6%
Net income / revenue.
Operating cash flow margin
94.7%
Cash from operations / revenue.
Return on equity (ROE)
-0.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-0.6%
Net income / average total assets.
Return on invested capital (ROIC)
-17.4%
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%.
Stock-based pay / revenue
1.7%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
11.7%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
71.6%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-64.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-45.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y
109.7%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
-36.0%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
-1.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-8.6%
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
-3.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-25.3%
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
-27.0%
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
0.3%
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
7.3%
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
16.2%
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
3.22x
Current assets / current liabilities.
Quick ratio
1.84x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.84x
(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
$0.28
Revenue / diluted weighted shares.
Operating cash flow per share
$0.27
Cash from operations / diluted weighted shares.
Book value per share
$2.34
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
7.26x
Market cap / revenue.
P/B
0.87x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.01x
Market cap / tangible book value, when positive.
P/OCF
7.66x
Market cap / cash from operations, when positive.
EV/Sales
4.45x
Enterprise value / revenue.
Earnings yield
-0.9%
Net income / market cap (the inverse of P/E).
What was TherapeuticsMD, Inc.'s revenue in fiscal 2025?
TherapeuticsMD, Inc. reported revenue of $3.0M for fiscal 2025, 71.6% higher than the year before.
Was TherapeuticsMD, Inc. profitable in fiscal 2025?
No. It reported a net loss of $569.0K.
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.