Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Vanda Pharmaceuticals 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
146
165
193
227
248
269
254
193
199
216
Cost of revenue
20.5
24.5
23.4
25.6
24.3
14.8
11.3
13
Gross profit
173
203
225
243
230
178
187
203
Research and development
29.2
38.5
43.6
48.6
55.6
75.4
85.8
76.8
74.4
109
Selling, general and administrative
99.8
124
106
130
141
124
136
113
146
238
Operating income
-18.6
-16.9
21.7
22.8
27.2
42.2
6.33
-14
-40.7
-151
Pre-tax income
-17.9
-15.4
25.3
29
31.7
42.4
11.3
6.34
-22.9
-139
Income tax
0.1
0.14
0.14
-86.5
8.32
9.21
5.03
3.83
-4.02
81.8
Net income
-18
-15.6
25.2
116
23.3
33.2
6.28
2.51
-18.9
-220
EBITDA
-17.6
-15.7
23.2
24.2
28.6
43.5
7.55
-13
-39.8
-150
EPS, basic
-0.41
-0.35
0.50
2.17
0.43
0.60
0.11
0.04
-0.33
-3.74
EPS, diluted
-0.41
-0.35
0.48
2.11
0.42
0.58
0.11
0.04
-0.33
-3.74
Shares, basic (weighted)
43.4
44.7
50.9
53.1
54.4
55.5
56.5
57.4
58.1
58.9
Shares, diluted (weighted)
43.4
44.7
53
54.8
55.2
56.9
57
57.6
58.1
58.9
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
40.4
33.6
61
45.1
61
52.1
135
136
102
84.9
Short-term investments
101
110
196
267
307
381
Receivables
20.3
17.6
28.8
26.4
30
32.5
33.5
34.2
47.1
54.6
Inventory
0.78
0.84
0.99
1.14
1.28
1.03
1.19
1.36
1.73
1.85
Other current assets
1.58
2.71
12
14.5
10.1
12
17.7
9.17
15.4
27
Total current assets
174
170
299
354
409
478
519
433
439
347
Property, plant and equipment
5.02
5.31
4.42
3.86
4.14
3.11
2.57
2.04
2.13
2.25
Lease right-of-use assets
0
11.2
10.5
9.27
8.4
7.1
5.6
3.92
Intangible assets
27.8
26.1
24.5
23
21.6
20.1
18.6
121
114
117
Long-term investments
0
Total assets
210
205
332
484
533
594
634
648
656
489
Accounts payable
16.2
20.3
21.6
27.6
31.5
34.4
45.6
38.5
39.1
68.3
Accrued liabilities
4.29
5.32
6.36
6.6
11
6.52
6.84
6.41
8.47
10.3
Total current liabilities
50.3
70.4
53
59.5
65.9
74.4
91.4
87.7
100
145
Lease liabilities
0
12.5
11.5
10.1
8.81
7.01
4.94
2.99
Other non-current liabilities
3.72
3.68
3.69
0.84
2.76
4.39
6.8
8.83
9.59
9.53
Total liabilities
79
74
56.7
72.8
80.2
88.9
107
104
118
162
Paid-in capital
477
493
612
631
650
669
686
700
713
721
Retained earnings
-346
-361
-336
-221
-197
-164
-158
-155
-174
-395
Other comprehensive income
0.06
-0.03
0
0.25
0.24
-0.18
-1.19
-0.03
0.07
0.63
Shareholders' equity
131
131
275
411
453
505
527
545
539
327
Total equity
131
131
275
411
453
505
527
545
539
327
Total liabilities and equity
210
205
332
484
533
594
634
648
656
489
Shares outstanding
44
44.9
52.5
53.5
54.9
55.9
56.8
57.5
58.3
59.1
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-18
-15.6
25.2
116
23.3
33.2
6.28
2.51
-18.9
-220
Depreciation and amortization
0.94
1.23
1.43
1.39
1.39
1.36
1.22
0.92
0.86
1.1
Stock-based compensation
8.54
10.5
11.7
13.5
13.4
15.4
16.3
14
12.4
9.47
Deferred income tax
-0.1
0
0
-87.8
6.19
6.75
1.13
-1.29
-6.48
81.4
Change in receivables
-4.3
2.53
-11.2
2.34
-3.77
-2.47
-1.09
-0.71
-13
-7.46
Change in inventory
0.2
-1.06
0.07
-0.72
-2.88
-2.23
-4.48
-0.77
-0.03
-3.47
Change in payables
0.58
5.95
-0.62
3.51
3.76
3.04
11.8
-11
1.71
15.8
Cash from operations
-8.1
-1.98
30
45.9
51.8
64.2
32
12.8
-15.8
-109
Capital expenditures
-1.41
-1.66
-0.37
-1.02
-1.8
-0.55
-0.68
-0.38
-0.49
-1
Purchases of investments
-165
-148
-282
-395
-347
-420
-349
-513
-365
-112
Cash from investing
-10
-10.2
-110
-68.3
-41.5
-76.7
49.9
-12.1
-17.4
94.9
Stock issued
0
0
101
0
0
3.55
0.73
0
0
Cash from financing
7.75
5.25
107
6.26
5.63
3.55
0.73
0
-0.16
-2.91
Exchange rate effect
0.01
0.04
-0.04
-0
0.05
-0.09
0.27
0.05
-0.16
0.02
Net change in cash
-10.4
-6.92
27.4
-16.1
16
-9.02
82.9
0.79
-33.5
-17.5
Free cash flow
-9.51
-3.65
29.6
44.9
50
63.7
31.3
12.4
-16.2
-110
Income taxes paid
0
0
3.56
2.45
-0.09
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 $5.05 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
93.7%
Gross profit / revenue.
Operating margin
-86.1%
Operating income / revenue.
EBITDA margin
-85.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-82.1%
Pre-tax income / revenue.
Net margin
-127.4%
Net income / revenue.
FCF margin
-66.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-66.0%
Cash from operations / revenue.
Return on equity (ROE)
-124.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-66.6%
Net income / average total assets.
Return on invested capital (ROIC)
-89.3%
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
54.2%
Research and development expense / revenue.
SG&A / revenue
122.1%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
4.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.3%
Capital expenditures / revenue.
D&A / revenue
0.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
8.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-5.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-2.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
8.3%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-4.1%
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
-2.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-39.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-14.7%
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
-6.3%
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
-25.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-8.3%
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
-1.7%
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
1.3%
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
1.1%
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
1.3%
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
1.61x
Current assets / current liabilities.
Quick ratio
0.70x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.34x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$4.56
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
$3.58
Revenue / diluted weighted shares.
FCF per share
-$2.37
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.36
Cash from operations / diluted weighted shares.
Book value per share
$3.64
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
1.42x
Market cap / revenue.
P/B
1.39x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.85x
Market cap / tangible book value, when positive.
EV/Sales
1.16x
Enterprise value / revenue.
FCF yield
-46.8%
Free cash flow / market cap.
Earnings yield
-90.0%
Net income / market cap (the inverse of P/E).
What was Vanda Pharmaceuticals Inc.'s revenue in fiscal 2025?
Vanda Pharmaceuticals Inc. reported revenue of $216.1M for fiscal 2025, 8.7% higher than the year before.
Was Vanda Pharmaceuticals Inc. profitable in fiscal 2025?
No. It reported a net loss of $220.5M.
How much free cash flow did Vanda Pharmaceuticals Inc. generate in fiscal 2025?
Cash from operations of $109.4M minus capital expenditures of $998.0K left free cash flow of -$110.4M.
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.