Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin-40.4%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-40.4%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
C
Years to Pay Off Debt-5.4 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt$862M
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$2.2B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Price-to-Book25.05x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
F
Free Cash Flow-$326M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings-$302M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Ionis Pharmaceuticals, Inc.
Ionis Pharmaceuticals, Inc., a commercial-stage biotechnology company, provides RNA-targeted medicines in the United States. The company offers TRYNGOLZA reduces triglyceride levels in adults with familial chylomicronemia syndrome (FCS) and acute pancreatitis; DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema in adults; WAINUA for the treatment of the polyneuropathy of hereditary transthyretin-medicated amyloidosis (ATTRv-PN) in adults; and SPINRAZA for pediatric and adult patients with spinal muscular atrophy (SMA). It also provides QALSODY for the treatment of Amyotrophic Lateral Sclerosis (ALS); TEGSEDI for the treatment of ATTRv-PN in adults; and WAYLIVRA for treatment for FCS and familial partial lipodystrophy. It also develops products under Phase 3 clinical trials, such as Olezarsen for patients with hypertriglyceridemia (SHTG) and cardiovascular disease (CVD); and Zilganerse, a potential treatment for people with genetically confirmed Alexander disease, as well as ION582 which is in Phase 3 clinical trial for the potential treatment of AS, a rare genetic neurological disease. In addition, the company develops Eplontersen to degrade mutant and wild-type TTR mRNA through binding to the TTR mRNA; Pelacarsen to inhibit the production of apolipoprotein(a) in the liver to offer a direct approach for reducing lipoprotein(a); Bepirovirsen to inhibit the production of viral proteins associated with hepatitis B virus; Sefaxersen to reduce the production of complement factor B and lower activation of the alternative complement pathway; and Ulefnersen to reduce the production of the fused in sarcoma, as well as other mid-stage pipeline investigational medicines. It has a strategic collaboration with Biogen for the treatment of neurological disorders; and collaboration and license agreement with GSK, AstraZeneca, Novartis, and Roche, as well as with Metagenomi. The company was incorporated in 1989 and is headquartered in Carlsbad, California.
Ionis Pharmaceuticals, Inc., a commercial-stage biotechnology company, provides RNA-targeted medicines in the United States. The company offers TRYNGOLZA reduces triglyceride levels in adults with familial chylomicronemia syndrome (FCS) and acute pancreatitis; DAWNZERA for prophylaxis to prevent attacks of hereditary angioedema in adults; WAINUA for the treatment of the polyneuropathy of hereditary transthyretin-medicated amyloidosis (ATTRv-PN) in adults; and SPINRAZA for pediatric and adult patients with spinal muscular atrophy (SMA). It also provides QALSODY for the treatment of Amyotrophic Lateral Sclerosis (ALS); TEGSEDI for the treatment of ATTRv-PN in adults; and WAYLIVRA for treatment for FCS and familial partial lipodystrophy. It also develops products under Phase 3 clinical trials, such as Olezarsen for patients with hypertriglyceridemia (SHTG) and cardiovascular disease (CVD); and Zilganerse, a potential treatment for people with genetically confirmed Alexander disease, as well as ION582 which is in Phase 3 clinical trial for the potential treatment of AS, a rare genetic neurological disease. In addition, the company develops Eplontersen to degrade mutant and wild-type TTR mRNA through binding to the TTR mRNA; Pelacarsen to inhibit the production of apolipoprotein(a) in the liver to offer a direct approach for reducing lipoprotein(a); Bepirovirsen to inhibit the production of viral proteins associated with hepatitis B virus; Sefaxersen to reduce the production of complement factor B and lower activation of the alternative complement pathway; and Ulefnersen to reduce the production of the fused in sarcoma, as well as other mid-stage pipeline investigational medicines. It has a strategic collaboration with Biogen for the treatment of neurological disorders; and collaboration and license agreement with GSK, AstraZeneca, Novartis, and Roche, as well as with Metagenomi. The company was incorporated in 1989 and is headquartered in Carlsbad, California.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-381,387
-453,897
-366,286
-269,722
Reconciled Depreciation
22,694
21,990
22,498
22,105
Reconciled Cost Of Revenue
15,909
11,215
9,133
14,116
EBITDA
-272,625
-353,721
-230,010
-227,758
EBIT
-295,319
-375,711
-252,508
-249,863
Net Interest Income
-90,582
-90,457
-81,457
-8,122
Interest Expense
84,282
84,357
81,457
8,122
Normalized Income
-466,695
-556,676
-435,116
-402,128
Net Income From Continuing And Discontinued Operation
-381,387
-453,897
-366,286
-269,722
Total Expenses
1,325,428
1,180,245
1,141,377
997,558
Total Operating Income As Reported
-381,684
-475,081
-353,730
-410,191
Diluted Average Shares
160,000
150,000
143,000
142,000
Basic Average Shares
160,000
150,000
143,000
142,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-381,387
-453,897
-366,286
-269,722
Net Income Common Stockholders
-381,387
-453,897
-366,286
-269,722
Net Income
-381,387
-453,897
-366,286
-269,722
Net Income Including Noncontrolling Interests
-381,387
-453,897
-366,286
-269,722
Net Income Continuous Operations
-381,387
-453,897
-366,286
-269,722
Tax Provision
1,786
-6,171
32,321
11,737
Pretax Income
-379,601
-460,068
-333,965
-257,985
Other Income Expense
92,627
105,464
101,222
160,328
Other Non Operating Income Expenses
-15,358
1,331
14,095
-7,274
Special Income Charges
0
-15,400
Other Special Charges
8,627
Restructuring And Mergern Acquisition
0
15,400
Gain On Sale Of Security
107,985
104,133
87,127
167,602
Net Non Operating Interest Income Expense
-90,582
-90,457
-81,457
-8,122
Total Other Finance Cost
6,300
6,100
5,900
5,300
Interest Expense Non Operating
84,282
84,357
81,457
8,122
Operating Income
-381,717
-475,107
-353,730
-410,191
Operating Expense
1,309,519
1,169,030
1,132,244
983,442
Research And Development
915,619
901,530
899,625
833,147
Selling General And Administration
393,900
267,500
232,619
150,295
General And Administrative Expense
393,900
267,500
232,600
150,300
Other Gand A
352,000
230,500
205,100
124,400
Salaries And Wages
41,900
37,000
27,500
25,900
Gross Profit
927,802
693,923
778,514
573,251
Cost Of Revenue
15,909
11,215
9,133
14,116
Total Revenue
943,711
705,138
787,647
587,367
Operating Revenue
943,711
705,138
787,647
587,367
Balance Sheet
2025
2024
2023
2022
2021
Ordinary Shares Number
163,305
157,909
144,341
142,058
Share Issued
163,305
157,909
144,341
142,058
Net Debt
1,429,869
1,012,687
883,398
913,782
Total Debt
2,064,512
1,416,569
1,453,539
1,369,195
Tangible Book Value
489,089
588,351
386,686
572,887
Invested Capital
2,291,218
1,843,115
1,669,350
1,763,141
Working Capital
2,209,068
2,310,972
2,193,763
1,891,133
Net Tangible Assets
489,089
588,351
386,686
572,887
Capital Lease Obligations
262,383
161,805
170,875
178,941
Common Stock Equity
489,089
588,351
386,686
572,887
Total Capitalization
1,836,532
1,833,836
1,616,187
1,755,606
Total Equity Gross Minority Interest
489,089
588,351
386,686
572,887
Stockholders Equity
489,089
588,351
386,686
572,887
Gains Losses Not Affecting Retained Earnings
-25,281
-30,811
-32,645
-57,480
Other Equity Adjustments
-25,281
-30,811
-32,645
-57,480
Retained Earnings
-2,631,195
-2,249,808
-1,795,911
-1,429,625
Additional Paid In Capital
3,145,402
2,868,812
2,215,098
2,059,850
Capital Stock
163
158
144
142
Common Stock
163
158
144
142
Total Liabilities Net Minority Interest
3,034,747
2,415,324
2,603,386
1,960,989
Total Non Current Liabilities Net Minority Interest
2,253,180
2,106,006
2,155,296
1,649,428
Other Non Current Liabilities
551,353
542,212
513,736
26,378
Non Current Deferred Liabilities
92,001
156,504
241,184
287,768
Non Current Deferred Revenue
92,001
156,504
241,184
287,768
Long Term Debt And Capital Lease Obligation
1,609,826
1,407,290
1,400,376
1,361,660
Long Term Capital Lease Obligation
262,383
161,805
170,875
178,941
Long Term Debt
1,347,443
1,245,485
1,229,501
1,182,719
Current Liabilities
781,567
309,318
448,090
311,561
Other Current Liabilities
3,526
Current Deferred Liabilities
73,761
78,989
151,128
90,577
Current Deferred Revenue
73,761
78,989
151,128
90,577
Current Debt And Capital Lease Obligation
454,686
9,279
53,163
7,535
Current Debt
454,686
9,279
53,163
7,535
Other Current Borrowings
454,686
9,279
53,163
7,535
Pensionand Other Post Retirement Benefit Plans Current
116,236
69,614
67,727
49,178
Payables And Accrued Expenses
136,884
151,436
176,072
164,271
Current Accrued Expenses
106,089
108,438
147,894
140,101
Payables
30,795
42,998
28,178
24,170
Total Tax Payable
2,713
34
2,151
6,249
Income Tax Payable
2,713
34
2,151
6,249
Accounts Payable
28,082
42,964
26,027
17,921
Total Assets
3,523,836
3,003,675
2,990,072
2,533,876
Total Non Current Assets
533,201
383,385
348,219
331,182
Other Non Current Assets
171,604
127,278
105,280
75,344
Non Current Prepaid Assets
59,567
Goodwill And Other Intangible Assets
29,005
Other Intangible Assets
29,005
Net PPE
361,597
256,107
242,939
255,838
Accumulated Depreciation
-109,080
-106,316
-96,759
-87,716
Gross PPE
470,677
362,423
339,698
343,554
Leases
89,153
54,375
28,276
28,357
Other Properties
238,549
161,856
171,896
181,544
Machinery Furniture Equipment
101,174
96,395
89,729
83,926
Buildings And Improvements
41,801
41,228
41,228
41,158
Land And Improvements
0
8,569
8,569
8,569
Current Assets
2,990,635
2,620,290
2,641,853
2,202,694
Other Current Assets
237,092
217,934
205,433
168,254
Inventory
10,048
12,512
7,441
22,033
Finished Goods
1,096
276
154
164
Work In Process
7,913
6,679
5,477
2,109
Raw Materials
1,039
5,557
1,810
19,760
Receivables
66,059
92,188
97,778
25,538
Other Receivables
66,059
92,188
97,778
25,538
Cash Cash Equivalents And Short Term Investments
2,677,436
2,297,656
2,331,201
1,986,869
Other Short Term Investments
2,305,176
2,055,579
1,931,935
1,710,397
Cash And Cash Equivalents
372,260
242,077
399,266
276,472
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-325,667
-551,288
-335,502
-294,469
Repayment Of Debt
-267,815
-44,671
-488,103
-50,686
Issuance Of Debt
770,000
0
575,000
0
Issuance Of Capital Stock
192,604
522,729
49,442
6,373
Capital Expenditure
-57,084
-50,341
-27,989
-20,099
Interest Paid Supplemental Data
10,782
10,869
6,512
2,898
Income Tax Paid Supplemental Data
48,334
5,010
38
End Cash Position
372,260
242,077
399,266
276,472
Beginning Cash Position
242,077
399,266
276,472
869,191
Effect Of Exchange Rate Changes
702
-273
352
-418
Changes In Cash
129,481
-156,916
122,442
-592,301
Financing Cash Flow
675,840
478,058
644,082
-55,295
Cash Flow From Continuing Financing Activities
675,840
478,058
644,082
-55,295
Net Other Financing Charges
-18,949
507,743
-10,982
-168,954
Proceeds From Stock Option Exercised
0
0
89,752
Net Common Stock Issuance
192,604
522,729
49,442
6,373
Common Stock Issuance
192,604
522,729
49,442
6,373
Net Issuance Payments Of Debt
502,185
-44,671
86,897
-50,686
Net Short Term Debt Issuance
0
-44,504
-487,943
0
Short Term Debt Payments
0
-44,504
-487,943
0
Net Long Term Debt Issuance
502,185
-167
574,840
-50,686
Long Term Debt Payments
-267,815
-167
-160
-50,686
Long Term Debt Issuance
770,000
0
575,000
0
Investing Cash Flow
-277,776
-134,027
-214,127
-262,636
Cash Flow From Continuing Investing Activities
-277,776
-134,027
-214,127
-262,636
Net Other Investing Changes
22
254,083
Net Investment Purchase And Sale
-220,692
-83,686
-186,138
-496,620
Sale Of Investment
1,697,870
1,769,172
1,584,676
989,152
Purchase Of Investment
-1,918,562
-1,852,858
-1,770,814
-1,485,772
Net Intangibles Purchase And Sale
-5,640
-5,061
-4,184
-4,378
Purchase Of Intangibles
-5,640
-5,061
-4,184
-4,378
Net PPE Purchase And Sale
-51,444
-45,280
-23,805
-15,721
Purchase Of PPE
-51,444
-45,280
-23,805
-15,721
Operating Cash Flow
-268,583
-500,947
-307,513
-274,370
Cash Flow From Continuing Operating Activities
-268,583
-500,947
-307,513
-274,370
Change In Working Capital
-51,215
-209,390
-77,260
7,571
Change In Other Working Capital
-67,052
-158,936
9,869
-65,035
Change In Other Current Assets
-33,212
-25,857
-33,763
-27,235
Change In Payables And Accrued Expense
36,594
-25,116
21,162
58,157
Change In Accrued Expense
51,954
-41,106
13,043
57,063
Change In Payable
-15,360
15,990
8,119
1,094
Change In Account Payable
-15,360
15,990
8,119
1,094
Change In Inventory
-13,674
-5,071
-2,469
5,326
Change In Receivables
26,129
5,590
-72,059
36,358
Other Non Cash Items
27,127
34,555
29,940
5,373
Stock Based Compensation
133,874
130,200
105,809
100,264
Amortization Of Securities
-23,735
-37,733
-28,885
7,389
Depreciation Amortization Depletion
22,694
21,990
22,498
22,105
Depreciation And Amortization
22,694
21,990
22,498
22,105
Amortization Cash Flow
2,439
2,336
2,559
2,415
Amortization Of Intangibles
2,439
2,336
2,559
2,415
Depreciation
20,255
19,654
19,939
19,690
Operating Gains Losses
4,059
13,328
6,671
-147,350
Gain Loss On Investment Securities
-9,280
2,892
1,589
-149,911
Gain Loss On Sale Of PPE
-3,991
7,404
16,649
531
Net Income From Continuing Operations
-381,387
-453,897
-366,286
-269,722
1/6
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap / Net Assets
25.0x
Net Assets: $489M
Warren's Owner Earnings
-$302M
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
1/6 — Speculative Investor
❌
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$944M
vs > $1.5B revenue
✅
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
3.83x
vs Current Ratio > 2.0x
❌
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
4 loss years (4 yrs data)
vs No negative EPS years
❌
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
No dividend
vs Uninterrupted dividends
❌
Moderate P/E Ratio
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
-99.7x
vs P/E ≤ 15.0x
❌
Moderate Price-to-Book
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
25.05x P/B (P/E×P/B: -2495.9)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
❌ Adequate Size — $944Mvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
✅ Strong Financial Condition — 3.83xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 4 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
❌ Dividend Record — No dividendvs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
❌ Moderate P/E Ratio — -99.7xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
These metrics estimate what Ionis Pharmaceuticals, Inc. is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
$-0.27
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$-25.66
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
-11.0%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.61%
Low — management has little skin in the game
Return on Equity (ROE)
-78.0%
Weak — poor returns on equity
Return on Assets (ROA)
-10.8%
Poor — assets are not generating adequate returns
Debt Trend YoY
+45.7% YoY
Debt is growing — management is leveraging up
Leadership Team
Brett Monia Ph.
Founder, CEO & Director
Age 64
Pay: $3,467,834
Elizabeth Hougen , ,
Executive VP of Finance & CFO
Age 63
Pay: $1,604,674
Eric Swayze Ph.
Executive Vice President of Research
Age 59
Pay: $1,233,732
Brian Birchler
Executive Vice President of Corporate & Development Operations
Age 59
Pay: $1,240,447
Wade Walke Ph.
Senior Vice President of Investor Relations
Top Institutional Holders
Institution
% Owned
Shares
FMR, LLC
14.86%
24,556,637
Capital World Investors
12.82%
21,186,369
Blackrock Inc.
6.32%
10,442,476
Vanguard Portfolio Management LLC
4.73%
7,808,902
Vanguard Capital Management LLC
4.31%
7,118,330
Wellington Management Group, LLP
3.87%
6,391,816
T. Rowe Price Investment Management, Inc.
3.73%
6,159,027
Two Sigma Investments, LP
3.54%
5,857,629
⚠️Very high debt-to-equity — leverage risk
Risk Analysis
Beta (Market Risk)
0.37
Low volatility — more stable than the market
Short Interest
13.6% of float
Moderate short interest
Debt-to-Equity
5.31x
High leverage — significant financial risk
Current Ratio
4.10x
Strong liquidity — Graham approved
52-Week Price Range
Low: $36.45Current: $74.12High: $86.74
Currently at 75% of 52-week range
Ionis Pharmaceuticals, Inc. (IONS) fundamental analysis — Overall grade F based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 98.3%. Operating margin: -40.4%. Net margin: -40.4%. Market cap: $12.2B. Sector: Healthcare. Industry: Biotechnology. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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