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Oruka Therapeutics, Inc.

ORKA · Health care (pharmaceutical preparations) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

Signed in, this page also says what this company is inside your own portfolio: its weight, its share of your risk, and what buying or selling some of it would change. Sign in ›

On the accounting screens, it passes 1 of 5 Piotroski tests and its Altman Z'' of 31.16 is in the safe zone; 1 of the six cross-checks between its statements fires.

Revenue, fiscal 2025 —  
Operating margin — gross margin —
Return on invested capital —  
Free cash flow after stock pay -112.7M  
Net debt ÷ EBITDA — net debt —
Piotroski F-score 1/5 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 1-for-5 before fiscal 2024; 6-for-1 before fiscal 2020; 2-for-1 before fiscal 2019.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs9 yrs
Shares—+27.6%+43.8%

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-22.3%
Return on assets
-21.6%
Asset turnover
—

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

How strong is the balance sheet?

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
22.37 current assets ÷ current liabilities
Cash conversion cycle
—

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

1of 5 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before — not reported no data
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before failed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before — not reported no data

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

31.16safe zone
  • Working capital ÷ assets 0.67 × 6.56+4.41
  • Retained earnings ÷ assets -0.39 × 3.26-1.26
  • Operating income ÷ assets -0.25 × 6.72-1.68
  • Equity ÷ liabilities 28.28 × 1.05+29.70

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Reported profit comfortably exceeds the cash generated (-105M against -88M).

Benign

Growth consuming working capital, or the seasonality of the year-end.

Worrying

Profit held up by accounting entries that do not turn into money.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

no revenue history: 3% assumed

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

no cash flow lines to measure it

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-25

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

no tax line: the US federal rate, 21%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Shares 2026-08-28
New shares priced
Event 2026-08-24
Changed a director or officer
Shares 2026-08-21
Registering new shares
Quarterly 2026-08-10
Quarterly report
Results 2026-08-10
Reported results
Event 2026-06-04
Published the results of a shareholder vote
Event 2026-06-01
Published other information
Quarterly 2026-05-13
Quarterly report
Estimatein 44d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$3.0M17 sale(s) by 4 insider(s)
Under pre-arranged plans88%of the sales followed a 10b5-1 plan set months earlier
Other lines50 awards · 5 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
21 Sep 2026 Quinlan Paul TGeneral Counsel Sold on the open market · pre-arranged plan 601 $94.44 $56,760 32,662
21 Sep 2026 Quinlan Paul TGeneral Counsel Sold on the open market · pre-arranged plan 2,667 $95.31 $254,196 29,995
21 Sep 2026 Quinlan Paul TGeneral Counsel Exercised options 10,000 $7.80 $78,000 39,995
21 Sep 2026 Quinlan Paul TGeneral Counsel Sold on the open market · pre-arranged plan 2,900 $92.37 $267,870 37,095
21 Sep 2026 Quinlan Paul TGeneral Counsel Sold on the open market · pre-arranged plan 3,832 $93.32 $357,592 33,263
21 Sep 2026 Agarwal ArjunSenior Vice President, Finance Sold on the open market · pre-arranged plan 533 $95.75 $51,035 14,219
15 Sep 2026 Goncalves JoanaChief Medical Officer Sold on the open market · pre-arranged plan 947 $95.71 $90,637 31,771
15 Sep 2026 Quinlan Paul TGeneral Counsel Sold on the open market 1,039 $95.71 $99,443 29,995
15 Sep 2026 Goncalves JoanaChief Medical Officer Exercised options 3,500 $6.84 $23,940 36,218
15 Sep 2026 Goncalves JoanaChief Medical Officer Exercised options 3,500 $7.80 $27,300 39,718
15 Sep 2026 Goncalves JoanaChief Medical Officer Sold on the open market · pre-arranged plan 2,384 $91.10 $217,173 37,334
15 Sep 2026 Goncalves JoanaChief Medical Officer Sold on the open market · pre-arranged plan 3,150 $92.03 $289,890 34,184
15 Sep 2026 Goncalves JoanaChief Medical Officer Sold on the open market · pre-arranged plan 1,366 $92.99 $127,023 32,818
15 Sep 2026 Goncalves JoanaChief Medical Officer Sold on the open market · pre-arranged plan 100 $94.22 $9,422 32,718
15 Sep 2026 Agarwal ArjunSenior Vice President, Finance Sold on the open market · pre-arranged plan 560 $95.71 $53,598 14,752
15 Sep 2026 Klein Lawrence OttoChief Executive Officer Sold on the open market 2,452 $95.71 $234,681 923,128
11 Sep 2026 Agarwal ArjunSenior Vice President, Finance Sold on the open market · pre-arranged plan 4,051 $92.41 $374,367 17,720
11 Sep 2026 Agarwal ArjunSenior Vice President, Finance Sold on the open market · pre-arranged plan 2,208 $93.26 $205,921 15,512
11 Sep 2026 Agarwal ArjunSenior Vice President, Finance Sold on the open market · pre-arranged plan 200 $94.02 $18,803 15,312
11 Sep 2026 Agarwal ArjunSenior Vice President, Finance Exercised options 8,000 $12.50 $100,000 23,312
11 Sep 2026 Agarwal ArjunSenior Vice President, Finance Exercised options 1,459 $34.39 $50,175 24,771
11 Sep 2026 Agarwal ArjunSenior Vice President, Finance Sold on the open market · pre-arranged plan 3,000 $91.11 $273,322 21,771

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Which large funds report holding it

From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.

FundSharesValueShare of the fundSince the quarter before
Viking Global 30 Jun 2026 1.5M $143.1M 0.4% Reduced

All the funds and what they reported ›

Companies like this one

Same SEC industry (pharmaceutical preparations) first, then the rest of health care.

LLY ELI Lilly & CoJNJ Johnson & JohnsonABBV AbbVie Inc.MRK Merck & Co., Inc.ABT Abbott LaboratoriesPFE Pfizer IncVRTX Vertex Pharmaceuticals Inc / MABMY Bristol Myers Squibb Co

Every figure, year by year

10 fiscal years · 30 measures
2018201920202021202220232024202420242025
Size
Revenue000000————
Revenue growth——————————
Operating income-8.1M-5.8M-9.8M-19.3M-10.6M-7.3M———-122.1M
Net income-7.9M-5.5M-9.7M-19.3M-9.9M-5.3M———-105.4M
Margins
Gross margin——————————
Operating margin——————————
Net margin——————————
Free cash flow margin——————————
R&D ÷ revenue——————————
SG&A ÷ revenue——————————
Cash
Free cash flow-8.2M-4.8M-7.7M-18.8M-10.9M-5.0M———-88.4M
Stock-based pay273,000151,00043,000497,000556,000686,000———24.2M
Free cash flow after stock pay-8.5M-5.0M-7.8M-19.3M-11.5M-5.7M———-112.7M
Free cash flow to the firm-8.1M-6.0M-9.8M-19.4M——————
Free cash flow ÷ net income1.0×0.9×0.8×1.0×1.1×0.9×———0.8×
Capex ÷ revenue——————————
Returns
Return on invested capital——————————
Return on equity-131.5%-72.0%-20.9%-37.9%-23.8%-14.4%———-22.3%
Return on assets-116.2%-64.2%-19.3%-35.2%-23.0%-14.1%———-21.6%
Asset turnover0.0×0.0×0.0×0.0×0.0×0.0×————
Economic profit——————————
Per share
Earnings per share$-4.27$-2.87$-5.10$-1.39$-0.69$-0.37———$-2.16
Free cash flow per share$-4.44$-2.51$-4.06$-1.35$-0.76$-0.35———$-1.81
Dividend per share——————————
Payout ratio——————————
Book value per share$3.25$3.98$24.36$17.71$14.46$12.76—$0.00$10.21$9.69
Diluted shares1.9M1.9M1.9M13.9M14.4M14.4M—3.2M37.4M48.7M
Balance sheet
Net debt——————————
Net debt ÷ EBITDA——————————
Interest coverage-1014.8×-830.6×-1085.1×———————
Current ratio8.5×9.2×14.3×15.6×37.7×59.0×——28.9×22.4×
Cash conversion cycle (days)——————————
Scores
Piotroski F-score—342230001
Altman Z''-60.62-45.307.287.2321.7935.08———31.16
Beneish M——————————

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.