VTRS · 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 ›
Viatris Inc reported revenue of $14.3 billion in fiscal 2025. Of the $18.9 billion its operations generated over 10 years, 14.0% went back into the business and 10.2% to acquisitions. On the accounting screens, it passes 4 of 8 Piotroski tests, its Altman Z'' of 0.65 is in the distress zone and its Beneish M-score is below the -1.78 line; 3 of the six cross-checks between its statements fire.
Revenue, fiscal 202514.3B
Operating margin-18.7%gross margin 34.8%
Return on invested capital-9.5%-1.2% on average over 5 years
Free cash flow after stock pay1.8B12.3% of revenue
Net debt ÷ EBITDA96.8×net debt 13.1B
Piotroski F-score4/8tests 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:
2-for-1 before fiscal 2021.
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
-10B010B20B
2017
2018Revenue 11.3BOperating income 905.6M
2019
2019Revenue 11.4BOperating income 715.5M
2020Revenue 11.8BOperating income -210.8M
2021Revenue 17.8BOperating income -34.0M
2022Revenue 16.2BOperating income 1.6B
2023Revenue 15.4BOperating income 766.2M
2024Revenue 14.7BOperating income 10.1M
2025Revenue 14.3BOperating income -2.7B
2017201820192019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
-4.2%
+3.8%
—
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.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-23.9%
Return on assets
-9.5%
Asset turnover
0.38×
Research & development
6.8% of revenue
Overheads (SG&A)
26.6% of revenue
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
-4B-2B02B4B
2017
2018Net income 352.5MFree cash flow 2.1BAfter stock-based pay 2.1B
2019
2019Net income 16.8MFree cash flow 1.6BAfter stock-based pay 1.5B
2020Net income -669.9MFree cash flow 988.8MAfter stock-based pay 909.6M
2021Net income -1.3BFree cash flow 2.6BAfter stock-based pay 2.4B
2022Net income 2.1BFree cash flow 2.6BAfter stock-based pay 2.5B
2023Net income 54.7MFree cash flow 2.5BAfter stock-based pay 2.3B
2024Net income -634.2MFree cash flow 2.0BAfter stock-based pay 1.8B
2025Net income -3.5BFree cash flow 1.9BAfter stock-based pay 1.8B
2017201820192019202020212022202320242025
Where 10 years of operating cash went, 2017–2025
18.9B generated by the business. Each band is its share of that total.
Reinvested in the business 14%2.7B
Acquisitions 10%1.9B
Dividends 0%0
Share buybacks 8%1.4B
Kept, or used to pay down debt 68%12.9B
Over the same years it paid 864.8M in stock. 567.7M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
-$2-$1$0$1$2$3
2017
2018Earnings per share $0.34Free cash flow per share $2.02
2019
2019Earnings per share $0.02Free cash flow per share $1.54
2020Earnings per share $-0.56Free cash flow per share $0.82
2021Earnings per share $-1.05Free cash flow per share $2.12
2022Earnings per share $1.71Free cash flow per share $2.13
2023Earnings per share $0.05Free cash flow per share $2.09
2024
2025
2017201820192019202020212022202320242025
Shares outstanding
Diluted shares
1.00B1.05B1.10B1.15B1.20B1.25B
2017
2018Diluted shares 1.0B
2019
2019Diluted shares 1.0B
2020Diluted shares 1.2B
2021Diluted shares 1.2B
2022Diluted shares 1.2B
2023Diluted shares 1.2B
2024
2025
2017201820192019202020212022202320242025
Debt and liquidity
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
010B20B30B
2017
2018
2019
2019Net debt 12.2B
2020Net debt 23.9B
2021Net debt 20.9B
2022Net debt 18.0B
2023Net debt 17.1B
2024Net debt 13.3B
2025Net debt 13.1B
2017201820192019202020212022202320242025
Net debt ÷ EBITDA
96.8×
Interest coverage
-6× operating income ÷ interest
Current ratio
1.38 current assets ÷ current liabilities
Cash conversion cycle
— collects in 78d
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.
4of 8 tests passed
✕ProfitableReturn on assets above zerofailed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✓Less long-term debtLong-term debt as a share of assets fellpassed
✕More liquidCurrent ratio higher than a year beforefailed
–No new sharesShare count did not grow — not reportedno data
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
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?
0.65distress zone
1.12.6
Working capital ÷ assets 0.07 × 6.56+0.48
Retained earnings ÷ assets -0.01 × 3.26-0.03
Operating income ÷ assets -0.07 × 6.72-0.48
Equity ÷ liabilities 0.65 × 1.05+0.69
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?
-3.27below the -1.78 line
-1.78
Receivables vs sales 0.97+0.89
Gross margin slipping 1.09+0.58
Soft assets 0.94+0.38
Sales growth 0.97+0.87
Slower depreciation 1.01+0.12
Overheads vs sales 0.95-0.16
Profit not in cash -0.16-0.73
Leverage rising 1.10-0.36
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
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.
Capital spending (379M) is well below depreciation (2,798M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
The effective tax rate is -4.1%.
Benign
A favourable geographic mix, or legitimate tax credits.
Worrying
Not sustainable; projecting it forward inflates the valuation.
Net debt is 96.8 times EBITDA.
Benign
A stable sector with predictable cash flows and comfortable maturities.
Worrying
Little room if earnings fall; the maturity schedule is what to check.
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.
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.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 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$1.1M2 sale(s) by 1 insider(s)
Under pre-arranged plans50%of the sales followed a 10b5-1 plan set months earlier
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.
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.
