Loading financials from SEC filings…
Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Cytokinetics reported revenue of $88M in the fiscal year ended Dec 2025, up 376.6% from the year before. Operating income was −$612M, an operating margin of −695.4%, and net income was −$785M. Operating cash flow of −$510M less capital expenditure of $25M left free cash flow of −$535M. Net debt was $165M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 70.4 | 94.6 | 7.5 | 18.5 | 88.0 |
| Research & development | 160 | 241 | 330 | 339 | 416 |
| Operating income | −186 | −324 | −496 | −536 | −612 |
| Interest expense | 16.4 | 19.4 | 28.3 | 37.7 | 45.6 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −215 | −389 | −526 | −590 | −785 |
| Diluted EPS | −2.80 | −4.33 | −5.45 | −5.26 | −6.54 |
| Diluted shares | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 113 | 65.6 | 113 | 94.9 | 123 |
| Receivables | 51.8 | 0.1 | 1.3 | 16.7 | 17.8 |
| Inventory | – | – | – | – | 0.0 |
| Current assets | 536 | 795 | 628 | 1,108 | 917 |
| Net PP&E | 73.3 | 80.5 | 68.7 | 65.8 | 79.2 |
| Total assets | 841 | 1,015 | 824 | 1,402 | 1,425 |
| Payables | 21.1 | 25.6 | 21.5 | 20.4 | 22.3 |
| Deferred revenue | – | – | 0.0 | 52.4 | 1.6 |
| Current liabilities | 71.9 | 84.6 | 103 | 180 | 202 |
| Short-term debt | – | 1.0 | 10.1 | 11.5 | 41.2 |
| Long-term debt | 47.4 | 63.8 | 58.4 | 93.2 | 246 |
| Total liabilities | 597 | 1,123 | 1,211 | 1,537 | 2,084 |
| Shareholders' equity | 244 | −108 | −386 | −135 | −660 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −143 | −300 | −414 | −396 | −510 |
| Capital expenditure | 48.9 | 11.3 | 1.4 | 3.9 | 24.8 |
| Free cash flow | −191 | −311 | −416 | −400 | −535 |
| Depreciation & amortisation | 2.3 | 5.8 | 11.9 | 9.5 | 10.1 |
| Stock-based compensation | 26.8 | 47.9 | 72.1 | 97.8 | 112 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.3% | −92.0% | 145.3% | 376.6% |
| Operating margin | −264.5% | −342.8% | −6589.7% | −2902.7% | −695.4% |
| Net margin | −305.7% | −411.2% | −6988.6% | −3191.1% | −891.6% |
| Return on equityBlank when equity is negative | −88.3% | – | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | −24.2% | −34.9% | −68.8% | −43.9% | −50.1% |
| Free cash flow margin | −271.8% | −328.6% | −5521.2% | −2164.1% | −607.5% |
| Cash conversion (CFO ÷ net income) | 0.66x | 0.77x | 0.79x | 0.67x | 0.65x |
| Receivable days | 269 | 1 | 62 | 329 | 74 |
| Interest cover | −11.3x | −16.7x | −17.5x | −14.2x | −13.4x |
| Debt ÷ equity | 0.19x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −65.3 | −0.8 | −44.6 | 9.9 | 165 |
| Current ratio | 7.45x | 9.40x | 6.12x | 6.17x | 4.53x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.