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Diagnostics & research · Healthcare · Fiscal year ends Dec 31
Lantheus reported revenue of $1.5B in the fiscal year ended Dec 2025, up 0.5% from the year before. Operating income was $311M, an operating margin of 20.2%, and net income was $234M. Operating cash flow of $390M less capital expenditure of $36M left free cash flow of $354M. Net debt was $210M.
Ranks among the 31 diagnostics & research 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 | 425 | 935 | 1,296 | 1,534 | 1,542 |
| Cost of revenue | 238 | 353 | 587 | 546 | 600 |
| Gross profit | 188 | 582 | 710 | 988 | 942 |
| Research & development | 45.0 | 312 | 77.7 | 168 | 177 |
| Selling, general & admin | 219 | 234 | 267 | 372 | 454 |
| Operating income | −60.8 | 36.2 | 365 | 457 | 311 |
| Interest expense | 7.8 | 7.2 | 20.0 | 19.7 | 19.7 |
| Pre-tax income | −75.0 | 26.7 | 411 | 431 | 314 |
| Income tax | −3.8 | −1.3 | 84.3 | 119 | 80.2 |
| Net income | −71.3 | 28.1 | 327 | 312 | 234 |
| Diluted EPS | −1.06 | 0.40 | 4.65 | 4.36 | 3.41 |
| Diluted shares | 67.5 | 70.7 | 70.2 | 71.7 | 68.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 98.5 | 416 | 714 | 913 | 359 |
| Receivables | 89.3 | 213 | 284 | 321 | 359 |
| Inventory | 35.1 | 35.5 | 64.0 | 68.0 | 64.7 |
| Current assets | 236 | 678 | 1,086 | 1,327 | 900 |
| Net PP&E | 117 | 122 | 147 | 177 | 164 |
| Goodwill | 61.2 | 61.2 | 61.2 | 61.2 | 240 |
| Total assets | 864 | 1,321 | 1,651 | 1,980 | 2,227 |
| Payables | 20.8 | 20.6 | 41.2 | 34.6 | 42.9 |
| Current liabilities | 90.5 | 248 | 187 | 241 | 333 |
| Short-term debt | 11.6 | 0.4 | 0.8 | 1.0 | 0.7 |
| Long-term debt | 163 | 558 | 562 | 565 | 569 |
| Total liabilities | 399 | 874 | 835 | 892 | 1,138 |
| Shareholders' equity | 464 | 447 | 816 | 1,088 | 1,090 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 53.9 | 282 | 305 | 545 | 390 |
| Capital expenditure | 0.0 | 260 | 45.3 | 51.6 | 36.1 |
| Free cash flow | 53.9 | 21.8 | 260 | 493 | 354 |
| Depreciation & amortisation | 42.3 | 47.9 | 60.0 | 64.6 | 70.1 |
| Stock-based compensation | 15.9 | 29.3 | 50.5 | 76.4 | 85.6 |
| Share buybacks | 0.0 | 75.0 | 0.0 | 100 | 300 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 119.9% | 38.6% | 18.3% | 0.5% |
| Operating income growth (YoY) | – | – | 907.4% | 25.3% | −32.0% |
| EPS growth (YoY) | – | – | 1062.5% | −6.2% | −21.8% |
| Gross margin | 44.1% | 62.2% | 54.7% | 64.4% | 61.1% |
| Operating margin | −14.3% | 3.9% | 28.1% | 29.8% | 20.2% |
| Net margin | −16.8% | 3.0% | 25.2% | 20.4% | 15.2% |
| Return on equityBlank when equity is negative | −15.3% | 6.3% | 40.0% | 28.7% | 21.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −7.9% | 3.4% | 24.9% | 26.3% | 16.4% |
| Free cash flow margin | 12.7% | 2.3% | 20.0% | 32.1% | 23.0% |
| Cash conversion (CFO ÷ net income) | −0.76x | 10.0x | 0.93x | 1.74x | 1.67x |
| Receivable days | 77 | 83 | 80 | 76 | 85 |
| Inventory days | 54 | 37 | 40 | 46 | 39 |
| Payable days | 32 | 21 | 26 | 23 | 26 |
| Interest cover | −7.85x | 5.04x | 18.2x | 23.2x | 15.7x |
| Debt ÷ equity | 0.38x | 1.25x | 0.69x | 0.52x | 0.52x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 76.3 | 142 | −151 | −347 | 210 |
| Current ratio | 2.61x | 2.74x | 5.80x | 5.52x | 2.70x |
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.