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Biotechnology · Healthcare · Fiscal year ends Dec 31
Recursion Pharmaceuticals reported revenue of $75M in the fiscal year ended Dec 2025, up 26.9% from the year before. Operating income was −$648M, an operating margin of −867.9%, and net income was −$645M. Operating cash flow of −$372M less capital expenditure of $6M left free cash flow of −$378M. It held more cash than debt (net cash $734M).
Ranks among the 31 biotechnology 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 | 10.2 | 39.8 | 44.6 | 58.8 | 74.7 |
| Cost of revenue | 0.0 | 48.3 | 42.6 | 45.2 | 71.0 |
| Gross profit | 10.2 | −8.4 | 2.0 | 13.6 | 3.7 |
| Research & development | 135 | 156 | 241 | 314 | 475 |
| Operating income | −183 | −246 | −350 | −479 | −648 |
| Interest expense | 3.0 | 0.1 | 0.1 | 1.6 | 1.8 |
| Pre-tax income | −186 | −239 | −332 | −465 | −645 |
| Income tax | 0.0 | 0.0 | −4.1 | −1.1 | −0.1 |
| Net income | −186 | −239 | −328 | −464 | −645 |
| Diluted EPS | −1.49 | −1.36 | −1.58 | −1.69 | −1.44 |
| Diluted shares | 125 | 176 | 208 | 274 | 447 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 285 | 550 | 392 | 594 | 743 |
| Receivables | 0.0 | 0.0 | – | – | – |
| Current assets | 535 | 570 | 438 | 714 | 813 |
| Net PP&E | 64.7 | 88.2 | 86.5 | 141 | 104 |
| Goodwill | 0.8 | 0.8 | 52.1 | 149 | 162 |
| Total assets | 610 | 701 | 654 | 1,449 | 1,474 |
| Payables | 2.8 | 4.6 | 4.0 | 21.6 | 18.1 |
| Deferred revenue | 10.0 | 56.7 | 36.4 | 61.8 | 37.6 |
| Current liabilities | 46.7 | 100 | 93.2 | 187 | 148 |
| Long-term debt | 0.7 | 0.5 | 1.1 | 19.0 | 9.6 |
| Total liabilities | 67.4 | 215 | 190 | 414 | 343 |
| Shareholders' equity | 543 | 486 | 463 | 1,035 | 1,131 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −159 | −83.5 | −288 | −359 | −372 |
| Capital expenditure | 39.8 | 37.1 | 12.0 | 13.7 | 6.5 |
| Free cash flow | −198 | −121 | −300 | −373 | −378 |
| Depreciation & amortisation | 8.4 | 11.8 | 24.4 | 36.5 | 83.7 |
| Stock-based compensation | 14.8 | 27.9 | 53.5 | 81.7 | 111 |
| Acquisitions | 0.0 | 0.0 | −1.8 | −277 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 291.5% | 11.9% | 32.0% | 26.9% |
| Gross margin | 100.0% | −21.2% | 4.5% | 23.1% | 5.0% |
| Operating margin | −1795.8% | −616.7% | −785.3% | −814.1% | −867.9% |
| Net margin | −1832.2% | −601.0% | −736.0% | −788.0% | −863.4% |
| Return on equityBlank when equity is negative | −34.3% | −49.3% | −70.8% | −44.8% | −57.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −32.4% | −40.9% | −62.5% | −38.0% | −48.9% |
| Free cash flow margin | −1949.4% | −302.6% | −672.4% | −633.7% | −506.5% |
| Cash conversion (CFO ÷ net income) | 0.85x | 0.35x | 0.88x | 0.77x | 0.58x |
| Receivable days | 1 | 0 | – | – | – |
| Payable days | – | 35 | 34 | 174 | 93 |
| Interest cover | −61.9x | −4468x | −3609x | −305x | −358x |
| Debt ÷ equity | 0.00x | 0.00x | 0.00x | 0.02x | 0.01x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −284 | −549 | −390 | −575 | −734 |
| Current ratio | 11.5x | 5.68x | 4.70x | 3.81x | 5.50x |
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.