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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Tango Therapeutics reported revenue of $62M in the fiscal year ended Dec 2025, up 48.3% from the year before. Operating income was −$111M, an operating margin of −178.4%, and net income was −$102M. Operating cash flow of −$139M less capital expenditure of $1M left free cash flow of −$140M.
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 | 37.0 | 24.9 | 36.5 | 42.1 | 62.4 |
| Research & development | 77.6 | 106 | 115 | 144 | 132 |
| Operating income | −58.2 | −111 | −114 | −146 | −111 |
| Net interest incomeBanks | 0.5 | 1.5 | 6.6 | 7.9 | 5.6 |
| Pre-tax income | −57.9 | −108 | −102 | −130 | −102 |
| Income tax | 0.3 | 0.1 | 0.1 | 0.2 | 0.0 |
| Net income | −58.2 | −108 | −102 | −130 | −102 |
| Diluted EPS | −0.94 | −1.23 | −1.08 | −1.19 | −0.87 |
| Diluted shares | 62.1 | 87.8 | 94.6 | 109 | 116 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 143 | 60.0 | 66.4 | 69.5 | 112 |
| Receivables | 2.0 | 2.0 | – | – | – |
| Current assets | 492 | 375 | 347 | 266 | 354 |
| Net PP&E | 4.8 | 10.9 | 9.9 | 8.1 | 6.9 |
| Total assets | 500 | 436 | 403 | 316 | 399 |
| Payables | 3.2 | 4.5 | 2.8 | 1.6 | 1.2 |
| Deferred revenue | 26.0 | 31.8 | 25.7 | 17.6 | 0.0 |
| Current liabilities | 40.7 | 55.5 | 45.9 | 38.2 | 21.7 |
| Total liabilities | 155 | 187 | 149 | 117 | 52.5 |
| Shareholders' equity | 345 | 249 | 253 | 200 | 346 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −59.5 | −109 | −118 | −132 | −139 |
| Capital expenditure | 1.8 | 7.7 | 1.5 | 0.8 | 1.0 |
| Free cash flow | −61.4 | −117 | −120 | −132 | −140 |
| Depreciation & amortisation | 0.9 | 1.6 | 2.4 | 2.5 | 2.3 |
| Stock-based compensation | 7.8 | 14.2 | 19.1 | 28.9 | 26.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −32.9% | 46.9% | 15.2% | 48.3% |
| Operating margin | −157.1% | −446.8% | −312.6% | −346.1% | −178.4% |
| Net margin | −157.2% | −435.1% | −278.5% | −309.7% | −162.9% |
| Return on equityBlank when equity is negative | −16.9% | −43.4% | −40.2% | −65.3% | −29.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −12.7% | −29.2% | −32.0% | −52.3% | −29.5% |
| Free cash flow margin | −165.7% | −469.7% | −327.2% | −314.4% | −224.3% |
| Cash conversion (CFO ÷ net income) | 1.02x | 1.01x | 1.16x | 1.01x | 1.37x |
| Receivable days | 20 | 29 | – | – | – |
| Current ratio | 12.1x | 6.76x | 7.54x | 6.98x | 16.3x |
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.