# Ionis Pharmaceuticals Inc. (IONS) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Healthcare / Biotechnology. Price $58.09, market value $9.7 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Ionis Pharmaceuticals Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 11.0×**. Each dollar of revenue is priced at 11.0×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 21.9×**. The shares trade at 21.9× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: -5.8%** (5-yr avg -4.5%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Operating margin: -68.0%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -40.4%**. The company reported a net loss over the last twelve months.
- **Return on equity: -78.0%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -25.0%**. Return on all capital, debt included, is -25.0%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -16.0%**. Each dollar of assets produces -16.0% of profit.

## Growth
- **Revenue growth (1 yr): 33.8%** (3-yr 17.1%/yr, 5-yr 5.3%/yr). Revenue grew 33.8% over the last year, against 5.3% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 21.7%**. Earnings per share rose 21.7%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 3.60**. Debt is 3.60 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Altman Z-score: 2.01**. A Z-score of 2.01 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Ionis Pharmaceuticals Inc. does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (22 analysts). 22 analysts cover Ionis Pharmaceuticals Inc.; the consensus is buy, with an average price target of $88.14 (+52% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -2.1%** (YTD -26.6%, 3-mo -22.0%). The shares are down 2.1% over twelve months including dividends.
- **From 52-week high: -33.0%** (16.2% above the low). Trading 33% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 45**. An RSI of 45 is neutral.
- **Beta (1 yr): 0.22** (volatility 40%). Beta of 0.22 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=IONS · Page: https://foliofundamentals.com/stocks/ions

Not investment advice.