Harmony Biosciences Holdings, Inc. (HRMY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+178.9%

$105.73

vs $37.91 price

Levered DCF

$151.87

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.63

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.56×	13.44×	14.88×	17.95×	71.07×	-32.28×	-12.59×	-26.06×
P/B	2.47×	2.97×	4.11×	8.09×	13.15×	21.16×	-203.43×	22.35×
P/S	2.48×	2.74×	3.3×	7.45×	8.03×	12.87×	393.12×	0×
EV / EBITDA	6.42×	7.22×	8.14×	21.85×	30.01×	1,336.56×	-17.03×	-50.01×
Gross margin	77.2%	78.1%	79.2%	80.9%	81.8%	82.6%	73.7%	0.0%
Operating margin	24.0%	26.7%	33.0%	27.4%	28.7%	10.6%	-2433.8%	0.0%
Net margin	18.3%	20.4%	22.1%	41.4%	11.3%	-23.1%	-2535.1%	0.0%
Current ratio	3.6×	3.31×	2.75×	5.07×	5.29×	1.95×	1.58×	11.99×
Debt / equity	0.28×	0.28×	0.41×	0.48×	1.05×	2×	-8.45×	3.98×
Interest coverage	14.23×	10.91×	8.08×	6.39×	3.62×	0.6×	-24.03×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.2%	22.1%	27.6%	45.0%	18.5%	-38.0%	1311.8%	-48.9%
Return on invested capital	13.9%	17.2%	21.5%	20.1%	21.1%	5.8%	-168.1%	-50.5%
Return on assets	12.5%	14.6%	15.9%	26.9%	8.0%	-8.7%	-142.4%	-44.7%
Free cash flow yield	16.2%	11.2%	11.4%	4.4%	4.0%	-0.2%	-3.2%	-2.2%
Earnings yield	7.4%	7.4%	6.7%	5.6%	1.4%	-1.8%	-6.4%	-2.2%
Enterprise value	$1.6B	$1.7B	$1.8B	$3.2B	$2.4B	$2B	$2.4B	$2.1B
Net debt / EBITDA	-2.01×	-1.16×	-0.53×	-0.35×	-0.48×	-22.72×	-0.52×	-5.83×
Cash conversion cycle (days)	18	27	9	48	64	67	-961	-2,900