Harmony Biosciences Holdings, Inc. (HRMY) intrinsic value & 10-year financials
Harmony Biosciences Holdings, Inc. (HRMY) has a Graham intrinsic value of $90.01 per share. At $37.95 on Oct 17, 2026, the stock trades 58% below that value. Over the last 8 fiscal years revenue grew 129.2% a year to $868.5M, with an average return on invested capital of 45.8%.
- Graham intrinsic value
- $90.01
- Share price (Oct 17, 2026)
- $37.95
- Price vs Graham value
- 58% below
- Market cap
- $2.2B
- Revenue (FY2025)
- $868.5M
- Revenue growth (8-yr CAGR)
- 129.2%
- ROIC (10-yr avg)
- 45.8%
- Free cash flow (FY2025)
- $347.9M
HRMY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $868.5M | $158.7M | $2.71 | $347.9M | 24.0% | 45.8% |
| FY2024 | $714.7M | $145.5M | $2.51 | $218.7M | 26.7% | 39.3% |
| FY2023 | $582.0M | $128.9M | $2.13 | $219.1M | 33.0% | 40.7% |
| FY2022 | $437.9M | $181.5M | $2.97 | $144.3M | 27.4% | 48.3% |
| FY2021 | $305.4M | $34.6M | $0.58 | $98.3M | 28.7% | 77.3% |
| FY2020 | $159.7M | -$36.9M | -$2.48 | -$3.0M | 10.6% | 25.8% |
| FY2019 | $6.0M | -$152.0M | -$24.07 | -$75.6M | -2433.8% | 43.5% |
| FY2018 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Harmony Biosciences Holdings, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Harmony Biosciences Holdings, Inc. has earned high returns on invested capital, averaging 45.8% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Harmony Biosciences Holdings, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Harmony Biosciences Holdings, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $90.01 per share.