Heron THERAPEUTICS, Inc. /DE/ (HRTX) intrinsic value & 10-year financials
Heron THERAPEUTICS, Inc. /DE/ (HRTX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 70.4% a year to $154.9M, with an average return on invested capital of 2789.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $0.36
- Market cap
- $60.2M
- Revenue (FY2025)
- $154.9M
- Revenue growth (10-yr CAGR)
- 70.4%
- ROIC (10-yr avg)
- 2789.3%
- Free cash flow (FY2025)
- -$27.9M
HRTX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $154.9M | -$20.2M | -$0.12 | -$27.9M | -1.6% | 17.7% |
| FY2024 | $144.3M | -$13.6M | -$0.09 | -$24.2M | -8.0% | 19.3% |
| FY2023 | $127.0M | -$110.6M | -$0.80 | -$60.3M | -87.1% | 394.0% |
| FY2022 | $107.7M | -$182.0M | -$0.00 | -$148.7M | -162.2% | 27548.6% |
| FY2021 | $86.3M | -$220.7M | -$0.00 | -$206.4M | -252.3% | -309.1% |
| FY2020 | $88.6M | -$227.3M | — | -$191.6M | -257.4% | -93.1% |
| FY2019 | $146.0M | -$204.7M | — | -$131.7M | -144.3% | -61.2% |
| FY2018 | $77.5M | -$178.8M | — | -$201.0M | -237.4% | -73.4% |
| FY2017 | $30.8M | -$197.5M | — | -$172.9M | -632.4% | -354.1% |
| FY2016 | $1.3M | -$173.1M | — | -$137.2M | -13363.2% | 804.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HERON THERAPEUTICS, INC. /DE/ is a consistent compounder, expanding top-line revenue at 70.4% annually over the past decade.
HERON THERAPEUTICS, INC. /DE/ has earned high returns on invested capital, averaging 22.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
HERON THERAPEUTICS, INC. /DE/ 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, HERON THERAPEUTICS, INC. /DE/ is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-3.99 per share.