Ionis Pharmaceuticals Inc. (IONS) intrinsic value & 10-year financials
Ionis Pharmaceuticals Inc. (IONS) has a Graham intrinsic value of $43.97 per share. At $42.94 on Oct 17, 2026, the stock trades 2% below that value. Over the last 10 fiscal years revenue grew 10.9% a year to $943.7M, with an average return on invested capital of -17.0%.
- Graham intrinsic value
- $43.97
- Share price (Oct 17, 2026)
- $42.94
- Price vs Graham value
- 2% below
- Market cap
- $6.9B
- Revenue (FY2025)
- $943.7M
- Revenue growth (10-yr CAGR)
- 10.9%
- ROIC (10-yr avg)
- -17.0%
- Free cash flow (FY2025)
- -$320.0M
IONS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $943.7M | -$381.4M | -$2.38 | -$320.0M | -40.4% | -19.8% |
| FY2024 | $705.1M | -$453.9M | -$3.04 | -$546.2M | -67.4% | -30.1% |
| FY2023 | $787.6M | -$366.3M | -$2.56 | -$331.3M | -44.9% | -23.2% |
| FY2022 | $587.4M | -$269.7M | -$1.90 | -$290.1M | -69.8% | -52.1% |
| FY2021 | $810.5M | -$28.6M | -$0.20 | $18.8M | -3.7% | -6.5% |
| FY2020 | $729.3M | -$451.3M | -$3.23 | $772.0K | -23.6% | -13.5% |
| FY2019 | $1.1B | $294.1M | $2.08 | $314.8M | 32.6% | 20.3% |
| FY2018 | $599.7M | $273.7M | $2.07 | $589.3M | -10.2% | -4.5% |
| FY2017 | $514.2M | -$6.0M | $0.08 | $139.4M | 4.8% | 5.7% |
| FY2016 | $372.8M | -$86.6M | -$0.72 | -$119.2M | -12.4% | -46.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
IONIS PHARMACEUTICALS INC is a consistent compounder, expanding top-line revenue at 10.9% annually over the past decade.
IONIS PHARMACEUTICALS INC has historically struggled to out-earn its cost of capital, averaging just -17.9% ROIC.
IONIS PHARMACEUTICALS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, IONIS PHARMACEUTICALS INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $43.97 per share.