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Tarsus Pharmaceuticals, Inc.

TARS Healthcare Biotechnology

Tarsus Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $451.4 million, up 146.7% from fiscal 2024.

Revenue
+63.9%
EPS
−4,699.1%
Free cash flow
−144.1%
Total debt
+0.90%

Quarter to September 2026, against a year earlier

67.60 0.08 +0.12%
Market cap
$3.3B
P/E
0.0×
Fwd P/E
−10.6×
Dividend yield
—
F-score
5/9
Altman Z
9.54
Beneish M
−1.78
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 19.06
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 1 — 10 — — 4 — — 5 — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 3,330.00
Revenue ttm 682.20
Net income ttm (702.22)
Free cash flow ttm 32.44
Net debt Q (236.68)
Valuation
P/E 0.00
Forward P/E (10.60) (negative: loss-making)
Price / sales 4.59
Forward P/S Powerpack
Price / FCF 133.67
Price / book 30.12 (above 6: high)
Financial health
Current ratio Q 1.96 (at or above 1.5: strong)
Debt / equity Q 0.70
Interest coverage Q (303.02)
Growth
Revenue growth Q +63.92% (above 0%: growing)
Operating income growth Q −4,457.05% (below 0%: shrinking)
EPS, this year −879.09% (below 0%: weak)
EPS, next year A +102.52% (at or above 15%: strong)
Revenue, next year A +63.48% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.2×, against a ten-year median of 7.8×; over the ten years it ranged from 3.4× in 2022 to 33.7× in 2024.
P/S against its own 10 years 1.89%
10-year low 10-year high
P/B against its own 10 years 98.23%
10-year low 10-year high
EV/Sales against its own 10 years 8.05%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 227 291 418 310
Receivables 18 48 87 102
Inventory 3 3 4 5
Other — — — —
256 357 523 445
2023 2024 2025 Q'26
Payables 24 9 16 35
ST’ Debt — — — —
Other — — — —
37 81 136 227

Compound Annual Growth %

10y 5y 3y
Sales — — 159.54%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 0.00%
Book Value — 15.65% 21.20%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −1.43 Actual −0.78

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.19 −0.20 Miss by 0.01
Q1 FY26 −0.46 −0.16 Beat by 0.30
Q2 FY26 −0.21 −0.43 Miss by 0.22
Q3 FY26 −1.43 −0.78 Beat by 0.65
Q4 FY26 −0.35 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.16) (0.43) (14.40) — —
’25 (0.64) (0.48) (0.30) (0.20) (1.59)
’24 (1.01) (0.88) (0.61) (0.60) (3.07)
’23 (0.88) (1.17) (1.28) (1.31) (4.62)
’22 (0.98) (0.24) (0.84) (0.49) (2.52)
’21 0.47 0.29 (0.76) (0.72) (0.67)
’20 (0.74) (1.23) (3.71) 1.36 (4.32)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 162 174 195 — —
’25 78 103 119 152 451
’24 28 41 48 66 183
’23 3 — 2 13 17
’22 1 15 — 10 26
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (25) 61 (6) — —
’25 (21) (29) 18 19 (12)
’24 (38) (14) (9) (22) (83)
’23 (22) (24) (32) (39) (117)
’22 (15) (4) (19) (11) (49)
’21 (12) 21 7 (12) 4
’20 (2) (3) (7) (10) (21)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (30) 57 (7) — —
’25 (21) (30) 16 13 (22)
’24 (38) (15) (9) (27) (90)
’23 (22) (25) (37) (39) (123)
’22 (15) (4) (19) (11) (50)
’21 (12) 21 7 (12) 3
’20 (2) (3) (7) (10) (22)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — — — 57 26 17 183 451 682 +67.7% 738 920 1,141 +36.2%
Gross margin, % — — 0.00 0.00 0.00 96.36 96.30 90.87 92.99 93.20 93.21 +93.2 pt
EBT — — (1) (5) (27) (14) (62) (136) (116) (64) (690) +74.3%
EBT margin, % — — 0.00 0.00 0.00 (24.15) (240.53) (778.89) (63.16) (14.26) (101.21) (14.3) pt
Net income — 0 (1) (5) (27) (14) (62) (136) (116) (66) (702) n/m
Per share, $
Per share, $ Revenue — — 0.00 0.00 0.00 2.77 1.05 0.59 4.87 10.80 14.70 n/m
Earnings — — (0.07) (1.98) (4.32) (0.67) (2.52) (4.62) (3.07) (1.59) (15.19) +56.2%
Cash flow — — (0.06) (1.55) (3.41) 0.18 (1.99) (4.00) (2.21) (0.30) 1.07 +25.6%
Capex — — 0.00 (0.07) (0.07) (0.03) (0.02) (0.19) (0.17) (0.24) (0.38) n/m
Free cash flow — — (0.06) (1.63) (3.48) 0.15 (2.01) (4.19) (2.38) (0.53) 0.70 +36.5%
Book value — — 0.11 24.29 26.74 8.11 7.84 6.70 5.97 8.22 2.24 +84.4%
Shares, m — — 20 2 6 21 25 29 38 42 44 +11.5%
Valuation, ×
Valuation, × P/E — — — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — — — — 8.11 13.57 21.58 11.38 7.58 4.59 12.4
P/B — — — — — 2.77 1.84 3.01 9.27 9.96 30.12 5.4
EV/Sales — — — — — 5.11 6.02 14.38 10.18 6.81 4.25 8.5
EV/FCF — — — — — 92.10 (3.18) (3.32) (19.90) (98.24) 123.58 (6.5)
Cash, $m
Cash, $m Operating cash flow — — (1) (4) (21) 4 (49) (117) (83) (12) 50 +40.0%
Capex — — 0 0 0 (1) (1) (6) (7) (10) (17) +181.7%
Free cash flow — — (1) (4) (22) 3 (50) (123) (90) (22) 32 +52.1%
Balance, $m
Balance, $m Working capital — — 2 57 165 164 210 219 276 387 218 +109.2%
Net debt — — (2) (58) (168) (171) (198) (198) (220) (345) (237) +103.7%
Shareholders’ equity — — 2 57 166 167 193 197 225 343 104 +105.6%
Returns, %
Returns, % ROA — — (110.42) (15.39) (23.28) (7.88) (30.53) (55.09) (35.97) (14.14) (135.04) +96.3 pt
ROIC — — 0.00 0.00 0.00 0.00 0.00 0.00 (1,506.21) 0.00 0.00 0.0 pt
ROE — — 35.85 126.92 (33.52) (8.31) (34.53) (69.71) (54.83) (23.39) (319.84) (59.2) pt
People
People Employees — — — 12 20 46 87 244 323 370 — +77.1%
Revenue/emp, $m — — — 0.00 0.00 1.24 0.30 0.07 0.57 1.22 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Tarsus Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACAD ACADIA Pharmaceuticals Inc. $3.7B 10.0× 33.4× +22.85% (above 0%: growing) −27.91% (below 0%: shrinking) +141.15% (above 0%: growing) 89.75% 20.95% Compare
TARS Tarsus Pharmaceuticals, Inc. $3.3B — (loss-making) — (loss-making) +63.92% (above 0%: growing) n/m −144.14% (below 0%: shrinking) 92.86% (340.29%)
VKTX Viking Therapeutics, Inc. $3.3B — (loss-making) — — n/m −47.01% (below 0%: shrinking) 0.00% 0.00% Compare
ELVN Enliven Therapeutics, Inc. $3.3B — (loss-making) — — n/m −8.34% (below 0%: shrinking) 0.00% 0.00% Compare
DYN Dyne Therapeutics, Inc. $3.2B — (loss-making) — — n/m −39.08% (below 0%: shrinking) 0.00% 0.00% Compare
VRDN Viridian Therapeutics, Inc. $3.2B — (loss-making) — (loss-making) −63.51% (below 0%: shrinking) n/m −9.92% (below 0%: shrinking) 100.00% (401.82%) Compare
TLX Telix Pharmaceuticals Limited $3.2B — — — — −44.78% (below 0%: shrinking) — — Compare
DNLI Denali Therapeutics Inc. $3.2B — (loss-making) — (loss-making) −93.96% (below 0%: shrinking) n/m −11.83% (below 0%: shrinking) 98.92% (712.97%) Compare
CELC Celcuity, Inc. $3.1B — (loss-making) — — n/m −53.27% (below 0%: shrinking) 0.00% 0.00% Compare
Median of peers $3.2B — — −63.51% — −25.45% 0.00% 0.00%

All 621 Biotechnology stocks →

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.62m 31.09m 363.91
2024 7.90m 19.75m 246.09
2023 3.13m 4.50m 90.00

Ownership

Directors and executive officers, together 9.64%
RTW Investments, LP 7.96%
Blackrock, Inc. 7.19%
Deep Track Capital, LP 6.97%
Paradigm BioCapital Advisors LP 5.67%
Jennison Associates LLC 5.06%
Bobak Azamian 5.01%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Tarsus Pharmaceuticals, Inc. (TARS) Latest News

6 Nov

Impact 3 · · Simply Wall St.

5 Nov

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4 Nov

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3 Nov

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Impact 3 · · MarketBeat transcript
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29 Oct

Impact 3 · · Zacks
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28 Oct

Impact 4 · · GlobeNewswire

27 Oct

Impact 3 · · Zacks

29 Sep

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4 Sep

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13 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 4 · · pharmaceutical-technology.com
Impact 3 · · MarketBeat transcript

6 Aug

Impact 4 · transcript
Impact 4 · · biopharmadive.com
Impact 4 ·
Impact 4 ·
Impact 3 ·

29 Jul

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13 Jul

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11 Jul

Impact 4 · · MarketBeat

8 Jul

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Impact 3 ·

1 Jul

Impact 4 · · Stocktwits
Impact 3 ·

24 May

Impact 3 · · The Motley Fool

TARS metrics, ten years each

stockrow.com/TARS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com