Vertex Pharmaceuticals VRTX

Nasdaq · Pharmaceutical Preparations · $139.2B

$542.50−1.19%Nov 5 close · Databento

Every report since 2023 →

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VRTX Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $542.501D −1.19%3M +3.55%SMA20 $522.60SMA50 $522.81RSI(14) 56.4

542.50

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 56.4

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$139.2B

EV / True FCF53.5x

Revenue$12.0B +8.9%

True FCF (ex-SBC)$2.5B +504.1%

Rule of 4035.5%

ROIC26.2%

True FCF Yield1.8%

EPS, diluted$15.32 +836.5%

Modern Valuation (EOD)

Market Cap$139.2B

Enterprise Value$134.1B

EV / True FCF53.46

EV / FCF41.98

EV / Gross Profit—

EV / EBIT32.13

EV / Sales11.17

P / E (GAAP)35.20

P / FCF43.57

P / Oper. CF38.32

P / Book7.46

Owner & Cash Yields

True FCF Yield1.8%

FCF Yield2.3%

Owner Earn. Yield2.2%

Earnings Yield2.8%

Shareholder Yield+1.0%

Buyback Yield1.4%

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$12.60

EPS (diluted)$15.32

Compounder & Returns

Rule of 4035.5%

ROIC26.2%

Cash ROIC (CROIC)23.5%

GP / Assets—

ROE21.2%

ROA15.4%

Gross Margin—

Oper. Margin34.8%

Net Margin32.9%

FCF Margin26.6%

True FCF Margin20.9%

Quality & Dilution

Cash Conversion81%

Accrual Ratio+1.3%

SBC % of FCF21.5%

SBC % of Rev5.7%

Reinvest. Rate96%

Sales Growth Y/Y+8.9%

Sales 3Y CAGR+10.4%

EPS Growth Y/Y+836.5%

FCF Growth Y/Y+504.1%

FCF 3Y CAGR−6.6%

Share Change Y/Y0.0%

Balance Sheet & Scale

Revenue (FY)$12.0B

Gross Profit (FY)—

Oper. Income (FY)$4.2B

GAAP Net Income$4.0B

True FCF (ex-SBC)$2.5B

Cash & Equiv$5.1B

Total Debt—

Net Cash (Debt)$5.1B

Net Cash % MCap+3.7%

Debt / FCF (yrs)0.0y

Current Ratio2.90253.54M sh

Price & Technicals (EOD)

Perf Week+0.46%

Perf Month+7.29%

Perf Quarter+9.36%

Perf Half Y+27.65%

Perf YTD+23.53%

SMA 20 Dist+3.81%$522.60

SMA 50 Dist+3.77%$522.81

SMA 100 Dist+6.39%$509.91

Window High−2.93%$558.88

Window Low+28.18%$423.24

RSI (14) · Vol56.437%v

Income Distribution & Cash Flow ConversionHow every dollar of VRTX revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$1.7B ($13.8 / $100)

R&D Reinvestment$3.1B ($25.4 / $100)

SG&A & Other OpEx$3.1B ($26.0 / $100)

Tax & Non-Operating$220.1M ($1.8 / $100)

Net Profit Kept$4.0B ($32.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$4.0B (32.9% margin)

Operating Cash Flow (OCF)$3.6B(30.3% of rev)

Less: Capital Expenditures−$437.6M(3.6% of rev)

Standard Free Cash Flow (FCF)$3.2B(26.6% margin)

Less: Stock-Based Comp (SBC)−$685.9M(21.5% of FCF)

True FCF (Owner Cash ex-SBC)$2.5B(20.9% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$7.6B	$8.9B	$9.9B	$11.0B	$12.0B	+8.9%	+12.2%
Cost of Revenue (COGS)	$904.2M	$1.1B	$1.3B	$1.5B	$1.7B	+7.9%	+16.2%
Research & Development (R&D)	$3.1B	—	—	—	$3.1B	—	+0.0%
Selling, General & Admin (SG&A)	$840.1M	$944.7M	$1.1B	$1.5B	$1.8B	+19.7%	+20.2%
Operating Income (EBIT)	$2.8B	$4.3B	$3.8B	$-232.9M	$4.2B	+1891.9%	+10.7%
Interest Expense	—	$54.8M	$44.1M	$30.6M	$13.3M	−56.5%	−37.6%
Income Tax Expense	$388.3M	$910.4M	$760.2M	$784.1M	$690.0M	−12.0%	+15.5%
GAAP Net Income	$2.3B	$3.3B	$3.6B	$-535.6M	$4.0B	+838.1%	+14.0%
Diluted EPS	$9.01	$12.82	$13.89	$-2.08	$15.32	+836.5%	+14.2%
Diluted Shares	259.9M	259.1M	260.5M	257.9M	258.0M	+0.0%	−0.2%
Balance Sheet
Cash & Equivalents	$6.8B	$10.5B	$10.4B	$4.6B	$5.1B	+11.3%	−7.0%
Inventory	$353.1M	$460.6M	$738.8M	$1.2B	$1.7B	+39.9%	+47.8%
Total Current Assets	$9.6B	$13.2B	$14.1B	$9.6B	$11.2B	+16.7%	+4.0%
Total Assets	$13.4B	$18.2B	$22.7B	$22.5B	$25.6B	+13.8%	+17.5%
Total Current Liabilities	$2.1B	$2.7B	$3.5B	$3.6B	$3.9B	+8.3%	+15.9%
Total Debt (Short + Long Term)	$1.1B	$1.1B	$1.1B	$1.1B	$0	−100.0%	—
Total Liabilities	$3.3B	$4.2B	$5.1B	$6.1B	$7.0B	+13.9%	+20.3%
Stockholders' Equity	$10.1B	$13.9B	$17.6B	$16.4B	$18.7B	+13.7%	+16.6%
Net Cash / (Net Debt)	$5.7B	$9.4B	$9.3B	$3.5B	$5.1B	+46.7%	−2.8%
Invested Capital	$4.4B	$4.5B	$8.3B	$12.9B	$13.6B	+4.9%	+32.5%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$2.6B	$4.1B	$3.5B	$-492.6M	$3.6B	+837.2%	+8.3%
Depreciation & Amortization (D&A)	$125.6M	$148.3M	$181.3M	$207.2M	$209.8M	+1.3%	+13.7%
Stock-Based Compensation (SBC)	$441.4M	$491.3M	$581.2M	$698.5M	$685.9M	−1.8%	+11.6%
Capital Expenditures (CapEx)	$235.0M	$204.7M	$200.4M	$297.7M	$437.6M	+47.0%	+16.8%
Free Cash Flow (FCF)	$2.4B	$3.9B	$3.3B	$-790.3M	$3.2B	+504.1%	+7.3%
True FCF (ex-SBC Owner Cash)	$2.0B	$3.4B	$2.8B	$-1.5B	$2.5B	+268.5%	+6.3%
Share Repurchases (Buybacks)	$1.4B	$0	$427.6M	$1.2B	$2.0B	+71.4%	+9.1%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what VRTX did at the next close after each story

No Wire story has named VRTX yet.

What happened · big days

20 big days in a year, and what we hold on each

A big day is a close more than 3.19% from the one before, three times VRTX’s median day (1.06%). On 8 of the 20, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.19%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayVRTXWhat we hold that dayGroup (median of 4) · each

1 Nov 19, 2025−3.33%
Before our storiesgroup +0.4%, did not move with it
1Nov 19, 2025−3.33%
Before our stories
+0.4% did not move with itMRK −1.4 · ABBV −0.4 · JNJ +1.3 · LLY +1.9
2 Dec 3, 2025+6.92%
Before our storiesgroup +0.6%, did not move with it
2Dec 3, 2025+6.92%
Before our stories
+0.6% did not move with itABBV +2.6 · MRK +1.2 · JNJ −0.0 · LLY −1.2
3 Jan 6, 2026+4.36%
Before our storiesgroup +1.5%, did not move with it
3Jan 6, 2026+4.36%
Before our stories
+1.5% did not move with itLLY +2.2 · ABBV +1.7 · MRK +1.3 · JNJ +0.2
4 Jan 7, 2026+3.37%
Before our storiesgroup +2.7%, moved with VRTX
4Jan 7, 2026+3.37%
Before our stories
+2.7% moved with VRTXABBV +4.2 · LLY +4.1 · JNJ +1.3 · MRK −0.3
5 Jan 21, 2026+4.31%
Before our storiesgroup +1.3%, did not move with it
5Jan 21, 2026+4.31%
Before our stories
+1.3% did not move with itLLY +3.6 · MRK +1.5 · ABBV +1.0 · JNJ −0.1
6 Feb 6, 2026+4.17%
Before our storiesgroup +1.9%, did not move with it
6Feb 6, 2026+4.17%
Before our stories
+1.9% did not move with itLLY +3.7 · ABBV +2.0 · MRK +1.8 · JNJ +0.9
7 Feb 13, 2026+5.69%
Resultsgroup +1.0%, did not move with it
7Feb 13, 2026+5.69%
ResultsFirst close after the Feb 12 results filing
+1.0% did not move with itMRK +1.8 · ABBV +1.8 · LLY +0.2 · JNJ −0.5
8 Feb 27, 2026+3.48%
Before our storiesgroup +3.1%, moved with VRTX
8Feb 27, 2026+3.48%
Before our stories
+3.1% moved with VRTXMRK +3.8 · ABBV +3.3 · LLY +2.9 · JNJ +2.0
9 Mar 5, 2026−3.57%
Before our storiesgroup −2.2%, moved with VRTX
9Mar 5, 2026−3.57%
Before our stories
−2.2% moved with VRTXMRK −3.5 · JNJ −2.3 · LLY −2.0 · ABBV −1.6
10 Mar 10, 2026+8.31%
Before our storiesgroup −0.1%, did not move with it
10Mar 10, 2026+8.31%
Before our stories
−0.1% did not move with itJNJ +0.5 · MRK −0.0 · ABBV −0.2 · LLY −0.7
11 Mar 27, 2026−4.56%
Before our storiesgroup −0.1%, did not move with it
11Mar 27, 2026−4.56%
Before our stories
−0.1% did not move with itLLY −2.1 · ABBV −0.8 · JNJ +0.5 · MRK +0.6
12 Jun 22, 2026+3.36%
Nothing on VRTXgroup +1.3%, did not move with it
12Jun 22, 2026+3.36%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
+1.3% did not move with itABBV +6.3 · MRK +1.4 · JNJ +1.3 · LLY +0.3
13 Jul 2, 2026+6.03%
Nothing on VRTXgroup +3.5%, moved with VRTX
13Jul 2, 2026+6.03%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
+3.5% moved with VRTXABBV +4.0 · JNJ +3.6 · MRK +3.3 · LLY +1.9
14 Jul 8, 2026−4.56%
Nothing on VRTXgroup −1.5%, did not move with it
14Jul 8, 2026−4.56%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
−1.5% did not move with itMRK −2.2 · LLY −1.6 · JNJ −1.4 · ABBV −0.8
15 Aug 10, 2026+5.61%
Nothing on VRTXgroup +1.4%, did not move with it
15Aug 10, 2026+5.61%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
+1.4% did not move with itLLY +3.9 · MRK +1.8 · JNJ +1.0 · ABBV +0.8
16 Aug 19, 2026+4.52%
Nothing on VRTXgroup +3.6%, moved with VRTX
16Aug 19, 2026+4.52%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
+3.6% moved with VRTXMRK +12.6 · LLY +4.5 · ABBV +2.7 · JNJ +0.8
17 Oct 13, 2026−4.30%
Nothing on VRTXgroup −2.4%, moved with VRTX
17Oct 13, 2026−4.30%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
−2.4% moved with VRTXJNJ −5.7 · ABBV −2.4 · MRK −2.4 · LLY −1.4
18 Oct 30, 2026+3.50%
Nothing on VRTXgroup +1.8%, moved with VRTX
18Oct 30, 2026+3.50%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
+1.8% moved with VRTXLLY +3.2 · MRK +2.2 · ABBV +1.4 · JNJ −0.7
19 Nov 3, 2026−4.05%
Resultsgroup −1.3%, did not move with it
19Nov 3, 2026−4.05%
ResultsFirst close after the Nov 2 results filing
−1.3% did not move with itMRK −2.5 · JNJ −1.6 · ABBV −1.0 · LLY −0.1
20 Nov 4, 2026+3.44%
Nothing on VRTXgroup +3.5%, moved with VRTX
20Nov 4, 2026+3.44%
Nothing on VRTXNo VRTX story, brief or results filing in our record that day
+3.5% moved with VRTXMRK +3.9 · JNJ +3.8 · ABBV +3.1 · LLY +0.6

A story on the same day is not a cause, and a group move is not proof either. Group: the median of LLY, JNJ, ABBV and MRK that day, the largest companies in VRTX’s SEC industry; “moved with VRTX” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). VRTX reports after the close, so day 1 is the next close. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 3, 2025

day 1−1.02%day 6+0.76%

Reported Feb 12, 2026

day 1+5.69%day 6+3.44%

Reported May 4, 2026

day 1−1.28%day 6+4.29%

Reported Aug 3, 2026

day 1+1.70%day 6+12.52%

Next report: expected early-to-mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 2 report: −1.93%. Four reports is a small sample.

Every report since 2023 →

Each line is VRTX’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

VRTX against four drug peers, a year at 100

VRTX is up 32.5% in a year. Merck is up 74.3%, Eli Lilly 53.4%, Johnson & Johnson 48.1% and AbbVie 34.5%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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VRTX +32.5%. Merck +74.3%, Eli Lilly +53.4%, Johnson & Johnson +48.1%, AbbVie +34.5%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in VRTX’s SEC industry (Pharmaceutical Preparations) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

LLY	Eli Lilly	$1.33T	−3.76%
JNJ	Johnson & Johnson	$665.9B	−1.45%
ABBV	AbbVie	$521.0B	−2.24%
MRK	Merck	$371.0B	−2.27%
ABT	Abbott	$199.9B	−1.65%
PFE	Pfizer	$175.5B	−2.96%
BMY	Bristol Myers Squibb	$131.1B	−1.65%
REGN	Regeneron Pharmaceuticals	$101.1B	−2.98%