How profitable is Harmony Biosciences Holdings Inc. (HRMY)?

In FY 2025 (10-K), HRMY converted $868.5M of revenue into a 77.2% gross margin, 24% operating margin, and $347.9M in free cash flow (40.1% FCF margin).

Stock Ratings / Health Care / HRMY / financials

VERA (31) HCM (34) XNCR (47) AUPH (74) ⌘ Pro Terminal →

Harmony Biosciences Holdings Inc. (HRMY) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$37.91 -2.19% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $37.85

Harmony Biosciences Holdings Inc. (HRMY) earns a Roarable Rating of A (Strong Buy) with 86/100 RQD Confidence. High-quality cash engine (77.2% gross margin, 63% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.

ROARABLE A • STRONG BUY Cap $2.26B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on HRMY Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is HRMY stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

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As of 2026-11-03, Harmony Biosciences Holdings Inc. (NASDAQ: HRMY) is rated A (Strong Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 86/100 at a spot price of $37.91 (-2.19% 1D, market cap $2.26B). Pillar breakdown: Fundamental Cash Engine 20/20, Institutional 13F & Options Flow 11/20, SEC Balance-Sheet Forensics 18/20, FRED Macro Regime Fit 18/20, and Executive Insider Alignment 19/20. Across 1015 tracked Health Care issuers, HRMY ranks #3 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does HRMY compare to VERA and HCM in the Health Care sector?

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Within the Health Care sector (Biotechnology: Pharmaceutical Preparations), HRMY carries a Roarable A (86/100 RQD), trailing P/E of 14.2x, gross margin of 77.2%, and ROIC of 63.0%. By comparison, VERA (Vera Therapeutics Inc. (Class A)) holds a E grade (31/100 RQD, P/E N/A, ROIC -35.0%, cap $2.23B) and HCM (HUTCHMED (China) Limited) posts a E grade (34/100 RQD, P/E 5.2x, ROIC -2.5%, cap $2.29B). Among the 5-stock peer group, HCM leads on earnings multiple (5.2x) while HRMY leads on capital efficiency (63.0% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for HRMY?

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Per HRMY's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001802665), Harmony Biosciences Holdings Inc. generated $868.5M in revenue (+21.5% YoY), $158.7M in net income, and $347.9M in free cash flow against $1.27B in total assets and $143.7M in total debt. Key quantitative strengths: Strong cash generator (77.2% gross margin)—profits are backed by real money, not accounting tricks. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $37.85 (-0.15%)🧬 Cannibal Buyback (-3.20% YoY Shares)⚙️ Cash Engine: 20/20 (A+) • 40.1% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 86/100 (A) historically ranked in the Top 5% of excess returns over the next 90 days (+9.2% avg 90D alpha vs SPY • 73.2% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERSTRONG BUY • A

3-of-3 JEV AI Jury Bullish

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw A- · Rk A

Each axis scored 0–20

12M PRICE TARGET CONE+12.6% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for HRMY)Realized 20D OHLCV Swing Band: ±8.2%

Deterministic 5-Pillar Attribution (86/100 Composite)

🔍 WHY HRMY SCORES 86/100 (A) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: Cash Engine Quality+20/20 pts (23% of score)

SEC XBRL FY 2025 (10-K): 40.1% FCF Margin ($347.9M FCF) & 77.2% Gross Margin

▲ #2 Bullish Driver: Insider Conviction & Share Dilution+19/20 pts (22% of score)

SEC Form 4 / 13F Thermometer: 86% Net Buy • Cannibal Buyback (-3.20% YoY Shares)

▼ #1 Drag / Risk Factor: Whale & Options Positioning11/20 pts (-9 pt drag)

Put hedging (50% put share) caps near-term gamma upside (-9 pts vs max)

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade A-$37.03+4.5% Next Q

Q2 (-2Q)

Grade A-$38.70-1.9% Next Q

Q3 (-1Q)

Grade A$37.95-0.1% Next Q

Current

Grade A$37.91+9.2% Hist 90D α

Trajectory: A- (78) → A (86)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the HRMY Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 86/100 (A) score, HRMY faces multiple-compression risk if 14.2x trailing P/E re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Broader market pullbacks can still drag down strong stocks in the short run.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Cannibal Buyback (-3.20% YoY Shares) — any gross margin slip below 74.7% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($39.78) or 200D SMA ($34.71) invalidates the momentum regime and cuts Target Base ($42.69) toward Bear Floor ($31.09).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $HRMY• $2.4M Crowd Pool • Kalshi / Polymarket Composite

Contract: “HRMY Beats Next Quarter EPS Consensus (Dec 30, 2026) & Holds Above 200D SMA”

YES 86%NO 14%Trade / Inspect Odds →

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How HRMY Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$347.9M (40.1% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $582.0M

FY24

Rev $714.7M

FY25

Rev $868.5M

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$868.5M	77.2%	24%	$158.7M	$347.9M	63%
FY 2024	$714.7M	78.1%	26.7%	$145.5M	$218.7M	40.8%
FY 2023	$582.0M	77.2%	33%	$128.9M	$219.4M	63%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring HRMY)

✓Walkthrough of HRMY's RQD Radar, SEC cash-conversion gap & downside invalidation levels
✓3 asymmetric Bear/Hedge frameworks when 10-year Treasury yields stay elevated
✓Includes nightly RQD rating-change & forensic signal email alerts on your tracked stocks

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

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HRMY // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +16.32%📐 HORIZONTAL RANGE

2026-11-03O $38.59H $38.76L $37.91C $37.91VOL 871.5K

RES: $48.09SUP: $33.47SMA50: $39.78SMA200: $34.71

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

HRMY Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 HRMY Butterfly Map → + Track HRMY →

Share Count & Dilution Monitor

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle

6.0%/yr Implied 5Y Growth

vs. +21.5% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger

No active Ellis Vennor swing setup published on HRMY today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for HRMY. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for HRMY today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (HRMY)

Health Care Rank #3 of 1015 ⚔️ VERA vs HRMY Full Matrix →

1. Head-to-Head Health Care Peer Comparison (HRMY vs. VERA, HCM, XNCR, AUPH)

Industry: Biotechnology: Pharmaceutical Preparations (489 Tracked Issuers)

Across 1015 tracked Health Care securities in the Roarable RQD universe, Harmony Biosciences Holdings Inc. (HRMY) ranks #3 by composite RQD confidence (86/100, grade A) and #234 by equity capitalization ($2.26B). Within this direct 5-issuer industry benchmark cohort, HCM leads on earnings valuation at 5.2x trailing P/E, while HRMY leads on capital efficiency and profitability with 63.0% ROIC and 77.2% gross margin. HRMY currently leads its immediate peer cohort in composite quantitative strength at 86/100 (A).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
HRMY ACTIVE Harmony Biosciences Holdings Inc.	A	86/100	14.2x	77.2%	63.0%	-2.19%	$2.26B	Benchmark Subject
VERA Vera Therapeutics Inc. (Class A)	E	31/100	—	—	-35.0%	-2.36%	$2.23B	/vera-vs-hrmy →
HCM HUTCHMED (China) Limited	E	34/100	5.2x	—	-2.5%	+0.91%	$2.29B	/hcm-vs-hrmy →
XNCR Xencor Inc.	D	47/100	—	—	-21.3%	-0.54%	$2.22B	/xncr-vs-hrmy →
AUPH Aurinia Pharmaceuticals Inc	B	74/100	8.0x	88.5%	16.5%	-3.06%	$2.22B	/auph-vs-hrmy →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001802665 ↗

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Harmony Biosciences Holdings Inc. (HRMY) reported GAAP revenue of $868.5M (+21.5% vs. FY2024 revenue of $714.7M , and +49.2% cumulative change since FY2023) , GAAP net income of $158.7M, operating cash flow of $348.2M, and free cash flow of $347.9M (+59.1% YoY). On the balance sheet, HRMY closed FY2025 with $1.27B in total assets against $143.7M in total debt (Altman Z-Score: 5.38, Piotroski F-Score: 9/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$868.5M	$158.7M	$348.2M	$347.9M	$1.27B	$143.7M
FY2024 (FY)	2024-12-31	$714.7M	$145.5M	$219.8M	$218.7M	$999.2M	$163.0M
FY2023 (FY)	2023-12-31	$582.0M	$128.9M	$219.4M	$219.4M	—	—

3. HRMY Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is HRMY stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does HRMY compare to VERA and HCM in the Health Care sector?

What are the biggest fundamental strengths and SEC risk factors for HRMY?

Where is HRMY trading relative to its 50-day, 200-day, and 52-week technical levels?

HRMY last traded at $37.91 (-2.19% on volume of 994,027 shares), positioning the stock -4.70% below its 50-day simple moving average ($39.78) and +9.22% above its 200-day simple moving average ($34.71). Across its 52-week range of $25.90 to $43.49, HRMY sits at the 68.3% percentile with a 14-day RSI of 51.1 (NEUTRAL RANGE) and an implied next-earnings move of ±8.2% ($34.80 to $41.02).

Direct Sub-Reports: HRMY RQD Cockpit HRMY 12M Forecast HRMY Earnings & Move HRMY Dividends & DRIP HRMY Insiders & 13F HRMY Whale Options HRMY Profit Sankey HRMY News & Why

ROARABLE RATING BRIEF • RQD 86/100 (A) ✓ SEC XBRL & RQD VERIFIED

HRMY — Harmony Biosciences Holdings Inc.: What the Facts Mean to a Prospective Investor

Methodology: RQD v6.2 Deterministic 5-Pillar & SEC XBRL Audit

Updated: 2025-12-31

1. Roarable Rating Brief: What This Means to a Prospective Investor

Harmony Biosciences Holdings Inc. (HRMY) earns a live Roarable RQD composite score of 86/100, corresponding to a A letter grade (Roarable Strong Buy) at a spot price of $37.91 (-2.19% 1D, market capitalization $2.26B).

Fundamental Cash Engine (20/20): Anchored by return on invested capital (ROIC) of 63.0%, gross margin of 77.2%, operating margin of 24.0%, and free cash flow yield of 15.48%.
Whale 13F & Options Flow (11/20) + Insider Conviction (19/20): Tracks institutional 13F accumulation, CBOE options call/put positioning, and SEC Form 4 / Congressional PTR filings.
Macro Regime Fit (18/20) + Forensic Balance Sheet (18/20): Incorporates a 1.00x equity beta, Altman Z-Score of 5.38, Piotroski F-Score of 9/9, and Debt/Equity of 0.17x.

2. Business Model, Unit Margins & SEC Financial Trajectory

Harmony Biosciences Holdings Inc. Is a NASDAQ-listed issuer in the Health Care sector, within the Biotechnology: Pharmaceutical Preparations industry. It operates with a market capitalization of $2.2B.

In its latest audited SEC EDGAR 10-K filing for FY2025 (filed 2025-12-31), Harmony Biosciences Holdings Inc. (HRMY) reported $868.5M in annual revenue (up from $714.7M in FY2024, +21.5% YoY) and $158.7M in GAAP net income. Over the multi-year SEC filing window from FY2023 ($582.0M revenue, $128.9M net income) through FY2025, HRMY scaled operating cash flow to $348.2M and free cash flow to $347.9M, backed by $1.27B in total assets against $143.7M in total debt.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case (A • RQD 86/100): Strong cash generator (77.2% gross margin)—profits are backed by real money, not accounting tricks. Company leadership has skin in the game with net positive insider conviction. With Fundamental Cash Engine at 20/20 and Institutional Whale Flow at 11/20, sustained execution supports upside toward the upper end of the $25.90 – $43.49 52-week range.
🐻 Primary Bear Case & Valuation Risk: Broader market pullbacks can still drag down strong stocks in the short run. Investors must weigh 14.2x trailing P/E and 7.8x EV/EBITDA against 24.0% operating margins and a 1.00x macro beta.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

For a prospective investor, the second-order items the source does raise are the leadership transition and the patent ruling referenced in the news feed; their timing and magnitude are not resolved by the data.

Key Question #1: Can HRMY sustain or expand its 24.0% operating margin and 63.0% ROIC against Biotechnology: Pharmaceutical Preparations peers over the next 4 quarters?
Key Question #2: Following FY2025 revenue of $868.5M and free cash flow of $347.9M, how will capital allocation balance growth reinvestment against $143.7M in total debt?
Key Question #3: How sensitive is HRMY's 11.9x forward P/E multiple to Health Care capital spending cycles and macro interest-rate shifts (Beta 1.00x)?

HRMY Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Harmony Biosciences Holdings Inc. (HRMY) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to HRMY Debate Forum (3) ↓

🟡 MARKET WIRE Yahoo! Finance Canada • 1d ago

Harmony Biosciences Holdings, Inc. (HRMY) Stock Price, News, Quote & History

Yahoo! Finance Canada report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Investor's Business Daily • 1d ago

Harmony Bio CEO Plans His Exit, And Shares Take An Unharmonious Hit

Investor's Business Daily report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE The Motley Fool • 1d ago

Why Harmony Biosciences Stock Got Mashed on Monday

The Motley Fool report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo Finance • 1d ago

Harmony Biosciences (HRMY) Stock Looks Below Fair Value As Shares Rose 48%

Yahoo Finance report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Seeking Alpha • 1d ago

Harmony Biosciences: A Cash Machine With A Patent Ruling Hanging Over It (NASDAQ:HRMY)

Seeking Alpha report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE GuruFocus • 1d ago

Harmony Biosciences (HRMY) Names Peter Anastasiou as CEO, Market Reacts

GuruFocus report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Yahoo Finance • 1d ago

Is Harmony Biosciences (HRMY) Stock Undervalued Right Now?

Yahoo Finance report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🟡 MARKET WIRE Stock Titan • 1d ago

BlackRock reports a passive stake in Harmony Biosciences (HRMY), with an iShares ETF holding over 5%.

Stock Titan report covering Harmony Biosciences Holdings Inc. (HRMY) market action, institutional positioning, and fundamental catalysts.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

HRMY Bull vs. Bear Conversation Board — What's Your Call at $37.91?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON HRMY 🐻 33% BEARISH CONVICTION

DE DeepValue_CFA RQD DEBATE OPENER • Institutional Buy-Side 🐂 BULLISH 🎯 Target: $49.23 (+27.0%)

📌 Pinned Debate

Cash generation is exceptional, with FY 2025 FCF of $347.9M, an FCF yield of 15.48%, and ROIC of 63%.

Cash generation is exceptional, with FY 2025 FCF of $347.9M, an FCF yield of 15.48%, and ROIC of 63%.. When you look under the hood at HRMY, Fundamental Cash Engine is 20/20 with 77.2% gross margins and 63.0% ROIC. Bears are staring in the rearview mirror while institutional 13F flow (11/20) has been quietly accumulating below $43.49. My 12M target is $49.23.

EarningsSniper 🐂 BULL

@MultipleCompression Shorting a 11/20 institutional whale-flow stock at $38.76 is dangerous when funds are rotating into Health Care.

MU MultipleCompression RQD DEBATE OPENER • Valuation Discipline 🐻 BEARISH 🎯 Target: $29.46 (-24.0%)

Spot @ $38.76

A pending patent ruling and a CEO transition are flagged in the news feed, and institutional flow scores only 11/20.

Here is the bear case nobody on the bull side wants to address on HRMY: A pending patent ruling and a CEO transition are flagged in the news feed, and institutional flow scores only 11/20.. At 14.2x trailing P/E, even a small guidance miss in Biotechnology: Pharmaceutical Preparations triggers a 12-15% air pocket.