RARE Healthcare

Ultragenyx Pharmaceutical Inc.

$16.63+2.02%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 1.6B USD
Enterprise value: 2.6B USD
Full-time employees: 1,371

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers on debt, liquidity or share-price swings

Ranks #1,063 of 1,157 healthcare companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Ultragenyx Pharmaceutical's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 40% from December 2022 to July 2026.
Ultragenyx Pharmaceutical had 40% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ultragenyx Pharmaceutical had 40% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating loss narrowing. Operating margin -79% in 2025, the smallest loss relative to revenue of the last 6 years.
Ultragenyx Pharmaceutical still lost money on operations in 2025 (margin -79%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Ultragenyx Pharmaceutical looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

StockQuotient Score

24/ 100

Oct 5 24 → Nov 4 24

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-35.7%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-18.0%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-29.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield-17.7%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

63/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 7.0%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth21.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 1.83Sector median: 0.0584 · MAD: 0.0840

Revenue growth17.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.17Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

16/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 10.1 points to -73.6%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-73.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -6.63Sector median: 0.0706 · MAD: 0.1217

Return on assets-46.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -8.95Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-32.1%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -3.67Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin-20.8%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.32

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.92Sector median: 0.6250 · MAD: 0.3380

Current ratio1.73×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.62Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -9.77Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Ultragenyx Pharmaceutical

Is Ultragenyx Pharmaceutical getting weaker?: Its latest SEC filing (Aug 5, 2026) got stronger: operating margin rose 10.1 points to -73.6%. Its overall score is unchanged at 24/100 since Oct 28, 2026.
How is Ultragenyx Pharmaceutical valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -35.7% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -35.7% vs peers 1.5% (weaker than 100% of peers).
Is Ultragenyx Pharmaceutical growing?: Yes, faster than most of its peers. Growth scores 63/100 against 1,393 healthcare peers. 3-year revenue growth 21.2% vs a peer median of 5.8% (stronger than 81% of peers).3-year revenue growth 21.2% vs peers 5.8% (stronger than 81% of peers).
How profitable is Ultragenyx Pharmaceutical?: Less profitable than most of its peers. Profitability scores 16/100 against 1,393 healthcare peers. Return on assets -46.4% vs a peer median of 1.7% (weaker than 92% of peers).Return on assets -46.4% vs peers 1.7% (weaker than 92% of peers).
How risky is Ultragenyx Pharmaceutical?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.32 vs a peer median of 0.63 (stronger than 78% of peers).Beta 0.32 vs peers 0.63 (stronger than 78% of peers). Current ratio 1.73× vs a peer median of 2.59× (weaker than 67% of peers).Current ratio 1.73× vs peers 2.59× (weaker than 67% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 10.1 points to -73.6%

Worth watching: Ultragenyx Pharmaceutical is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	670.0M USD	717.0M USD	+7.0%
Net income (12 months)	−609.0M USD	−586.0M USD	−3.8%
Operating margin	-83.7%	-73.6%	+10.1 pts
Free cash flow (12 months)	−503.0M USD	−489.0M USD	−2.8%
Cash	175.0M USD	125.0M USD	−28.6%
Shares outstanding	98.5M	98.6M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-108.6%	-178.6%	-131.1%	-95.7%	-79.5%	▲ 16 pts
Net margin	-129.2%	-194.7%	-139.9%	-101.6%	-85.4%	▲ 16 pts
Return on assets (ROA)	-29.8%	-45.8%	-40.7%	-37.9%	-37.5%	▲ 0.3 pts
Return on equity (ROE)	-49.2%	-201.0%	-220.7%	-223.1%	—	—
Free cash flow margin	-117.2%	-136.7%	-119.6%	-75.2%	-70.1%	▲ 5.0 pts
Current ratio	4.72×	3.38×	2.61×	2.38×	2.48×	▲ 4.3%
Quick ratio	4.63×	3.28×	2.49×	2.24×	2.34×	▲ 4.3%

RARE price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers on debt, liquidity or share-price swings

Ranks #1,063 of 1,157 healthcare companies (bottom 9%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Ultragenyx Pharmaceutical's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 40% from December 2022 to July 2026.

Ultragenyx Pharmaceutical had 40% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Ultragenyx Pharmaceutical had 40% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Operating loss narrowing. Operating margin -79% in 2025, the smallest loss relative to revenue of the last 6 years.

Ultragenyx Pharmaceutical still lost money on operations in 2025 (margin -79%), but that was its smallest operating loss relative to revenue in the 6 years of filings we have.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Ultragenyx Pharmaceutical looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Questions investors ask about Ultragenyx Pharmaceutical

Is Ultragenyx Pharmaceutical getting weaker?

Its latest SEC filing (Aug 5, 2026) got stronger: operating margin rose 10.1 points to -73.6%. Its overall score is unchanged at 24/100 since Oct 28, 2026.

How is Ultragenyx Pharmaceutical valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -35.7% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -35.7% vs peers 1.5% (weaker than 100% of peers).

Is Ultragenyx Pharmaceutical growing?

Yes, faster than most of its peers. Growth scores 63/100 against 1,393 healthcare peers. 3-year revenue growth 21.2% vs a peer median of 5.8% (stronger than 81% of peers).3-year revenue growth 21.2% vs peers 5.8% (stronger than 81% of peers).

How profitable is Ultragenyx Pharmaceutical?

Less profitable than most of its peers. Profitability scores 16/100 against 1,393 healthcare peers. Return on assets -46.4% vs a peer median of 1.7% (weaker than 92% of peers).Return on assets -46.4% vs peers 1.7% (weaker than 92% of peers).

How risky is Ultragenyx Pharmaceutical?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Beta 0.32 vs a peer median of 0.63 (stronger than 78% of peers).Beta 0.32 vs peers 0.63 (stronger than 78% of peers). Current ratio 1.73× vs a peer median of 2.59× (weaker than 67% of peers).Current ratio 1.73× vs peers 2.59× (weaker than 67% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

670.0M USD

717.0M USD

+7.0%

Net income (12 months)

−609.0M USD

−586.0M USD

−3.8%

Operating margin

-83.7%

-73.6%

+10.1 pts

Free cash flow (12 months)

−503.0M USD

−489.0M USD

−2.8%

Cash

175.0M USD

125.0M USD

−28.6%

Shares outstanding

98.5M

98.6M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-108.6%

-178.6%

-131.1%

-95.7%

-79.5%

▲ 16 pts

Net margin

-129.2%

-194.7%

-139.9%

-101.6%

-85.4%

▲ 16 pts

Return on assets (ROA)

-29.8%

-45.8%

-40.7%

-37.9%

-37.5%

▲ 0.3 pts

Return on equity (ROE)

-49.2%

-201.0%

-220.7%

-223.1%

—

Free cash flow margin

-117.2%

-136.7%

-119.6%

-75.2%

-70.1%

▲ 5.0 pts

Current ratio

4.72×

3.38×

2.61×

2.38×

2.48×

▲ 4.3%

Quick ratio

4.63×

3.28×

2.49×

2.24×

2.34×

▲ 4.3%