TEVA Teva Pharmaceutical Industries Limited American Depositary Shares
NYSE · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 29, 2026TEVA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| July 1, 2004 | 2-for-1 | Forward |
| Dec. 6, 2002 | 2-for-1 | Forward |
| Feb. 23, 2000 | 2-for-1 | Forward |
| April 14, 1993 | 2-for-1 | Forward |
About Teva Pharmaceutical Industries Limited American Depositary Shares Company overview from Wikipedia
Teva Pharmaceutical Industries Ltd. (also known as Teva Pharmaceuticals) is an Israeli multinational pharmaceutical company. Teva specializes primarily in generic drugs, but other business interests include branded-drugs, active pharmaceutical ingredients (APIs) and, to a lesser extent, contract manufacturing services and an out-licensing platform.
Teva's primary branded products include Austedo (deutetrabenazine) which is used for the treatment of chorea associated with Huntington's disease and tardive dyskinesia; and Ajovy (fremanezumab), used for the preventive treatment of migraine in adults. Additional branded drugs sold by Teva include Copaxone, Bendeka and Treanda, all of which are primarily sold in the United States.
Teva is listed on the Tel Aviv Stock Exchange and the New York Stock Exchange. Its manufacturing facilities are located in Israel, North America, Europe, Australia, and South America. The company is a member of the Pharmaceutical Research and Manufacturers of America (PhRMA).
Teva Pharmaceuticals is the largest generic drug manufacturer in the world. Overall, Teva is the 26th largest pharmaceutical company in the world. Teva has a history of legal trouble in relation to collusion and price-fixing to inflate prices for drugs. In 2023, Teva paid the largest fine to date for a domestic antitrust cartel in relation to a criminal investigation by the US Department of Justice into the company's price-fixing.
One of its early shareholders, after the company was quoted on the Tel Aviv exchange, was the late British press tycoon Robert Maxwell.
History
Salomon, Levin, and Elstein
Teva's earliest predecessor was SLE, Ltd., a wholesale drug business founded in 1901 in Ottoman Empire's Mutasarrifate of Jerusalem. SLE Ltd. took its name from the initials of its three cofounders: Chaim Salomon, Moshe Levin and Yitschak Elstein, and used camels to make deliveries. During the 1930s, new immigrants from Europe founded several pharmaceutical companies including Teva and Zori. In the 1930s, Salomon, Levin, and Elstein Ltd. also founded Assia, a pharmaceutical company.
Teva Pharmaceutical Industries
1935–1949
Teva Pharmaceutical Industries took its present form through the efforts of Günther Friedländer and his aunt Else Kober on May 1, 1935. The original registration was under the name Teva Middle East Pharmaceutical & Chemical Works Co. Ltd. in Jerusalem, then part of Mandatory Palestine. Friedländer was a German pharmacist, botanist and pharmacognosist, who immigrated to Mandatory Palestine in 1934.
The company was built with an investment of £4,900, which came from the family's own capital and partly from loans from other German immigrants. Capital shortage led to the joining of the banker Alfred Feuchtwanger as a partner in Teva, who received 33% of the shares in return for his investment.
Friedländer's business philosophy opined that the pharmaceutical industry has a reliable basis in difficult economic times, since "A Jewish mother will always buy medicine for her children". In the Second World War, the company provided medicine to the allied forces and in particular to the British army present in the Middle East. After the war, Sir Alan Gordon Cunningham, the last of the High Commissioners for Palestine and Transjordan, visited Teva on behalf of the Secretary of State for the Colonies. His visit promoted Teva's reputation in the pharmaceutical market and created a momentum for Teva's development.
During Mandatory Palestine, Teva exported its medical products to Arab countries. In 1941, Friedländer presented Teva products in an exhibition held in Cairo, Egypt. The exhibition was sponsored by the General Agent and Sole Distribution of medicine in Egypt and Sudan, Syria and Lebanon. Later on, Teva exported its products to the US, Soviet Union (USSR), health institutes in Denmark, Czechoslovakia, Persia and Burma.
1950–1999
In 1951, Feuchtwanger initiated an initial public offering to raise capital through the newly founded Tel-Aviv Stock Exchange and Teva became a public company. In 1954, Teva received a Certificate Excellence in Training award from the Israeli President, Yitzhak Ben Zvi. In 1964, Teva partnered with Sintex, a company from Mexico, and Schering Plough.
In 1964, Assia and Zori merged and in 1968 acquired a controlling stake in Teva. In 1976, the three companies merged into the modern-day Teva Pharmaceutical Industries Ltd. In 1980, Teva acquired Ikapharm, then Israel's second largest drug manufacturer.
In 1980, Teva acquired Plantex.
In 1982, Teva was granted approval by the U.S. Food and Drug Administration (FDA) for its Kfar Saba manufacturing plant.
In 1995, Teva acquired Biogal Gyógyszergyár Rt. (Debrecen, Hungary) and acquired ICI (Italy).
2000-2009
In 2000, Teva acquired Canada-based Novopharm.
In October 2003, Teva announced its intentions to acquire Sicor Inc. for $3.4 billion. Following the announcement, the acquisition was completed on January 22, 2004, which marked Teva's entry into biosimilars' market.
In 2005, Teva opened a new, state-of-the-art pharmaceutical manufacturing plant in Har Hotzvim, a technology park in Jerusalem. The plant received FDA approval in early 2007. Teva entered the Japanese market in 2005 and in 2008 established a generics joint venture with Kowa.
In January 2006, Teva acquired its U.S. rival Ivax Corporation for $7.4 billion. In 2008, sales totalled $11.08 billion, $13.9 billion in 2009, and in 2010 total sales rose to $16.1 billion, of which a major portion was in Europe and North America. In July 2008, Teva announced it completed the acquisition of Bentley Pharmaceuticals for its generic pharmaceutical operations in Spain for $360 million in cash. On December 23, 2008, Teva acquired Barr Pharmaceuticals for $7.5 billion, making Barr and Pliva (which Barr bought earlier) part of Teva.
2010-2019
On March 18, 2010, Teva said it planned to acquire German generic Ratiopharm for US$5 billion. The deal was completed in August 2010, significantly expanding Teva's European coverage. In May 2011, Teva bought Cephalon for US$6.8 billion. The same month, Teva announced the ¥40 billion purchase of a majority stake in Japanese generic drug company Taiyo Pharmaceutical Industry, a move to secure a Japan-local production facility. Teva completed the $934 million acquisition in July 2011. In June 2013, Teva acquired US firm MicroDose Therapeutx for $40 million with as much as $125 million being paid in regulatory and developmental milestones In 2010, Teva announced that it would build its main distribution center for the Americas in Philadelphia, PA, and was considering opening its US headquarters in the area. In 2010, it had 39,660 employees. In Israel, the number of workers rose 7.5% by 6,774. In October 2010, Teva entered a licensing agreement with BioTime to develop and market BioTime's OpRegen for the treatment of age-related macular degeneration, an effort that in 2013 received $1.5 billion in funding from Israel's Office of the Chief Scientist.
In May 2011, Teva announced it would purchase Cephalon for US$6.8 billion.
In January 2014, Teva acquired NuPathe, after outbidding Endo, for $144 million. In June 2014, Teva acquired Labrys Biologics for up to $825 million, the aim being to strengthen the company's migraine pipeline through addition of LBR-101, an anti-CGRP monoclonal antibody therapeutic.
In March 2015, Teva acquired Auspex Pharmaceuticals for $3.5 billion growing its CNS portfolio. In April, Teva offered to acquire Mylan for $40 billion, only a fortnight after Mylan offered to buy Perrigo for $29 billion. Teva's offer for Mylan was contingent on Mylan abandoning its pursuit of Perrigo. Mylan stated in June 2015 that Teva's disclosure that it had a 1.35 percent stake in Mylan violated US antitrust rules. In October, the company acquired Mexico-based Representaciones e Investigaciones Medicas (Rimsa) for around $2.3 billion. In the same month Teva acquired Gecko Health Innovations. In November 2015, the company announced it would collaborate with Heptares Therapeutics with its work on small-molecule calcitonin gene-related peptide antagonists for migraine treatment, with the deal generating up to $410 million.
Teva Active Pharmaceutical Ingredients (TAPI) operates within Teva as a stand-alone business unit. In 2009, TAPI's sales to third parties totaled $565 million, and in 2010 sales rose by 13% to a total of $641 million.
In July 2017, it was reported that Pascal Soriot, CEO of AstraZeneca since 2012, would become the next CEO of Teva, succeeding Erez Vigodman, however this was soon refuted. As of August 2017, the company has struggled to attract a new CEO, leading to mounting questions for the board. In August 2017, the board of directors announced a 75% cut in the dividend, reflecting declining profitability, and the share price fell by almost half in the days following. As of September 11, 2017, Teva remained the "world's biggest seller of generics medicines." On September 11, 2017, it was reported that they had selected Kåre Schultz as the new Teva CEO. A day later the company announced it would sell its Paragard contraceptive brand to Cooper Cos for $1.1 billion, with the funds being used to pay down debt. Days later the company announced further divestments: a sale of contraception, fertility, menopause and osteoporosis products to CVC Capital Partners Fund VI for $703 million and its emergency contraception brands for $675 million to Foundation Consumer Healthcare. By December, the company had announced a drastic 25 percent workforce reduction (greater than 14,000 employees) as part of a two-year cost-reduction strategy. Following considerable lobbying by the Israeli Government, from whom Teva received considerable tax breaks, and from Israel's labor federation, the Histadrut, Teva agreed to delay some of the layoffs in Israel.
In October 2019, Teva faced criticism for making a "business decision to discontinue the drug" Vincristine, essential for the treatment of most childhood cancers according to the Food and Drug Administration.
Actavis Generics
In July 2015, Allergan agreed to sell its generic drug business (Actavis Generics) to Teva for $40.5 billion ($33.75 billion in cash and $6.75 billion worth of shares). As a result, Teva dropped its pursuit of Mylan. In order for the deal to gain regulatory approval, Teva sold off a number of assets, including a portfolio of five generic drugs to Sagent Pharmaceuticals for $40 million, as well as a further eight medicines to Dr. Reddy's in a $350 million deal. Teva also sold a further 15 marketed generics, as well as three others that were close to market, for $586 million to Impax Laboratories. In July, Teva sold off a further 42 products to Australian generics company, Mayne Pharma, for $652 million; the deal moved Mayne up 50 spots, into the top-25 companies of US generic companies. As part of the deal Teva will seek to raise $20 to $25 billion through a bond sale.
After completing the $39 billion acquisition of Actavis Generics, Teva announced another, smaller, deal with Allergan, agreeing to acquire its generic distribution business Anda for $500 million.
Divestments
On October 21, 2011, Par Pharmaceutical has sealed the deal to three products from Teva Pharmaceutical Industries, which the Israeli firm was required by the US Federal Trade Commission to divest before it could acquire US biotech Cephalon for $6.8 billion.
Following the acquisition of Allergan plc generic division some assets have been sold off to meet US antitrust requirements. In June 2016 Indian pharmaceutical company Dr. Reddy's Laboratories Ltd bought 8 (ANDA) Abbreviated New Drug Applications for $350 million in cash. Also in June 2016 Teva sold two ANDAs to Indian pharmaceutical company Zydus Cadilla, strengthening its US portfolio. On June 21, 2016, American pharmaceutical company Amneal Pharmaceutical previously known as Impax Laboratories bought a portfolio of generic drugs from Teva Pharmaceutical Industries for about $586 million. On July 29, Cipla an Indian pharmaceutical company bought three products from Teva. Indian pharmaceutical company, Aurobindo, was in the race to buy some Teva assets. In October 2016, Teva has sold off part of its UK and Ireland generic business to Indian pharmaceutical company Intas Pharma for 600 million pounds (5083 crore Indian rupees) in cash. In August 2016, Australia pharmaceutical company Mayne Pharmaceutical bought a portfolio of drugs from pharmaceutical giant Teva Pharmaceuticals last year for $845 million Australian dollars. In February 2018, Teva Pharmaceutical Industries Ltd has completed the sale of a portfolio of products within its global women's health business across contraception, fertility, menopause and osteoporosis for $703 million in cash to CVC Capital Partners Fund VI. Teva also agreed to sell its Plan B One-Step and its brands of emergency contraception to Foundation Consumer Healthcare for $675 million in cash. Combined annual net sales of these products were $140 million last year. It also sold Paragard to a unit of Cooper Companies Inc (COO.N) for $1.1 billion.
2020s
In August 2025, Teva released the first generic version of a GLP-1 semaglutide product, named Saxenda. Saxenda is not a generic version of semaglutide (Ozempic) which is within patent protection. Saxenda is a generic of an older medication, liraglutide, that has been found to cause thyroid cancer in rats but with no evidence this risk extends to humans.
Acquisition history
The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):
Corporate governance
Research and development
Teva holds patents on multiple drugs, including Copaxone, a specialty drug (for the treatment of multiple sclerosis), now the world's best selling MS drug, and Azilect (sold as Agilect in some countries) for treatment of Parkinson's disease. By July 2015, Copaxone held a "31.2 percent shares of total MS prescriptions in the United States." Teva's new 40 mg version of Copaxone taken three times a week "accounted for 68.5 percent of total Copaxone prescriptions in the United States." Copaxone accounts for about fifty percent of "Teva's profit and 20 percent of revenue." Competitors' Glatopa, 20 mg version of Copaxone, is taken once a day.
In June 2006, Teva received from the FDA a 180-day exclusivity period to sell simvastatin (Zocor) in the U.S. as a generic drug in all strengths except 80 mg. Teva presently competes with the maker of brand-name Zocor, Merck & Co.; Ranbaxy Laboratories, which has 180-day exclusivity for the 80 mg strength; and Dr. Reddy's Laboratories, whose authorized generic version (licensed by Merck) is exempt from exclusivity.
In June 2010, the company announced it would discontinue its production of propofol, a major sedative estimated to be used in 75% of all US anesthetic procedures.
In March 2015, Teva sold four anti-cancer compounds to Ignyta Inc. for $41.6 million. As part of the deal Teva sold the following compounds which were then renamed:
CEP-32496 (renamed RXDX-105) a small molecule inhibitor of BRAF, EGFR and RET, now in Phase I/II trials
CEP-40783 (renamed RXDX-106) a small molecule inhibitor of AXL and c-Met in preclinical development
CEP-40125 (renamed RXDX-107) a nanoformulation of a modified bendamustine with potential activity in solid tumours. Bendamustine Rapid Infusion as therapy for CLL and NHL is part of Teva's specialty drugs pipeline.
TEV-44229 (renamed RXDX-108) a potent inhibitor of the kinase PKCiota
In July 2019, the company stopped production of Vincristine, a critical drug used to treat the most common forms of childhood cancer, and was criticized by media for creating a worldwide shortage of the drug. On 28 January 2020, the company announced that the Food and Drug Administration (FDA) had approved an autoinjector device for Ajovy (fremanezumab-vfrm) injection.
Controversies
Russia-Ukraine conflict
Following Russia's invasion of Ukraine in 2022, Teva Pharmaceuticals faced criticism for continuing its operations in Russia despite international sanctions. While the company committed to stopping new investments, its focus on ensuring an uninterrupted supply of medicines has raised ethical concerns, with critics arguing that Teva's presence weakens the impact of sanctions aimed at pressuring Russia economically.
Israeli-Palestine conflict
As an Israeli company whose taxes support the country's military, and as a benefiter on the expanding market from the illegally-occupied Palestinian territories, under international law, Teva faces boycotts from Palestine solidarity activists, such as Boycott, Divestment and Sanctions. According to the Who Profits Research Center, Teva "enjoys the advantages generated by the Israeli occupation of Palestinian lands allowing the company to exploit the Palestinian market", free from competition from most other pharmaceutical companies. In several instances there have been public calls to boycott Teva in this context. In 2023, several GPs in Ghent, Belgium, have called for the boycott. In September 2025, 104 staff members of the National Orthopaedic Hospital Cappagh, in Ireland, asked to “discontinue the procurement and use” of Teva products when other alternatives are available. In February 2026, the council of the Italian city of Monza has invited pharmacies to stop selling Teva products. Teva has tried to sue Olivia Zemor, a French activist calling for the boycott in 2016, claiming her statements were defamatory. Zemor was acquitted in 2021 and also in appeal in 2022.
Legal issues
On June 25, 2010, Bayer sued Teva for falsely claiming that Teva's Gianvi was stabilized by betadex as a clathrate, and could consequently be advertised as a generic of Yaz. The settlement resulted in Teva changing its product marketing to remove the claim that it used the same ingredients as Yaz. Bayer's method specifically prevents oxidative degradation of the estrogen, while Teva's does not.
In January 2015, the Supreme Court of the United States decided for Teva on the Copaxone patent in Teva Pharmaceuticals USA, Inc. v. Sandoz, Inc.
In December 2016, the attorneys general of 20 states filed a civil complaint accusing Teva of a coordinated scheme to artificially maintain high prices for a generic antibiotic and diabetes drug. The complaint alleged price collusion schemes between six pharmaceutical firms including informal gatherings, telephone calls, and text messages.
In January 2019, the Supreme Court of the United States decided for Teva in Helsinn Healthcare S.A. v. Teva Pharmaceuticals USA Inc.
On May 11, 2019, Teva Pharmaceuticals USA was one of 19 drug companies sued for price fixing in the United States by 44 states for inflating its prices, sometimes up to 1000%, in an illegal agreement among it and its competitors. In June 2021, Teva agreed to pay $925M to settle allegations it had engaged in price fixing in Mississippi. In January 2022, Teva agreed to pay $425M to settle allegations that it had concealed price fixing practices from shareholders.
In May 2019, Teva Pharmaceuticals USA agreed to pay $85 million to the U.S. state of Oklahoma to settle allegations that it had been overprescribing opioids, marketing them as safe, and downplaying their addictive qualities.
In July 2019, Teva paid $69 million to settle pay-for-delay claims.
In January 2020, Teva Pharmaceuticals agreed to pay $54 million to settle allegations under the False Claims Act that it violated the Anti-Kickback Statute by funding improper speaking programs to boost prescriptions.
In 2021, New York Attorney General Letitia James filed a lawsuit against Teva and several other opioid manufacturers for their alleged contribution to the opioid epidemic in New York.
In February 2022, Teva agreed to a $225 million settlement with the state of Texas to end claims that it fueled an opioid epidemic in the state by improperly marketing pain medicine.
In August 2023, Teva admitted to price-fixing charges related to the generic cholesterol drug Pravastatin, and agreed to pay a $225 million fine, after a criminal investigation by the US Department of Justice. The US Department of Justice stated that the settlement was "the largest to date for a domestic antitrust cartel."
Also in August 2023, Teva agreed to a legal settlement with US hospitals over its marketing of opioid products that ultimately raised costs for health providers and contributed to the opioid epidemic in the United States. The lawsuit consisted of roughly 500 hospitals and health providers, resulting in a payment from Teva of $126 million over 18 years.
On October 31, 2024, the European Commission fined Teva €462.6 million "over misuse of the patent system and disparagement to delay [a] rival multiple sclerosis medicine", namely Copaxone (glatiramer acetate). Teva is accused of having attempted to obstacle other producers of glatiramer acetate both by abusing the patent system and by setting up a misinformation campaign targeting other glatiramer producers.
Recalls
In 2018–2019, Teva Pharmaceuticals USA recalled antihypertensive tablets containing valsartan and losartan due to the detection beyond acceptable limit of N-nitrosodiethylamine (NDEA) and N-Nitroso-N-methyl-4-aminobutyric acid (NMBA), respectively, which are probable human carcinogens.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | TEVA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 64.85Y avg ≈-3.4 | ≈-3.4 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | TEVA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 64.4% | · | · | · | |
| Operating Margin (TTM) | 11.4% | · | · | · | |
| Pretax Margin (TTM) | 5.0% | · | · | · | |
| Net Profit Margin (TTM) | 5.0% | · | · | · | |
| ROA (TTM) | 1.8%5Y avg ≈-0.58% | ≈-0.58% | -24.3% | Top tier | |
| ROE (TTM) | 9.7%5Y avg ≈-3.8% | ≈-3.8% | -43.8% | Top tier | |
| ROIC | 25.5%5Y avg ≈7.9% | ≈7.9% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | TEVA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.65Y avg ≈0.3 | ≈0.3 | · | · | |
| Current Ratio (MRQ) | 0.95Y avg ≈1.0 | ≈1.0 | 2.2 | Low liquidity | |
| Quick Ratio | 0.55Y avg ≈0.5 | ≈0.5 | 0.6 | Low liquidity | |
| Interest Coverage | 2.45Y avg ≈0.8 | ≈0.8 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | TEVA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 4.4% | · | · | · | |
| Revenue CAGR 3Y | 1.4% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | TEVA | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Inventory Turnover | 2.75Y avg ≈2.4 | ≈2.4 | · | · | |
| Revenue / Employee | ≈$530.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Nov 27, 2017 | $0.09 | USD | ≈5.8% |
| Aug 25, 2017 | $0.09 | USD | ≈6.8% |
| Jun 1, 2017 | $0.34 | USD | ≈4.7% |
| Feb 28, 2017 | $0.34 | USD | ≈3.9% |
| Dec 1, 2016 | $0.34 | USD | ≈3.7% |
| Aug 18, 2016 | $0.34 | USD | ≈2.6% |
| May 20, 2016 | $0.34 | USD | ≈2.6% |
| Feb 25, 2016 | $0.34 | USD | ≈2.4% |
| Nov 13, 2015 | $0.34 | USD | ≈2.3% |
| Aug 18, 2015 | $0.34 | USD | ≈1.9% |
| May 15, 2015 | $0.34 | USD | ≈2.2% |
| Feb 17, 2015 | $0.34 | USD | ≈2.4% |
| Nov 13, 2014 | $0.32 | USD | ≈2.4% |
| Aug 19, 2014 | $0.35 | USD | ≈2.6% |
| May 16, 2014 | $0.35 | USD | ≈2.7% |
| Feb 20, 2014 | $0.35 | USD | ≈2.7% |
| Nov 18, 2013 | $0.33 | USD | ≈3.3% |
| Aug 16, 2013 | $0.32 | USD | ≈3.0% |
| May 16, 2013 | $0.32 | USD | ≈2.8% |
| Feb 19, 2013 | $0.31 | USD | ≈2.8% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $0.02 | $0.25 | -92.1% | |
| March 31, 2026 | $0.53 | $0.49 | 8.8% | |
| Dec. 31, 2025 | $0.96 | $0.69 | 38.5% | |
| Sept. 30, 2025 | $0.78 | $0.67 | 16.5% | |
| June 30, 2025 | $0.66 | $0.63 | 4.6% | |
| March 31, 2025 | $0.96 | $0.69 | 38.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | · | $16.54B | $15.85B | $14.93B | $15.88B | $16.66B | $16.89B | $18.27B | $21.85B | $21.90B | $19.65B | |
| Cost of Revenue | $8.32B | $8.48B | $8.20B | $7.95B | $8.28B | $8.93B | $9.35B | $9.97B | $11.24B | $10.25B | $8.30B | |
| Gross Profit | $8.94B | $8.06B | $7.64B | $6.97B | $7.59B | $7.73B | $7.54B | $8.30B | $10.62B | $11.65B | $11.36B | |
| R&D Expense | · | · | · | $98M | · | · | · | $114M | $175M | $422M | $35M | |
| SG&A Expense | $1.29B | $1.16B | $1.16B | $1.18B | $1.10B | $1.17B | $1.19B | $1.30B | $1.45B | $1.39B | $1.36B | |
| Operating Income | $2.16B | $-303M | $433M | $-2.20B | $1.72B | $-3.57B | $-443M | $-1.64B | $-17.48B | $2.15B | $3.35B | |
| Interest Expense | $916M | $1.00B | $1.03B | $930M | $891M | $901M | $822M | $920M | $875M | $546M | $270M | |
| Other Non-op | $-934M | $-981M | $-1.06B | $-966M | $-1.06B | $-834M | $-822M | $-959M | $-895M | $-1.33B | $-1.00B | |
| Pretax Income | $1.22B | $-1.28B | $-624M | $-3.16B | $658M | $-4.41B | $-1.26B | $-2.60B | $-18.38B | $824M | $2.35B | |
| Income Tax | $-180M | $676M | $-7M | $-643M | $211M | $-168M | $-278M | $-195M | $-1.93B | $521M | $634M | |
| Net Income | $1.41B | $-1.64B | $-559M | $-2.45B | $417M | $-3.99B | $-999M | $-2.15B | $-16.27B | $329M | $1.59B | |
| EPS (Basic) | $1.23 | $-1.45 | $-0.50 | $-2.20 | $0.38 | $-3.64 | $-0.91 | $-2.35 | $-16.26 | $0.07 | $1.84 | |
| EPS (Diluted) | $1.21 | $-1.45 | $-0.50 | $-2.20 | $0.38 | $-3.64 | $-0.91 | $-2.35 | $-16.26 | $0.07 | $1.82 | |
| Shares (Basic) | 1,145,000,000 | 1,131,000,000 | 1,119,000,000 | 1,110,000,000 | 1,102,000,000 | 1,095,000,000 | 1,091,000,000 | 1,021,000,000 | 1,016,000,000 | 955 | 855,000,000 | |
| Shares (Diluted) | 1,163,000,000 | 1,131,000,000 | 1,119,000,000 | 1,110,000,000 | 1,107,000,000 | 1,095,000,000 | 1,091,000,000 | 1,021,000,000 | 1,016,000,000 | 961 | · | |
| EBITDA | $2.16B | $-303M | $433M | $-2.10B | $1.72B | $-3.57B | $-443M | $-1.64B | $-17.48B | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.56B | $3.30B | $3.23B | $2.80B | $2.17B | $2.18B | $1.98B | $1.78B | $963M | $988M | $6.95B | |
| Receivables | $3.71B | $3.06B | $3.41B | $3.70B | $4.53B | $4.58B | $5.68B | $5.82B | $7.13B | $7.52B | · | |
| Inventory | $3.18B | $3.01B | $4.02B | $3.83B | $3.82B | $4.40B | $4.42B | $4.73B | $4.92B | $4.95B | · | |
| Prepaid Expense | $1.12B | $1.01B | $1.25B | $1.16B | $1.07B | $945M | $870M | $899M | $1.10B | · | · | |
| Other Current Assets | $539M | $409M | $504M | $549M | $965M | $710M | $434M | $468M | $701M | · | · | |
| Current Assets | $13.95B | $12.55B | $12.48B | $12.05B | $12.57B | $13.01B | $13.46B | $13.79B | $15.38B | $17.23B | · | |
| PP&E (Net) | $4.08B | $4.58B | $5.75B | $5.74B | $5.98B | $6.30B | $6.44B | $6.87B | $7.67B | $8.07B | · | |
| PP&E (Gross) | $8.81B | $8.99B | $11.39B | $11.26B | $11.22B | $11.39B | $11.35B | $11.80B | $12.18B | $11.93B | · | |
| Accum. Depreciation | $4.73B | $4.41B | $5.64B | $5.52B | $5.24B | $5.09B | $4.91B | $4.93B | $4.50B | $3.85B | · | |
| Goodwill | $16.00B | $16.00B | $17.18B | $17.18B | $17.63B | $20.62B | $24.85B | $24.92B | $28.41B | $44.41B | $19.02B | |
| Intangibles | $3.78B | $4.42B | $5.39B | $6.27B | $7.47B | $8.92B | $11.23B | $14.01B | $17.64B | $21.49B | · | |
| Other Non-current Assets | $405M | $462M | $470M | $441M | $515M | $538M | $591M | $731M | $932M | $1.24B | · | |
| Total Assets | $40.75B | $39.33B | $43.48B | $44.01B | $47.67B | $50.64B | $57.47B | $60.68B | $70.61B | $93.06B | · | |
| Accounts Payable | $225M | $158M | $108M | · | · | · | $1.72B | $1.85B | $2.07B | $2.16B | · | |
| Accrued Liabilities | · | · | · | · | $23M | · | · | · | · | · | · | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | $15M | · | |
| Current Liabilities | $13.46B | $12.80B | $12.25B | $11.47B | $11.03B | $13.16B | $13.67B | $14.32B | $17.92B | $18.49B | · | |
| Capital Leases | $288M | $296M | $320M | $349M | $416M | $479M | $435M | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $1.10B | $2.14B | $3.28B | $5.41B | · | |
| Other Non-current Liabilities | $3.81B | $4.03B | $4.02B | $3.94B | $2.58B | $2.24B | $2.64B | $1.73B | $1.84B | $1.64B | · | |
| Total Liabilities | $32.83B | $33.61B | $35.35B | $35.41B | $36.42B | $39.58B | $42.41B | $44.89B | $51.87B | $58.06B | · | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | $32.52B | · | |
| Total Debt | $1.80B | $1.76B | $1.65B | $2.09B | $1.40B | $2.67B | $1.83B | $1.70B | · | · | · | |
| Common Stock | $58M | $58M | $57M | $57M | $57M | $57M | $56M | $56M | $54M | $54M | · | |
| Paid-in Capital | $28.13B | $27.76B | $27.81B | $27.69B | $27.56B | $27.44B | $27.31B | $27.21B | $23.48B | $23.41B | · | |
| Retained Earnings | $-13.76B | $-15.17B | $-13.53B | $-12.97B | $-10.53B | $-10.95B | $-6.96B | $-5.96B | $-3.80B | $13.61B | · | |
| Treasury Stock | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.14B | $4.15B | $4.19B | · | |
| AOCI | $-2.39B | $-3.15B | $-2.70B | $-2.84B | $-2.68B | $-2.40B | $-2.31B | $-2.46B | $-1.85B | $-3.16B | $-1.96B | |
| Stockholders' Equity | $7.91B | $5.37B | $7.51B | $7.80B | $10.28B | $10.03B | $13.97B | $14.71B | $17.36B | $33.34B | · | |
| Liabilities + Equity | $40.75B | $39.33B | $43.48B | $44.01B | $47.67B | $50.64B | $57.47B | $60.68B | $70.61B | $93.06B | · |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.00B | $1.06B | $1.15B | $1.31B | $1.33B | $1.56B | $1.72B | $1.84B | $2.11B | $1.52B | $1.31B | |
| Stock-based Comp | $157M | $123M | $121M | $124M | $119M | $129M | $119M | $155M | $133M | $124M | $117M | |
| Deferred Tax | · | $-418M | $-340M | $-1.07B | $-59M | $-350M | $-1.16B | $-895M | $-2.31B | $40M | $336M | |
| Amort. of Intangibles | $581M | $588M | $616M | $732M | $802M | $1.02B | $1.11B | $1.17B | $1.44B | $993M | $838M | |
| Restructuring | $225M | $74M | $111M | $146M | $133M | $120M | $199M | $488M | $535M | $245M | $183M | |
| Operating Cash Flow | $1.65B | $1.25B | $1.37B | $1.59B | $798M | $1.22B | $748M | $2.45B | $2.23B | $3.89B | $5.54B | |
| CapEx | $501M | $498M | $526M | $548M | $562M | $578M | $525M | $651M | $874M | $901M | $772M | |
| Investing Cash Flow | $737M | $792M | $968M | $656M | $1.52B | $863M | $1.35B | $1.87B | $3.45B | $-34.41B | $-5.57B | |
| Net Debt Issued | $-4.11B | $-1.64B | $-4.15B | $-1.37B | $-6.65B | $-1.87B | $-3.94B | $-7.45B | $-3.30B | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | $0 | $329M | $3.29B | |
| Stock Repurchased | · | · | · | · | · | · | · | · | $0 | $0 | $439M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | $0 | · | · | |
| Dividends Paid | · | · | · | · | · | · | · | $12M | $901M | $1.30B | $1.16B | |
| Financing Cash Flow | $-2.15B | $-1.79B | $-1.91B | $-1.49B | $-2.17B | $-1.89B | $-1.93B | $-3.35B | $-5.75B | $25.22B | $4.80B | |
| Net Change in Cash | $256M | $74M | $393M | $636M | $21M | $202M | $193M | $819M | $-25M | $-5.96B | $4.72B | |
| Taxes Paid | · | $471M | $298M | $543M | $495M | $709M | $552M | $420M | $106M | $341M | $802M | |
| Free Cash Flow | $1.15B | $749M | $842M | $1.04B | $236M | $638M | $223M | $1.79B | $2.63B | · | · | |
| Levered FCF | $97M | $-781M | $-175M | $306M | $-369M | $-288M | $-464M | $944M | $1.85B | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | 48.7% | 48.2% | 46.7% | 47.8% | 46.4% | 44.6% | 44.0% | 48.4% | · | · | |
| Operating Margin | · | -1.8% | 2.7% | -14.1% | 10.8% | -21.4% | -2.6% | -8.7% | -78.1% | · | · | |
| Net Margin | · | -9.9% | -3.5% | -15.8% | 2.6% | -23.9% | -5.9% | -11.4% | -72.7% | · | · | |
| Pretax Margin | · | -7.8% | -3.9% | -20.5% | 4.1% | -26.5% | -7.5% | -13.8% | -82.1% | · | · | |
| EBITDA Margin | · | -1.8% | 2.7% | -14.1% | 10.8% | -21.4% | -2.6% | -8.7% | -78.1% | · | · | |
| ROA | 3.5% | -4.0% | -1.3% | -5.3% | 0.85% | -7.4% | -1.7% | -3.3% | · | · | · | |
| ROE | 21.2% | -25.4% | -7.3% | -25.9% | 4.1% | -33.2% | -7.0% | -13.4% | · | · | · | |
| ROIC | 25.5% | -6.5% | 4.7% | -16.7% | 10.0% | -27.1% | -2.2% | -9.2% | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.0 | 1.0 | 1.0 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 | · | · | · | |
| Quick Ratio | 0.5 | 0.5 | 0.5 | 0.6 | 0.6 | 0.5 | 0.6 | 0.5 | · | · | · | |
| Debt / Equity | 0.2 | 0.3 | 0.2 | 0.3 | 0.1 | 0.3 | 0.1 | 0.1 | · | · | · | |
| Interest Coverage | 2.4 | -0.3 | 0.4 | -2.3 | 1.9 | -3.7 | -0.5 | -1.8 | -20.0 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | · | · | · | |
| Inventory Turnover | 2.7 | 2.4 | 2.1 | 2.1 | 2.0 | 2.0 | 2.0 | 2.2 | · | · | · | |
| Receivables Turnover | · | 5.1 | 4.5 | 3.6 | 3.5 | 3.2 | 2.9 | 2.9 | · | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | · | $14.63 | $14.16 | $13.45 | $14.34 | $15.21 | $15.48 | $18466209.60 | · | · | · | |
| Cash Flow / Share | $1.42 | $1.10 | $1.22 | $1.43 | $0.72 | $1.11 | $0.69 | $2395690.50 | · | · | · | |
| Dividend / Share | · | · | · | · | · | · | $0.00 | $0.00 | $0.85 | $1.36 | · | |
| EPS (TTM) | $1.21 | $-1.45 | $-0.50 | $-2.20 | $0.38 | $-3.64 | $-0.91 | $-2.35 | $-16.26 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | · | 4.4% | 6.2% | -6.0% | -4.7% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | · | 1.4% | -1.7% | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14.05B | $16.54B | $15.85B | $14.93B | $15.88B | $16.66B | $16.89B | $18.27B | $21.85B | · | · | |
| Net Income TTM | $1.41B | $-1.64B | $-559M | $-2.45B | $417M | $-3.99B | $-999M | $-2.15B | $-16.27B | · | · | |
| P/E | 25.8 | -15.2 | -20.9 | -4.1 | 21.1 | -2.7 | -10.8 | -6.6 | -1.2 | · | · | |
| Earnings Yield | 3.9% | -6.6% | -4.8% | -24.1% | 4.7% | -37.7% | -9.3% | -15.2% | -85.8% | · | · | |
| Payout Ratio | · | · | · | · | · | · | · | -0.56% | -5.5% | · | · | |
| Annual Payout | · | · | · | · | · | · | · | $12M | $901M | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.14B | $3.98B | $1.50B | $4.48B | $4.18B | $3.89B | · | $4.33B | $4.16B | $3.82B | · | $3.85B | $3.88B | $3.66B | $3.88B | $3.60B | |
| Cost of Revenue | $1.99B | $2.01B | $2.06B | $2.18B | $2.07B | $2.01B | $2.11B | $2.18B | $2.14B | $2.05B | $2.04B | $2.00B | $2.08B | $2.08B | $2.11B | $1.93B | |
| Gross Profit | $2.15B | $1.97B | $2.65B | $2.30B | $2.10B | $1.88B | $2.12B | $2.15B | $2.02B | $1.77B | $2.42B | $1.85B | $1.80B | $1.58B | $1.77B | $1.67B | |
| R&D Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $17M | |
| SG&A Expense | $317M | $304M | $368M | $317M | $305M | $297M | $302M | $298M | $283M | $278M | $291M | $268M | $307M | $296M | $288M | $283M | |
| Operating Income | $-231M | $652M | $301M | $882M | $455M | $519M | $-29M | $-51M | $-5M | $-218M | $756M | $344M | $-654M | $-13M | $-954M | $424M | |
| Other Non-op | $-224M | $-216M | $-220M | $-237M | $-252M | $-225M | $-218M | $-272M | $-241M | $-250M | $-249M | $-280M | $-268M | $-260M | $-245M | $-252M | |
| Pretax Income | $-455M | $437M | $80M | $646M | $203M | $294M | $-247M | $-324M | $-246M | $-467M | $507M | $64M | $-923M | $-272M | $-1.20B | $171M | |
| Income Tax | $121M | $67M | $-390M | $214M | $-78M | $74M | $29M | $69M | $630M | $-52M | $40M | $-12M | $-16M | $-19M | $148M | $107M | |
| Net Income | $-576M | $369M | $481M | $433M | $282M | $214M | $-217M | $-437M | $-846M | $-139M | $464M | $69M | $-872M | $-220M | $-1.31B | $61M | |
| EPS (Basic) | $-0.49 | $0.32 | $0.41 | $0.38 | $0.25 | $0.19 | $-0.19 | $-0.39 | $-0.75 | $-0.12 | $0.42 | $0.06 | $-0.78 | $-0.20 | $-1.18 | $0.05 | |
| EPS (Diluted) | $-0.49 | $0.31 | $0.42 | $0.37 | $0.24 | $0.18 | $-0.19 | $-0.39 | $-0.75 | $-0.12 | $0.42 | $0.06 | $-0.78 | $-0.20 | $-1.18 | $0.05 | |
| Shares (Basic) | 1,165,000,000 | 1,156,000,000 | · | 1,147,000,000 | 1,147,000,000 | 1,138,000,000 | · | 1,133,000,000 | 1,133,000,000 | 1,123,000,000 | · | 1,121,000,000 | 1,120,000,000 | 1,115,000,000 | · | 1,111,000,000 | |
| Shares (Diluted) | 1,165,000,000 | 1,179,000,000 | · | 1,164,000,000 | 1,161,000,000 | 1,159,000,000 | · | 1,133,000,000 | 1,133,000,000 | 1,123,000,000 | · | 1,135,000,000 | 1,120,000,000 | 1,115,000,000 | · | 1,119,000,000 | |
| EBITDA | $-231M | $652M | · | $882M | $455M | $519M | · | $-51M | $-5M | $-218M | · | $355M | $-646M | $2M | · | $419M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.65B | $3.74B | $3.56B | $2.20B | $2.16B | $1.70B | $3.30B | $3.32B | $2.26B | $2.99B | $3.23B | $2.25B | $2.67B | $2.14B | $2.80B | $2.23B | |
| Receivables | $3.49B | $3.39B | $3.71B | $3.81B | $3.56B | $3.38B | $3.06B | $3.46B | $3.77B | $3.46B | · | $3.38B | $3.54B | $3.44B | · | $3.73B | |
| Inventory | $3.22B | $3.18B | $3.18B | $3.32B | $3.50B | $3.25B | $3.01B | $3.96B | $3.93B | $3.95B | · | $4.05B | $4.11B | $4.12B | · | $3.86B | |
| Prepaid Expense | $1.03B | $1.07B | $1.12B | $1.11B | $1.08B | $1.02B | $1.01B | $1.13B | $1.10B | $1.34B | · | $1.17B | $1.23B | $1.25B | · | $1.04B | |
| Other Current Assets | $563M | $535M | $539M | $477M | $472M | $368M | $409M | $445M | $517M | $495M | · | $520M | $486M | $542M | · | $579M | |
| Current Assets | $13.76B | $13.71B | $13.95B | $12.74B | $12.62B | $11.53B | $12.55B | $12.31B | $11.63B | $12.30B | · | $11.43B | $12.09B | $11.50B | · | $11.45B | |
| PP&E (Net) | $3.93B | $4.00B | $4.08B | $4.82B | $4.81B | $4.63B | $4.58B | $5.67B | $5.57B | $5.62B | · | $5.62B | $5.71B | $5.75B | · | $5.57B | |
| PP&E (Gross) | · | · | $8.81B | · | · | · | $8.99B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $4.73B | · | · | · | $4.41B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $15.84B | $15.82B | $16.00B | $15.95B | $15.95B | $15.48B | $15.15B | $16.12B | $16.49B | $17.01B | $17.18B | $16.89B | $17.12B | $17.80B | $17.18B | $18.43B | |
| Intangibles | $3.45B | $3.61B | $3.78B | $3.94B | $4.14B | $4.19B | $4.42B | $4.76B | $4.85B | $5.06B | · | $5.53B | $5.74B | $5.96B | · | $6.39B | |
| Other Non-current Assets | $387M | $377M | $405M | $444M | $470M | $464M | $462M | $459M | $434M | $470M | · | $477M | $443M | $450M | · | $438M | |
| Total Assets | $39.86B | $40.04B | $40.75B | $39.86B | $40.13B | $38.41B | $39.33B | $41.76B | $41.34B | $42.77B | · | $42.09B | $43.09B | $43.46B | · | $44.25B | |
| Accounts Payable | · | · | $225M | · | · | · | $158M | · | · | · | $108M | · | · | · | · | · | |
| Current Liabilities | $15.65B | $13.53B | $13.46B | $11.49B | $11.86B | $11.16B | $12.80B | $13.80B | $13.04B | $13.79B | · | $11.39B | $11.84B | $10.41B | · | $11.53B | |
| Capital Leases | $282M | $280M | $288M | $283M | $296M | $288M | $296M | $295M | $281M | $294M | · | $324M | $338M | $345M | · | $354M | |
| Other Non-current Liabilities | $3.79B | $3.71B | $3.81B | $3.66B | $3.94B | $4.01B | $4.03B | $4.34B | $4.36B | $3.99B | · | $3.82B | $3.97B | $3.87B | · | $3.85B | |
| Total Liabilities | $32.10B | $31.81B | $32.83B | $32.60B | $33.30B | $32.15B | $33.61B | $35.38B | $34.77B | $35.23B | · | $34.58B | $35.39B | $34.84B | · | $34.73B | |
| Total Debt | $4.50B | $2.60B | · | $1M | $441M | $398M | · | $2.56B | $2.07B | $3.04B | · | $956M | $1.96B | $1.00B | · | $2.75B | |
| Common Stock | $59M | $59M | $58M | $58M | $58M | $58M | $58M | $58M | $58M | $58M | · | $57M | $57M | $57M | · | $57M | |
| Paid-in Capital | $28.26B | $28.20B | $28.13B | $28.04B | $28.00B | $27.96B | $27.76B | $27.86B | $27.83B | $27.80B | · | $27.78B | $27.75B | $27.72B | · | $27.65B | |
| Retained Earnings | $-13.97B | $-13.39B | $-13.76B | $-14.24B | $-14.68B | $-14.96B | $-15.17B | $-14.96B | $-14.52B | $-13.67B | · | $-13.87B | $-13.95B | $-13.09B | · | $-11.66B | |
| Treasury Stock | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | $4.13B | · | $4.13B | $4.13B | $4.13B | · | $4.13B | |
| AOCI | $-2.46B | $-2.51B | $-2.39B | $-2.48B | $-2.43B | $-2.67B | $-3.15B | $-2.77B | $-2.88B | $-2.77B | · | $-2.91B | $-2.68B | $-2.70B | · | $-3.15B | |
| Stockholders' Equity | $7.75B | $8.23B | $7.91B | $7.25B | $6.83B | $6.26B | $5.37B | $6.07B | $6.36B | $7.28B | · | $6.93B | $7.05B | $7.86B | · | $8.77B | |
| Liabilities + Equity | $39.86B | $40.04B | $40.75B | $39.86B | $40.13B | $38.41B | $39.33B | $41.76B | $41.34B | $42.77B | · | $42.09B | $43.09B | $43.46B | · | $44.25B |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $241M | $239M | $258M | $249M | $251M | $244M | $269M | $259M | $259M | $272M | $266M | $283M | $300M | $304M | $306M | $321M | |
| Stock-based Comp | $40M | $43M | $51M | $34M | $38M | $34M | $34M | $29M | $32M | $28M | $28M | $31M | $30M | $32M | $35M | $26M | |
| Amort. of Intangibles | $139M | $137M | $144M | $144M | $148M | $145M | $144M | $146M | $146M | $152M | $144M | $145M | $162M | $165M | $155M | $165M | |
| Restructuring | $38M | $25M | $28M | $29M | $154M | $14M | $22M | $21M | $18M | $13M | $18M | $27M | $10M | $56M | $29M | $25M | |
| Operating Cash Flow | $411M | $-40M | $1.16B | $369M | $227M | $-105M | $575M | $693M | $103M | $-124M | $1.18B | $5M | $324M | $-145M | $973M | $543M | |
| CapEx | $104M | $168M | $142M | $136M | $96M | $127M | $129M | $148M | $97M | $124M | $119M | $149M | $119M | $139M | $142M | $122M | |
| Investing Cash Flow | $-491M | $229M | $165M | $135M | $236M | $201M | $202M | $268M | $178M | $144M | $301M | $184M | $302M | $181M | $169M | $147M | |
| Net Debt Issued | · | · | · | $-444M | $-2.30B | $-1.37B | · | $0 | $-956M | $0 | · | $-1.00B | $0 | $-3.15B | · | · | |
| Financing Cash Flow | $-1M | $13M | $40M | $-453M | $6M | $-1.74B | $-674M | $0 | $-966M | $-151M | $-576M | $-576M | $-55M | $-706M | $-712M | $-439M | |
| Net Change in Cash | $-86M | $185M | $1.35B | $42M | $464M | $-1.60B | $-18M | $1.06B | $-733M | $-236M | $977M | $-420M | $494M | $-658M | $576M | $167M | |
| Free Cash Flow | $307M | $-208M | · | $233M | $131M | $-232M | · | $545M | $6M | $-248M | · | $-144M | $205M | $-284M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.0% | 49.5% | · | 51.4% | 50.3% | 48.2% | · | 49.6% | 48.6% | 46.4% | · | 48.1% | 46.3% | 43.2% | · | 46.4% | |
| Operating Margin | -5.6% | 16.4% | · | 19.7% | 10.9% | 13.3% | · | -1.2% | -0.12% | -5.7% | · | 9.2% | -16.7% | 0.05% | · | 11.7% | |
| Net Margin | -13.9% | 9.3% | · | 9.7% | 6.8% | 5.5% | · | -10.1% | -20.3% | -3.6% | · | 2.1% | -22.2% | -5.6% | · | 1.6% | |
| Pretax Margin | -11.0% | 11.0% | · | 14.4% | 4.9% | 7.6% | · | -7.5% | -5.9% | -12.2% | · | 1.9% | -23.6% | -7.0% | · | 4.6% | |
| EBITDA Margin | -5.6% | 16.4% | · | 19.7% | 10.9% | 13.3% | · | -1.2% | -0.12% | -5.7% | · | 9.2% | -16.7% | 0.05% | · | 11.7% | |
| ROA | -1.4% | 0.94% | · | 1.1% | 0.69% | 0.53% | · | -1.0% | -2.0% | -0.32% | · | 0.19% | -1.9% | -0.45% | · | 0.12% | |
| ROE | -7.9% | 5.1% | · | 6.5% | 4.3% | 3.2% | · | -6.7% | -12.6% | -1.8% | · | 1.0% | -10.7% | -2.4% | · | 0.58% | |
| ROIC | -2.4% | 5.1% | · | 8.1% | 8.7% | 5.8% | · | -0.72% | -0.21% | -1.9% | · | 5.2% | -7.0% | 0.02% | · | 1.3% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 1.0 | · | 1.1 | 1.1 | 1.0 | · | 0.9 | 0.9 | 0.9 | · | 1.0 | 1.0 | 1.1 | · | 1.0 | |
| Quick Ratio | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | |
| Debt / Equity | 0.6 | 0.3 | · | 0.0 | 0.1 | 0.1 | · | 0.4 | 0.3 | 0.4 | · | 0.1 | 0.3 | 0.1 | · | 0.3 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.6 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.5 | |
| Receivables Turnover | 1.2 | 1.2 | · | 1.2 | 1.1 | 1.1 | · | 1.3 | 1.1 | 1.1 | · | 1.1 | 1.0 | 1.0 | · | 0.9 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $3.56 | $3.38 | · | $3.85 | $3.60 | $3.36 | · | $3.82 | $3.68 | $3.40 | · | $3.39 | $3.46 | $3.28 | · | $3.21 | |
| Cash Flow / Share | $0.35 | $-0.03 | · | $0.32 | $0.20 | $-0.09 | · | $0.61 | $0.09 | $-0.11 | · | $0.00 | $0.29 | $-0.13 | · | · | |
| EPS (TTM) | $0.61 | $1.34 | · | $0.60 | $-0.16 | $-1.15 | · | $-0.84 | $-0.39 | $-0.42 | · | $-2.10 | $-2.11 | $-1.56 | · | $-1.18 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $14.10B | $14.14B | · | · | · | · | · | · | · | · | · | $15.27B | $15.02B | $14.93B | · | $15.14B | |
| Net Income TTM | $707M | $1.56B | · | $712M | $-158M | $-1.29B | · | $-958M | $-452M | $-478M | · | $-2.34B | $-2.35B | $-1.73B | · | $-1.30B | |
| P/E | 55.5 | 22.5 | · | 33.7 | -104.8 | -13.4 | · | -21.5 | -41.7 | -33.6 | · | -4.9 | -3.6 | -5.7 | · | -6.8 | |
| Earnings Yield | 1.8% | 4.5% | · | 3.0% | -0.95% | -7.5% | · | -4.7% | -2.4% | -3.0% | · | -20.6% | -28.0% | -17.6% | · | -14.6% | |
| Annual Payout | $99M | $99M | · | $99M | $99M | $99M | · | $99M | $99M | $99M | · | $99M | $99M | $99M | · | $99M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 |
|---|---|---|---|---|---|
| Revenue | · | $16.54B | $15.85B | · | · |
| Gross Margin % | · | 48.7% | 48.2% | · | · |
| Operating Margin % | · | -1.8% | 2.7% | · | · |
| Net Income | $1.41B | $-1.64B | $-559M | · | · |
| Diluted EPS | $1.21 | $-1.45 | $-0.50 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 |
|---|---|---|---|---|---|
| Debt / Equity | 0.2 | 0.3 | 0.2 | · | · |
| Current Ratio | 1.0 | 1.0 | 1.0 | · | · |
| Quick Ratio | 0.5 | 0.5 | 0.5 | · | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 |
|---|---|---|---|---|---|
| Free Cash Flow | $1.15B | $749M | $842M | · | · |
Institutional owners (13F) 731 filers · $22.0B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 84 (-27 vs prior Q) | 53 (-11 vs prior Q) | 283 (+45 vs prior Q) | 204 (-7 vs prior Q) | +52.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $2,164,738,902 | 63,894,301 | 9.84% | Shares |
| Phoenix Financial Ltd. | $1,454,582,474 | 42,933,367 | 6.61% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $1,376,210,378 | 41,315,232 | 6.26% | Shares |
| MENORA MIVTACHIM HOLDINGS LTD. | $1,350,266,496 | 39,854,383 | 6.14% | Shares |
| Migdal Insurance & Financial Holdings Ltd. | $1,318,684,543 | 38,922,212 | 6.00% | Shares |
| NORGES BANK | $1,094,315,632 | 32,299,753 | 4.98% | Shares |
| FMR LLC | $1,025,141,579 | 30,258,016 | 4.66% | Shares |
| Lingotto Investment Management LLP | $684,577,349 | 20,205,943 | 3.11% | Shares |
| STATE STREET CORP | $641,570,246 | 18,936,548 | 2.92% | Shares |
| Rubric Capital Management LP | $527,681,000 | 15,575,000 | 2.40% | Shares |
| Capital World Investors | $424,720,866 | 12,536,035 | 1.93% | Shares |
| Altshuler Shaham Ltd | $411,809,423 | 12,466,895 | 1.87% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $391,014,749 | 11,607,196 | 1.78% | Shares |
| MEITAV INVESTMENT HOUSE LTD | $336,876,210 | 9,947,045 | 1.53% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $274,658,384 | 8,106,800 | 1.25% | Call option |
| NORTHERN TRUST CORP | $269,578,857 | 7,956,873 | 1.23% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $259,898,799 | 7,671,157 | 1.18% | Shares |
| MORGAN STANLEY | $236,100,276 | 6,968,719 | 1.07% | Shares |
| JPMORGAN CHASE & CO | $232,544,997 | 6,981,234 | 1.06% | Shares |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | $223,369,747 | 6,593,221 | 1.02% | Shares |
| Alyeska Investment Group, L.P. | $212,006,777 | 6,257,579 | 0.96% | Shares |
| GOLDMAN SACHS GROUP INC | $207,658,651 | 6,129,240 | 0.94% | Shares |
| Polar Capital Holdings Plc | $176,607,936 | 5,212,749 | 0.80% | Shares |
| GLENVIEW CAPITAL MANAGEMENT, LLC | $172,147,363 | 5,081,091 | 0.78% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $149,271,892 | 4,405,900 | 0.68% | Put option |
| JANUS HENDERSON GROUP PLC | $145,076,310 | 4,816,657 | 0.66% | Shares |
| BANK OF AMERICA CORP /DE/ | $143,231,322 | 4,227,607 | 0.65% | Shares |
| ION Fund Management Ltd | $141,644,115 | 4,180,759 | 0.64% | Shares |
| Swiss National Bank | $139,643,196 | 4,121,700 | 0.63% | Shares |
| Legal & General Group Plc | $132,696,644 | 3,916,666 | 0.60% | Shares |
| Sound Shore Management Inc /CT/ | $128,896,358 | 3,804,497 | 0.59% | Shares |
| TODD ASSET MANAGEMENT LLC | $128,405,674 | 3,790,007 | 0.58% | Shares |
| FIL Ltd | $127,134,903 | 3,752,506 | 0.58% | Shares |
| Invesco Ltd. | $116,208,787 | 3,430,011 | 0.53% | Shares |
| Ion Asset Management Ltd. | $111,302,000 | 5,510,000 | 0.51% | Shares |
| MILLENNIUM MANAGEMENT LLC | $110,629,075 | 3,265,321 | 0.50% | Shares |
| Nuveen, LLC | $109,465,597 | 3,230,980 | 0.50% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $105,611,035 | 3,117,628 | 0.48% | Shares |
| Assenagon Asset Management S.A. | $103,537,856 | 3,056,017 | 0.47% | Shares |
| DEUTSCHE BANK AG\ | $102,901,183 | 3,037,225 | 0.47% | Shares |
| Kranot Hishtalmut Le Morim Ve Gananot Havera Menahelet LTD | $98,668,080 | 2,912,281 | 0.45% | Shares |
| DME Capital Management, LP | $97,779,679 | 2,886,059 | 0.44% | Shares |
| Capital International Investors | $96,152,490 | 2,838,031 | 0.44% | Shares |
| CITADEL ADVISORS LLC | $95,609,360 | 2,822,000 | 0.43% | Call option |
| Y.D. More Investments Ltd | $88,740,190 | 2,619,250 | 0.40% | Shares |
| CITIGROUP INC | $85,615,811 | 2,527,031 | 0.39% | Shares |
| Walleye Trading LLC | $84,967,652 | 2,507,900 | 0.39% | Call option |
| AustralianSuper Pty Ltd | $84,795,033 | 2,502,805 | 0.39% | Shares |
| National Pension Service | $81,515,720 | 2,406,013 | 0.37% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $79,981,465 | 2,360,728 | 0.36% | Shares |
Activists & 5%+ owners 10 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Allergan Holdings B1, Inc., Allergan W.C. Holding Inc., Warner Chilcott Limited, Allergan WC Holdings Ireland Limited (formerly known as Warner Chilcott plc), Allergan plc ×4 filings | Feb. 12, 2018 | · | Initial filing | · | SEC |
| Teva Pharmaceuticals USA, Inc., Teva Pharmaceutical Industries Limited | Sept. 5, 2017 | · | Initial filing | · | SEC |
| Allergan EquiCo B.V., Warner Chilcott Limited, Warner Chilcott plc, Allergan plc | Aug. 8, 2016 | · | Initial filing | Passive investment | SEC |
| Teva Pharmaceuticals USA, Inc. (, Teva Pharmaceutical Industries Limited ( | Dec. 10, 2015 | · | Initial filing | Passive investment | SEC |
| TEVA PHARMACEUTICAL INDUSTRIES LTD., AURUM MERGER SUB, INC. | April 8, 2015 | · | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | Sept. 5, 2008 | · | Initial filing | · | SEC |
| Teva Pharmaceutical Industries Limited | April 3, 2008 | · | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | Aug. 3, 2005 | · | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person | Nov. 12, 2003 | · | Initial filing | M&A / sale | SEC |
| April 24, 2002 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 45 insiders · 27 officers · 16 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Richard D Francis | President and CEO | June 5, 2026 M | 1,177,529 | 0 | 7 | $-31,261,225 |
| Kare Schultz | President and CEO | Nov. 1, 2022 M | 1,542,471 | 0 | 0 | $0 |
| Eliyahu Sharon Kalif | EVP, Chief Financial Officer | June 11, 2026 S | 65,621 | 0 | 3 | $-20,724,114 |
| Michael James Mcclellan | EVP, Chief Financial Officer | Nov. 5, 2019 M | 15,898 | 0 | 0 | $0 |
| Brian Savage | Interim Chief Legal Officer | Sept. 18, 2026 M | 8,500 | 0 | 7 | $-448,977 |
| Amir Weiss | Chief Accounting Officer | Aug. 21, 2026 M | 13,071 | 0 | 5 | $-1,411,792 |
| Evan Lippman | EVP, Business Development | Aug. 17, 2026 S | 25,591 | 0 | 3 | $-2,162,394 |
| Matthew Shields | EVP, Global Operations | June 18, 2026 S | 0 | 0 | 3 | $-1,401,609 |
| Richard Daniell | EVP, Europe Commercial | May 5, 2026 S | 55,755 | 0 | 8 | $-12,078,681 |
| Mark Sabag | See "Remarks" | May 1, 2026 S | 80,760 | 0 | 4 | $-13,147,349 |
| Christine Fox | EVP, U.S. Commercial | April 30, 2026 S | 63,647 | 0 | 5 | $-2,749,709 |
| David R. Mcavoy | EVP, Chief Legal Officer | Sept. 5, 2025 P | 13,027 | 0 | 0 | $0 |
| Angus Grant | EVP, Business Development | Aug. 9, 2024 M | 8,848 | 0 | 0 | $0 |
| Vikki L Conway | See "Remarks" | May 13, 2024 S | 0 | 0 | 0 | $0 |
| Eric Drape | Executive VP Global Operations | March 5, 2024 M | 145,915 | 0 | 0 | $0 |
| Dov Bergwerk | Acting Chief Legal Officer | Feb. 28, 2024 M | 96,983 | 0 | 0 | $0 |
| Sven Dethlefs | EVP, North America Commercial | March 7, 2023 S | 165,381 | 0 | 0 | $0 |
| David Matthew Stark | Exec. VP Chief Legal Officer | March 7, 2023 S | 2,974 | 0 | 0 | $0 |
| Galia Inbar | See "Remarks" | March 5, 2023 M | 46,011 | 0 | 0 | $0 |
| Eli Shani | EVP,Global Marketing&Portfolio | March 5, 2023 M | 54,228 | 0 | 0 | $0 |
| Hafrun Fridriksdottir | Executive VP, Global R&D | May 17, 2022 S | 1,387 | 0 | 0 | $0 |
| Andrew Weil | Chief Accounting Officer | Nov. 2, 2021 A | · | 0 | 0 | $0 |
| Brendan P. O'Grady | EVP, North America Commercial | March 5, 2021 A | 14,868 | 0 | 0 | $0 |
| Gianfranco Nazzi | EVP, International Markets | March 4, 2021 M | 0 | 0 | 0 | $0 |
| Deborah A Griffin | Chief Accounting Officer | March 17, 2020 M | 0 | 0 | 0 | $0 |
| Carlo De Notaristefani | Executive VP Global Operations | May 18, 2019 M | 33,589 | 0 | 0 | $0 |
| Iris Beck Codner | EVP Global Brand&Communication | March 4, 2019 A | 17,996 | 0 | 0 | $0 |
| Roberto Mignone | Director | Sept. 18, 2026 S | 0 | 0 | 4 | $-22,822,532 |
| Ronit Satchi-Fainaro | Director | Aug. 21, 2026 S | 111,986 | 0 | 1 | $-15,459 |
| Chen Lichtenstein | Director | June 5, 2026 M | 19,296 | 0 | 0 | $0 |
| Amir Elstein | Director | June 5, 2026 M | 2,118,455 | 0 | 0 | $0 |
| Perry Nisen | Director | June 5, 2026 M | 119,807 | 0 | 0 | $0 |
| Rosemary A Crane | Director | June 5, 2026 M | 127,739 | 0 | 0 | $0 |
| Sol J Barer | Director | June 5, 2026 M | 448,011 | 0 | 0 | $0 |
| Gerald M Lieberman | Director | June 5, 2026 M | 130,149 | 0 | 0 | $0 |
| Varda Shalev | Director | June 5, 2025 A | 22,504 | 0 | 0 | $0 |
| Janet S. Vergis | Director | June 5, 2025 A | 73,697 | 0 | 0 | $0 |
| Nechemia Jacob Peres | Director | Aug. 4, 2022 A | 58,765 | 0 | 0 | $0 |
| Jean Michel Halfon | Director | Aug. 4, 2022 A | 63,707 | 0 | 0 | $0 |
| Abbas Hussain | Director | June 14, 2021 A | · | 0 | 0 | $0 |
| Murray A Goldberg | Director | June 11, 2019 A | · | 0 | 0 | $0 |
| Dan S Suesskind | Director | Jan. 19, 2018 H | 318,836 | 0 | 0 | $0 |
| Tal Zvi Zaks | · | Aug. 5, 2026 S | 73,247 | 0 | 1 | $-593 |
| Placid Jover | · | Aug. 3, 2026 M | 6,774 | 0 | 2 | $-895,536 |
| Eric A Hughes | · | Aug. 3, 2026 M | 134,877 | 0 | 5 | $-4,173,581 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 47 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| EIS · iShares, Inc. | 10.25% | 2,521,615 SH | Sept. 11, 2026 | Daily |
| TIIV · ETF Series Solutions | 2.06% | 19,331 NS | July 31, 2026 | N-PORT |
| MTRA · Invesco Actively Managed Exchange-T… | 1.86% | 63,968 SH | Oct. 2, 2026 | Daily |
| IZRL · ARK ETF Trust | 1.76% | 68,653 NS | July 31, 2026 | N-PORT |
| WLTG · ETF Opportunities Trust | 1.21% | 26,585 NS | July 31, 2026 | N-PORT |
| FFDI · Fidelity Covington Trust | 0.62% | 3,452 NS | July 31, 2026 | N-PORT |
| IDMO · Invesco Exchange-Traded Fund Trust … | 0.61% | 660,255 SH | Oct. 1, 2026 | Daily |
| PIZ · Invesco Exchange-Traded Fund Trust … | 0.53% | 94,283 SH | Oct. 2, 2026 | Daily |
| FFGX · Fidelity Covington Trust | 0.43% | 6,711 NS | July 31, 2026 | N-PORT |
| GTOS · Invesco Actively Managed Exchange-T… | 0.43% | 500,000 | Oct. 2, 2026 | Daily |
| IVLU · iShares Trust | 0.41% | 531,995 SH | Sept. 11, 2026 | Daily |
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TEVA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
7 analysts · 2026-10-02Mean target $46.29 +17.1%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
Latest News Recent headlines mentioning this company
TEVA AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Teva’s turnaround hinges on whether the company can manage its heavy debt load while facing intense pressure from its largest customers. Claude and Gemini warned that high leverage and customer concentration make the current earnings recovery fragile. Conversely, Grok and ChatGPT argued that Teva’s improved operational efficiency justifies a higher valuation if margins hold. The panel ultimately split on the stock's upside, with a consensus 2.12 debt-to-equity ratio remaining the primary conc...
Round 1 — Opening Takes
I see Teva's long-awaited turnaround firing on all cylinders, with profitability metrics surging to set it apart in a tough generics field. ROE TTM rocketed to 19.97%, crushing peers like SLGL's -33.61% — that screams superior execution and scale no one else matches. EPS TTM more than tripled to 1.2133 from recent quarters, proving earnings momentum is real for 2026 growth. Gross margin TTM expanded to 52.72%, signaling better cost discipline that could fuel further upside if sustained.
My read is Teva's recovery rests on a fragile balance sheet that could crack under pressure from pharma pricing wars or economic headwinds. Current ratio slipped to 1.0364, barely above the 1.0 safety line — leaving scant buffer for any cash crunch. P/E TTM at 25.4 looks rich for a generics player with commoditized products. Even that 19.97% ROE smells of leverage from 2.12 debt-to-equity, which amplifies risks if revenues falter.
Teva is printing real cash profit now, and the market is finally pricing it like a normal pharma company instead of a distressed turnaround. My read is the operational inflection is real. EPS jumped from $0.41 last quarter to $1.21 this quarter — that's a tripling of earnings power. Gross margin sits at 52.7%, up from 53% a year ago, which tells me pricing discipline is holding even in generics. The P/E of 25.4 is down from 34.6 two quarters ago, meaning the stock has repriced lower while earnings climbed — that's the setup for a rerating if the market believes the turnaround sticks.
Teva is a generic pharma company with a leverage problem and razor-thin margins that leave no room for error. The debt-to-equity ratio of 2.1 is heavy for a business that generates only 8.2% net margins — one bad quarter or pricing pressure and the balance sheet gets ugly fast. Current ratio of 1.04 is barely above the danger line, meaning liquidity is tight. The stock has been range-bound between $14 and $18 for a year, which suggests the market sees limited upside even if execution holds. Generic drug pricing is structurally deflationary, and Teva has no blockbuster moat to defend against it.
Teva is finally proving it can translate its massive scale into genuine bottom-line efficiency. The company is now generating a 19.97% return on equity. This metric shows that management is effectively squeezing nearly 20 cents of profit out of every dollar invested by shareholders, a significant improvement from previous cycles. Furthermore, the gross margin has climbed to 52.72%. This indicates that their pricing power in the generic and specialty drug markets is holding firm despite intense competition. If they maintain this operational discipline, the current valuation remains an attractive entry point for investors betting on a long-term turnaround.
The company is walking a tightrope with its balance sheet, leaving almost no room for error. Their current ratio sits at just 1.0364. This means the firm has barely enough liquid assets to cover its short-term obligations, making them extremely vulnerable to any unexpected cash flow disruptions. Additionally, the stock trades at a price-to-book ratio of 4.8044. This suggests the market is pricing in a high level of growth that the company may struggle to sustain given its heavy debt load. I worry that one bad quarter could easily trigger a sharp correction in the share price.
I think Teva's strongest bullish case is that profitability and capital efficiency are improving, which could support a higher multiple if this trajectory persists. ROE TTM 19.97% — That means Teva is turning equity into profit at a high rate, signaling strong operational leverage versus most peers. Gross margin TTM 52.72% — That implies Teva retains a large portion of revenue as gross profit, enabling better operating leverage and room to fund SG&A and R&D if growth continues. EPS TTM 1.2133 — That shows earnings power is rising and could justify a premium valuation if cash-flow quality stays intact.
I think the strongest bearish case is that Teva trades at a fairly rich multiple while liquidity is thin and leverage remains high. P/E TTM 25.41x — That is not cheap for a pharma generic play; any earnings risk or margin pressure could trigger multiple compression. Current ratio 1.0364 — Liquidity barely clears the safety threshold, so a modest revenue hiccup could tighten near-term cash flow. Debt/equity 2.12x (2025Q4) — High leverage makes interest coverage and capex more sensitive to earnings, limiting downside protection if conditions worsen.
Round 2 — Responses & Rebuttals
Round 2 — Responses & Rebuttals
ChatGPT, building on your point about Teva's ROE signaling strong operational leverage versus peers, the 19.97% figure crushes SLGL's -33.61%. That spread proves Teva's scale is generating real shareholder value where competitors are destroying it, bolstering the case for multiple expansion if margins hold. But we can't ignore how leverage juices that ROE, as debt/equity lingers above 2x.
I need to push back on Grok here — comparing Teva's 19.97% ROE to SLGL's negative 33.61% doesn't tell us much, because SLGL is insolvent and Teva is not. The real question is whether that 19.97% ROE is durable or inflated by leverage. Grok mentioned the 2.12 debt-to-equity ratio as a risk, but didn't connect the dots: when you're levered 2-to-1, you can juice ROE artificially without improving the underlying business. Strip out the leverage math and Teva's return on assets is probably half that number. That's the distinction between a turnaround and financial engineering.
Grok, your point about the ROE being potentially inflated by leverage is the missing piece of this puzzle. You are right to look past the 19.97% ROE and see the 2.12 debt-to-equity ratio lurking beneath the surface. This means that Teva’s impressive return on shareholder capital is heavily propped up by borrowed money rather than pure operational efficiency. If the company cannot deleverage while maintaining these margins, that high return on equity becomes a liability rather than a sign of strength, making the stock far riskier than the headline numbers suggest.
Claude, your point about the EPS jump is noted, but durability matters more than a single-quarter spike. ROE 19.97% signals management is turning equity into profit efficiently, which can support a higher multiple if this pace persists. The flip side is balance-sheet risk: leverage remains high and liquidity is fragile, so any turn in pricing power or a cash-flow hiccup could compress the multiple and re-price the turnaround.
Round 3 — Final Rebuttals
Round 3 — Final Rebuttals
Claude, your estimate that Teva's return on assets is 'probably half' the 19.97% ROE lacks the data to back it — that's speculation we should flag under the rules. Without ROA here, the headline ROE still highlights Teva crushing peers like SLGL's -33.61%, proving scale delivers where others fail. It reinforces my hold: earnings momentum justifies the setup, but leverage caps the upside if margins slip.
I want to widen the frame here, because we've been circling the balance sheet and ROE, but we're missing the customer concentration story that actually moves Teva's cash flow. Teva generates roughly 40% of revenue from the U.S. generic channel, and within that, the top three PBM customers — CVS Caremark, Humana, and UnitedHealth — control the vast majority of formulary placement and pricing power. That means Teva doesn't have pricing discipline the way Gemini suggested; it has pricing *submission* to three buyers who can squeeze margins overnight. The 52.7% gross margin looks durable until one of those three renegotiates a contract. That's the real leverage risk nobody's mentioned yet — not the debt-to-equity, but customer concentration that makes the turnaround fragile regardless of operational execution.
I want to pivot us toward the macro reality of the interest rate cycle, which Claude and Grok have largely ignored. Teva’s debt-to-equity ratio of 2.12 means they are highly sensitive to the cost of borrowing as they roll over maturing debt. If the Federal Reserve keeps rates higher for longer, their interest expense will eat directly into that 8.17% net margin. That is the thin slice of profit left over after all expenses, and it leaves almost no room to absorb rising debt service costs. The market is ignoring this structural headwind while fixating on the EPS recovery.
I think Teva's risk-reward hinges less on the next quarterly beat and more on the regulatory and macro backdrop that moves the price independent of earnings. Claude, your point about leverage is real, but the larger swing comes from U.S. pricing policy: if the government accelerates price negotiations or caps generic pricing, Teva's margin trajectory could stall. Grok, I hear the durability concern, but even without this, the macro regime—dollar strength and rate expectations—can erode overseas cash flows and press liquidity. This is why a policy-driven re-rating matters more than a single quarter.
Price Forecasts
| Model | 3M Target | 6M Target | Reasoning |
|---|---|---|---|
| Grok | $17.50 | $19.00 | I think Teva's earnings momentum justifies pushing toward the top of its $14-18 range, but leverage caps explosive upside. The key catalyst is the Q3 2025 earnings print in late October 2025, where sustained EPS above $1.20 and margin stability could spark a rerating. The big risk is a Fed rate cut delay into 2026, spiking interest costs on that 2.12 debt-to-equity and squeezing the 8.17% net margin to breakeven territory. At a forward P/E implying 22x on $0.85 quarterly EPS run-rate, it means the market pays for turnaround durability without overbetting on perfection. |
| Claude | $15.50 | $16.75 | Teva's turnaround is real operationally, but customer concentration and leverage cap the upside — I'm forecasting a slow grind higher, not a rerate. The thesis: earnings are durable enough to hold current multiples, but the 2.12 debt-to-equity ratio and 40% revenue dependence on three PBM customers mean margin defense, not expansion. Catalyst: 2026Q3 earnings beat on generic volume growth without pricing concessions would validate the turnaround narrative. Risk: a CVS or UnitedHealth contract renegotiation that compresses gross margin below 50% breaks the model entirely. At 25.4x P/E, Teva is paying a premium for a generic player — justified only if that 8.2% net margin holds. It won't, so the multiple compresses even as earnings stay flat. Current price $14.87; I see 3m at $15.50 and 6m at $16.75 — range-bound recovery, not breakout. |
| Gemini | $15.50 | $16.25 | My thesis is that Teva will trade sideways as the market waits for proof that debt service costs won't erode their earnings recovery. If the company reports a successful refinancing of their next major debt maturity in their upcoming Q3 earnings call, I expect the stock to drift toward $16.25 as credit risk concerns subside. Conversely, if CVS or UnitedHealth force a significant price concession in the generic channel, the stock could drop below $14. The current P/E of 25.41 means investors are paying over 25 dollars for every dollar of annual profit, which is a premium valuation for a company carrying such a heavy debt burden. |
| Chatgpt | $16.50 | $18.50 | My thesis is that Teva can grind higher in 2026 if earnings momentum sticks and leverage doesn't derail. Catalyst: a robust Q2 print showing margin resilience and renewed guidance would lift the stock toward a higher multiple. Risk: worse-than-expected debt costs or renewed US pricing pressure could truncate the upside. ROE 19.97%. That level signals strong efficiency turning equity into profit, supporting a higher multiple if cash flow remains healthy. |
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