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HRMY, Harmony Biosciences Holdings Inc.

Pharmaceuticals consumer brand Cyclical

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Latest annual: FY2025 10-K

HRMY · Harmony Biosciences Holdings Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$868M

+21.5% YoY · 40% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $899M 5-yr avg $582M

Gross margin 77% 5-yr avg 79%

Operating margin 21.1% 5-yr avg 28.0%

ROIC 29% 5-yr avg 42%

Owner-earnings margin 38% 5-yr avg 35%

Free cash flow margin 38% 5-yr avg 35%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 79% and operating margin about 27% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The operating margin has swung widely — from −2434% to 33% — on a steadier 79% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Stock-based pay runs about 5.4% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run high across the record (median 38%, above 15% in 5 of 5 years), though buybacks and expensed R&D and brands shrink the capital base, so the figure overstates the underlying economics. The steadier read is owner earnings: roughly 32% of revenue reaches owners as cash, though it swings. Whether these returns reflect real pricing power or an accounting artifact is the judgment the 10-K is for.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
								Income statement
$6M	$160M	$305M	$438M	$582M	$715M	$868M	$899M	RevenueRevenue
74%	83%	82%	81%	79%	78%	77%	77%	Gross marginGross mgn
607%	25%	21%	19%	16%	15%	18%	17%	SG&A / revenueSG&A/rev
n/m	12%	10%	16%	13%	20%	22%	25%	R&D / revenueR&D/rev
($146M)	$17M	$88M	$120M	$192M	$191M	$208M	$190M	Operating incomeOp. inc.
n/m	10.6%	28.7%	27.4%	33.0%	26.7%	24.0%	21.1%	Operating marginOp. mgn
($152M)	($37M)	$35M	$181M	$129M	$145M	$159M	$146M	Net incomeNet inc.
—	—	8%	—	26%	24%	26%	26%	Effective tax rateTax rate
								Cash flow & returns
($75M)	($3M)	$99M	$144M	$219M	$220M	$348M	$342M	Operating cash flowOp. cash
$395K	$394K	$416K	$419K	$514K	$267K	—	$267K	DepreciationDeprec.
$66M	$29M	$48M	($64M)	$58M	$31M	$145M	$153M	Working capital & otherWC & other
$149K	$2K	$298K	$172K	$312K	$1M	$310K	$310K	CapexCapex
2.5%	0.0%	0.1%	0.0%	0.1%	0.2%	0.0%	0.0%	Capex / revenueCapex/rev
($76M)	($3M)	$98M	$144M	$219M	$220M	$348M	$342M	Owner earningsOwner earn.
n/m	−1.9%	32.2%	33.0%	37.6%	30.7%	40.1%	38.0%	Owner earnings marginOE mgn
($76M)	($3M)	$98M	$144M	$219M	$219M	$348M	$342M	Free cash flowFCF
n/m	−1.9%	32.2%	33.0%	37.6%	30.6%	40.1%	38.0%	Free cash flow marginFCF mgn
—	21%	—	34%	41%	38%	55%	29%	ROICROIC
—	-38%	19%	45%	28%	22%	18%	16%	Return on equityROE
—	−38%	19%	45%	28%	22%	18%	16%	Retained to equityRetained/eq
								Balance sheet
$24M	$229M	$234M	$323M	$353M	$467M	$775M	$641M	Cash & investmentsCash+inv
$4M	$22M	$35M	$55M	$74M	$83M	$97M	$108M	ReceivablesReceiv.
$1M	$4M	$4M	$4M	$5M	$7M	$5M	$5M	InventoryInvent.
$6M	$3M	$1M	$4M	$18M	$14M	$18M	$29M	Accounts payablePayables
($1M)	$23M	$38M	$55M	$62M	$76M	$84M	$85M	Operating working capitalOper. WC
$31M	$263M	$284M	$400M	$451M	$579M	$907M	$779M	Current assetsCur. assets
$20M	$135M	$54M	$79M	$164M	$175M	$252M	$217M	Current liabilitiesCur. liab.
1.6×	2.0×	5.3×	5.1×	2.8×	3.3×	3.6×	3.6×	Current ratioCurr. ratio
$107M	$427M	$433M	$674M	$811M	$999M	$1.3B	$1.3B	Total assetsAssets
$98M	$194M	$192M	$192M	$194M	$179M	$164M	$159M	Total debtDebt
$73M	($34M)	($42M)	($131M)	($160M)	($288M)	($612M)	($482M)	Net debt / (cash)Net debt
—	—	3.6×	6.4×	8.1×	10.9×	14.2×	13.5×	Interest coverageInt. cov.
($423M)	$97M	$187M	$403M	$467M	$659M	$870M	$910M	Shareholders’ equityEquity
165.3%	2.9%	5.1%	6.0%	5.4%	6.0%	5.2%	4.8%	Stock comp / revenueSBC/rev
								Per share
7.8M	25.8M	59.2M	61.1M	60.4M	57.9M	58.5M	58.8M	Shares out (diluted)Shares
$0.77	$6.20	$5.16	$7.17	$9.64	$12.35	$14.83	$15.30	Revenue / shareRev/sh
$-19.54	$-1.43	$0.58	$2.97	$2.13	$2.51	$2.71	$2.48	EPS (diluted)EPS
$-9.72	$-0.12	$1.66	$2.36	$3.63	$3.79	$5.94	$5.81	Owner earnings / shareOE/sh
$-9.72	$-0.12	$1.66	$2.36	$3.63	$3.78	$5.94	$5.81	Free cash flow / shareFCF/sh
$0.02	$0.00	$0.01	$0.00	$0.01	$0.02	$0.01	$0.01	Cap. spending / shareCapex/sh
$-54.37	$3.77	$3.15	$6.59	$7.74	$11.39	$14.86	$15.49	Book value / shareBVPS

The diluted share count moved ×3.31 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×2.3 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	+63.7%/yr	+19.1%/yr
Capital spending / share	−19.3%/yr	+132.7%/yr
Book value / share	—	+31.6%/yr

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

59Mpeak FY2022

ROIC

55%low FY2020

Gross margin

77%low FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$348Mowner earningsvs.$159Mnet incomelow FY2019

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2021FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $159M of profit into $348M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$159M

Owner earnings$348M · 40% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$159M	$145M	$129M	$181M	$35M
Depreciation & amortizationnon-cash charge added back	—	+$267K	+$514K	+$419K	+$416K
Stock-based compensationreal costnon-cash, but a real cost	+$45M	+$43M	+$32M	+$26M	+$16M
Working capital & othertiming of cash in and out, other non-cash items	+$145M	+$31M	+$58M	−$64M	+$48M
Cash from operations	$348M	$220M	$219M	$144M	$99M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$310K	−$267K	−$312K	−$172K	−$298K
Owner earnings	$348M	$220M	$219M	$144M	$98M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$886K	—	—	—
Free cash flow	$348M	$219M	$219M	$144M	$98M
Owner-earnings marginowner earnings ÷ revenue	40%	31%	38%	33%	32%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $45M), owner earnings is nearer $303M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 14.2×

Comfortable

Operating income $208M ÷ interest expense $15M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$612M

Net cash

Cash $753M + ST investments $23M − debt $164M

What this means
Cash and short-term investments exceed every dollar of debt by $612M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 18d

Tight

DSO 41 + DIO 10 − DPO 33 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 38%

Very high (≥25%) through the cycle

5-yr median, range 21%–55%; 55% latest = NOPAT $154M ÷ invested capital $281M

Industry peers: median 4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 5 years (it ran 55% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 32%

High through the cycle

7-yr median margin, range -1261%–40%; latest $348M = operating cash $348M − maintenance capex $310K

Industry peers: median 8%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 40% of revenue this year, a 32% median across 7 years. Treating stock comp as the real expense it is (less $45M of SBC) leaves $303M.
Are earnings backed by cash? 2.19×

Cash-backed

Cash from ops $348M ÷ net income $159M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 29%

Reinvests most of it

Dividends + buybacks $100M ÷ Owner Earnings $348M

What this means
Of $348M Owner Earnings, $100M (29%) went back to shareholders, $0 dividends, $100M buybacks. Net of $45M stock comp, the real buyback was about $55M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.16×

Maintaining

Capex $310K ÷ depreciation $267K

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $868M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.60×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $164M vs $655M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.49/share (latest year $2.74), the averaged base the calculator's gate runs on, and book value is $15.03/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 7

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 6 of 6 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −798% → 28% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about −798% early to 28% lately, median 27% — pricing power intact or improving.
Reinvestment, incremental ROIC —

What this means
The reinvested base moved too little against the change in profit to read a reliable return on it here — the figure would be a small-denominator artifact, not a moat. Judge this one on the owner-earnings record and the cash it returns instead.
Worst year 2019 · −2433.8% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$779M

Cash & short-term investments$641M
Receivables$108M
Inventory$5M
Other current assets$24M

Current liabilities$217M

Debt due within a year$20M
Accounts payable$29M
Other current liabilities$169M

Current ratio3.58×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.56×stricter: inventory excluded

Cash ratio2.95×strictest: cash alone against what's due

Working capital$561Mthe cushion left after near-term bills

Debt due this year vs. cash$20M due · $641M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+16.6%the freshest read on whether the business is still growing

Current ratio, recent quarters3.1× → 3.6×

Deeper floors

Tangible book value$827Mequity stripped of goodwill & intangibles

Net current asset value$417MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$165M$6M of it operating leases

From the company's latest filing.

How the cash was used, 2019–2025

Over the record, the business generated $952M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$2M · 0%
Buybacks$100M · 11%
Retained (debt / cash)$849M · 89%

Returned to owners$100M
11% of the owner earnings the business produced over the span, $0 as dividends and $100M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $61M and cash and short-term investments rose $616M.
Average price paid for buybacks—
Buybacks ran $100M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count655.7%
The diluted count rose from 8M to 59M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained71%
Of the earnings it kept rather than paid out ($360M over the span), annual owner earnings (first three years vs last three) grew $256M, so each retained $1 added about 0.71 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Jeffrey M. Dayno	$886k	$2.0M	$98M
2022	Jeffrey M. Dayno	$515k	$2.9M	$144M
2023	Jeffrey M. Dayno	$4.5M	$2.9M	$219M
2023	Jeffrey M. Dayno	$37k	−$5.0M	$219M
2024	Jeffrey M. Dayno	$7.1M	$7.7M	$220M
2025	Jeffrey M. Dayno	$7.9M	$4.8M	$348M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

CEO pay ratio26:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$45M
The slice of the business handed to employees in shares this year, 5% of revenue, equal to 22% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Harmony Biosciences Holdings Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2019–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereDid the share count rise anyway?655.7%
Diluted shares grew 655.7% over 2019–2025, even as the company spent $100M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

How much of the revenue rides on one buyer?
≈$342M · 38% of revenue on the largest customers (TTM)
“For the year ended December 31, 2025, three customers accounted for 100% of gross product revenue; Caremark LLC accounted for 38% of gross product revenue; Accredo Health Group, Inc. accounted for 36% of gross product revenue; and PANTHERx Specialty Pharmacy LLC accounted for 26% of gross product re…”verify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MDGLMadrigal Pharmaceuticals Inc.	$958M	99%	-276.4%	-61%	-254%
IONSIonis Pharmaceuticals	$944M	99%	-16.9%	-11%	-14%
ANIPANI Pharmaceuticals Inc.	$883M	62%	8.8%	4%	17%
HRMYHarmony Biosciences Holdings Inc.	$868M	79%	26.7%	38%	32%
ARWRArrowhead Pharmaceuticals	$829M	—	-106.8%	-51%	-77%
COLLCollegium Pharmaceutical Inc.	$781M	56%	6.8%	44%	31%
CORTCorcept Therapeutics Incorporated	$761M	98%	30.6%	25%	34%
EBSEmergent BioSolutions Inc.	$743M	58%	12.5%	6%	8%
Group median	—	79%	7.8%	5%	13%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Harmony Biosciences Holdings Inc. has delivered.

Harmony Biosciences Holdings Inc.’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Harmony Biosciences Holdings Inc. earns about $283M on its 32.6% median owner-earnings margin. This year’s 40.1% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($283M) Net of stock comp (−$43M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+24%/yr

Owner-earnings growth · since FY2021+37%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $342M on 58M shares outstanding, per the 10-Q cover, as of 2026-05-05; net cash $482M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh HRMY against another business →

The owners of HRMY: the meeting and the votes →

Cite: Owner Scorecard, "Harmony Biosciences Holdings Inc. (HRMY), the owner's record," https://ownerscorecard.com/c/HRMY, data as of 2026-07-09.

Manual order: ← HRL its page in the Manual HROW →

Industry order: ← HCM the Pharmaceuticals chapter HROW →