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OPK, OPKO Health Inc.

Pharmaceuticals consumer brand UnprofitableDistress / turnaround

Revenue is led by Services (61%) and Products (26%), with 2 more lines behind.

Latest annual: FY2025 10-K

OPK · OPKO Health Inc.

The business

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

Revenue · FY2025

$607M

−14.9% YoY · −16% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $581M 5-yr avg $992M

Gross margin 36% 5-yr avg 33%

Operating margin −17.4% 5-yr avg −16.1%

ROIC −7% 5-yr avg −9%

Owner-earnings margin −30% 5-yr avg −15%

Free cash flow margin −30% 5-yr avg −15%

The business in brief

read the 10-K →

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

What it is: A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.
Situation: Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has run around −19% through the cycle on a 34% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −8%, above 15% in 0 of 9 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

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

Where the money comes from

read the 10-K →

Services is 61% of revenue, with Products the other meaningful line at 26%.

Revenue by product line, FY2025

Services61%$370M
Products26%$157M
Transfer of Intellectual Property and Other13%$80M
Rayaldee10%$59M

By geographyUnited States72%Chile10%Ireland8%Spain4%Mexico4%Other Countries1%Israel0%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.1B	$966M	$990M	$902M	$1.4B	$1.8B	$1.0B	$863M	$713M	$607M	$581M	RevenueRevenue
50%	—	—	—	—	—	29%	37%	31%	34%	36%	Gross marginGross mgn
36%	43%	36%	38%	25%	26%	37%	35%	43%	37%	37%	SG&A / revenueSG&A/rev
10%	13%	13%	13%	5%	4%	7%	10%	15%	20%	21%	R&D / revenueR&D/rev
($97M)	($276M)	($171M)	($274M)	$58M	$19M	($226M)	($157M)	($152M)	($117M)	($101M)	Operating incomeOp. inc.
−8.6%	−28.6%	−17.3%	−30.4%	4.0%	1.1%	−22.5%	−18.2%	−21.3%	−19.3%	−17.4%	Operating marginOp. mgn
($48M)	($305M)	($153M)	($315M)	$31M	($30M)	($328M)	($189M)	($53M)	($226M)	($213M)	Net incomeNet inc.
											Cash flow & returns
$32M	($92M)	($109M)	($173M)	$39M	$38M	($95M)	($28M)	($183M)	($179M)	($163M)	Operating cash flowOp. cash
$97M	$102M	$97M	$94M	$85M	$79M	$109M	$105M	$98M	$92M	$90M	DepreciationDeprec.
($59M)	$83M	($75M)	$35M	($85M)	($24M)	$106M	$44M	($239M)	($55M)	($52M)	Working capital & otherWC & other
$19M	$47M	$28M	$13M	$34M	$32M	$25M	$16M	$25M	$12M	$11M	CapexCapex
1.7%	4.8%	2.8%	1.4%	2.3%	1.8%	2.4%	1.9%	3.5%	2.0%	1.9%	Capex / revenueCapex/rev
$13M	($139M)	($137M)	($185M)	$6M	$6M	($120M)	($44M)	($208M)	($191M)	($174M)	Owner earningsOwner earn.
1.2%	−14.3%	−13.8%	−20.5%	0.4%	0.3%	−11.9%	−5.2%	−29.2%	−31.4%	−30.0%	Owner earnings marginOE mgn
$13M	($139M)	($137M)	($185M)	$6M	$6M	($120M)	($44M)	($208M)	($191M)	($174M)	Free cash flowFCF
1.2%	−14.3%	−13.8%	−20.5%	0.4%	0.3%	−11.9%	−5.2%	−29.2%	−31.4%	−30.0%	Free cash flow marginFCF mgn
$0	$0	$0	$0	$0	$4M	$2M	$0	$0	—	$0	AcquisitionsAcquis.
—	—	—	—	—	—	$0	$0	$90M	$47M	—	BuybacksBuybacks
-4%	-12%	-8%	-12%	2%	—	-11%	-8%	-9%	-7%	-7%	ROICROIC
-2%	-17%	-9%	-20%	2%	-2%	-21%	-14%	-4%	-18%	-18%	Return on equityROE
−2%	−17%	−9%	−20%	2%	−2%	−21%	−14%	−4%	−18%	−18%	Retained to equityRetained/eq
											Balance sheet
$173M	$104M	$96M	$85M	$72M	$135M	$153M	$96M	$427M	$364M	$360M	Cash & investmentsCash+inv
$220M	$166M	$144M	$135M	$286M	$260M	$127M	$123M	$118M	$90M	$80M	ReceivablesReceiv.
$47M	$49M	$42M	$53M	$132M	$87M	$74M	$66M	$57M	$66M	$64M	InventoryInvent.
$53M	$74M	$47M	$63M	$101M	$82M	$67M	$70M	$47M	$41M	$44M	Accounts payablePayables
$214M	$141M	$139M	$126M	$318M	$264M	$134M	$119M	$128M	$115M	$100M	Operating working capitalOper. WC
$484M	$349M	$318M	$324M	$523M	$823M	$395M	$309M	$662M	$582M	$535M	Current assetsCur. assets
$263M	$312M	$288M	$249M	$375M	$330M	$213M	$200M	$193M	$147M	$148M	Current liabilitiesCur. liab.
1.8×	1.1×	1.1×	1.3×	1.4×	2.5×	1.8×	1.5×	3.4×	4.0×	3.6×	Current ratioCurr. ratio
$705M	$717M	$700M	$712M	$710M	$719M	$596M	$598M	$529M	$484M	$482M	GoodwillGoodwill
$2.8B	$2.6B	$2.5B	$2.3B	$2.5B	$2.4B	$2.2B	$2.0B	$2.2B	$1.9B	$1.9B	Total assetsAssets
$44M	$104M	$105M	$211M	$251M	$205M	$210M	$214M	$440M	$346M	$247M	Total debtDebt
($130M)	$192K	$9M	$126M	$179M	$71M	$57M	$118M	$14M	($18M)	($113M)	Net debt / (cash)Net debt
—	—	—	—	—	1.0×	-18.8×	-11.6×	-3.2×	—	—	Interest coverageInt. cov.
$2.0B	$1.8B	$1.8B	$1.6B	$1.7B	$1.7B	$1.6B	$1.4B	$1.4B	$1.3B	$1.2B	Shareholders’ equityEquity
3.8%	2.9%	2.2%	1.5%	0.6%	0.8%	1.8%	1.3%	1.5%	1.8%	1.9%	Stock comp / revenueSBC/rev
											Per share
556M	559M	563M	595M	641M	648M	719M	752M	694M	751M	759M	Shares out (diluted)Shares
$2.01	$1.73	$1.76	$1.51	$2.24	$2.74	$1.40	$1.15	$1.03	$0.81	$0.77	Revenue / shareRev/sh
$-0.09	$-0.55	$-0.27	$-0.53	$0.05	$-0.05	$-0.46	$-0.25	$-0.08	$-0.30	$-0.28	EPS (diluted)EPS
$0.02	$-0.25	$-0.24	$-0.31	$0.01	$0.01	$-0.17	$-0.06	$-0.30	$-0.25	$-0.23	Owner earnings / shareOE/sh
$0.02	$-0.25	$-0.24	$-0.31	$0.01	$0.01	$-0.17	$-0.06	$-0.30	$-0.25	$-0.23	Free cash flow / shareFCF/sh
$0.03	$0.08	$0.05	$0.02	$0.05	$0.05	$0.03	$0.02	$0.04	$0.02	$0.01	Cap. spending / shareCapex/sh
$3.68	$3.30	$3.18	$2.71	$2.61	$2.60	$2.17	$1.85	$1.97	$1.69	$1.59	Book value / shareBVPS

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

	9-yr	5-yr
Revenue / share	−9.6%/yr	−18.5%/yr
Capital spending / share	−7.6%/yr	−20.8%/yr
Book value / share	−8.3%/yr	−8.3%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue-14.9%
“Revenue from services for the year ended December 31, 2025 decreased by approximately $110.4 million, or 23.0%, compared to the year ended December 31, 2024. The decrease was driven by total reductions of $119.8 million, composed of $109.6 million reflecting the sale of BioReference's lab and oncology operations, and $10.2 million from lower clinical test volume in continuing operations, which were partially offset by a $9.4 million increase from higher clinical test reimbursement rates.”
✓ figure matches the filed record

The record, charted

FY2016–2025

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

Share count

751Mpeak FY2023

ROIC

−7%low FY2019

Gross margin

34%low FY2022

Owner earnings vs. net income

Owner earningsNet income

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

($191M)owner earningsvs.($226M)net incomelow FY2024

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

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

FY2016FY2021

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 a $226M loss into ($191M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	($226M)	($53M)	($189M)	($328M)	($30M)
Depreciation & amortizationnon-cash charge added back	+$92M	+$98M	+$105M	+$109M	+$79M
Stock-based compensationreal costnon-cash, but a real cost	+$11M	+$11M	+$11M	+$19M	+$14M
Working capital & othertiming of cash in and out, other non-cash items	−$55M	−$239M	+$44M	+$106M	−$24M
Cash from operations	($179M)	($183M)	($28M)	($95M)	$38M
Capital expenditurecash put back in to keep running and to grow	−$12M	−$25M	−$16M	−$25M	−$32M
Owner earnings	($191M)	($208M)	($44M)	($120M)	$6M
Owner-earnings marginowner earnings ÷ revenue	-31%	-29%	-5%	-12%	0%

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 $11M), owner earnings is nearer ($202M).

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? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? +$30M

Net cash

Cash $364M + ST investments $12M − debt $346M

What this means
Cash and short-term investments exceed every dollar of debt by $30M, on net the company owes nothing, and can act from strength when others can't. It also holds $12M in longer-dated marketable securities; counting those, it sits at net cash of $42M. 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? 77d

Long (60+ days)

DSO 54 + DIO 60 − DPO 37 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 -8%

Below average through the cycle

9-yr median, range -12%–2%; -7% latest = NOPAT ($93M) ÷ invested capital $1.2B

Industry peers: median -49%

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 9 years (it ran -7% 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 -14%

Consumes cash through the cycle

10-yr median margin, range -31%–1%; latest ($191M) = operating cash ($179M) − maintenance capex $12M

Industry peers: median -44%

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 -31% of revenue this year, a -14% median across 10 years. Treating stock comp as the real expense it is (less $11M of SBC) leaves ($202M).
Are earnings backed by cash? ($179M)

Loss, and burning cash

Net income ($226M) · cash from operations ($179M)

What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.13×

Harvesting

Capex $12M ÷ depreciation $92M

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 · $607M

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× · 3.97×

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 · $346M vs $435M 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 (10-yr record) · 9 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 $-0.21/share (latest year $-0.30), the averaged base the calculator's gate runs on, and book value is $1.68/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, 2016–2025

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

Profitable years 1 of 10

What this means
Lost money in 9 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 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 −18% → −20% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about −18% early, −20% lately, median −19%.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2019 · −30.4% op. margin

What this means
Operations went underwater in 2019, understand why before trusting the good years.
Share count +3.4%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

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.

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.

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$535M

Cash & short-term investments$347M
Receivables$80M
Inventory$64M
Other current assets$44M

Current liabilities$148M

Debt due within a year$2M
Accounts payable$44M
Other current liabilities$103M

Current ratio3.61×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.17×stricter: inventory excluded

Cash ratio2.34×strictest: cash alone against what's due

Working capital$387Mthe cushion left after near-term bills

Debt due this year vs. cash$2M due · $347M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Cash runway2.0 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate

Revenue, latest quarter vs. a year ago−17.2%the freshest read on whether the business is still growing

Current ratio, recent quarters1.6× → 3.6×

Deeper floors

Tangible book value$226Mequity stripped of goodwill & intangibles

Net current asset value($117M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$50M$47M of it operating leases

Deferred revenue$13Kcustomer cash collected before delivery; operating float

From the company's latest filing.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$1.0B52% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity38%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$22Mover 10 years buying other businesses, against $250M of capital spent building

$38M written down across 2 years (2018, 2019): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

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	Dr. Phillip Frost	$2.1M	$2.4M	$6M
2022	Dr. Phillip Frost	$972k	−$1.2M	($120M)
2023	Dr. Phillip Frost	$2.3M	$2.2M	($44M)
2024	Dr. Phillip Frost	$2.2M	$2.0M	($208M)
2025	Dr. Phillip Frost	$1.9M	$1.3M	($191M)

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.

Insider ownership44.7%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$11M
The slice of the business handed to employees in shares this year, 2% of revenue. 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 OPKO Health 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 2016–2025.

2 of the 4 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?−21.9% vs −9.0%
The business ran at a loss early in the record (an owner-earnings margin of −9.0%) and the loss has widened to −21.9% across the last three years, with the latest year at −31.4%. Ask the filing where the widening sits — price, cost, or spending growing faster than revenue — and what would narrow it.
Look hereDid debt outgrow the business?$44M → $247M
Debt rose from $44M to $247M while owner earnings went from about ($87M) to ($148M): the borrowing grew and the earnings that would carry it are not there now. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.

And these came back clean

Did receivables and inventory outpace sales?
Are "one-time" charges a yearly habit?

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.

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
PCRXPacira BioSciences	$726M	73%	3.7%	2%	16%
KNSAKiniksa Pharmaceuticals International, PLC	$678M	88%	-9.3%	-6%	5%
RAREUltragenyx	$673M	100%	-154.9%	-92%	-113%
AXSMAxsome Therapeutics Inc.	$638M	99%	-79.2%	—	-44%
TGTXTG Therapeutics Inc.	$616M	88%	-29896.1%	-572%	-23443%
OPKOPKO Health Inc.	$607M	34%	-18.8%	-8%	-13%
INSMInsmed Incorporated	$606M	77%	-202.3%	-138%	-182%
CPRXCatalyst Pharmaceuticals Inc.	$589M	86%	35.9%	48%	37%
Group median	—	87%	-49.0%	-8%	-28%

The price

What a price has to assume.

What the price implies

reverse-DCF

OPKO Health Inc. is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

Today’s price $

The assumptions Required return 9% Years to get there 10 Revenue growth 0%

Revenue, delivered−19%/yr’20→’25

Mature owner-earnings margin 15%

Enter a price to run it.

Owner earnings it must reach—

Margin the price demands—

Owner-earnings margin today−30%

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh OPK against another business →

The owners of OPK: the meeting and the votes →

Cite: Owner Scorecard, "OPKO Health Inc. (OPK), the owner's record," https://ownerscorecard.com/c/OPK, data as of 2026-07-09.

Manual order: ← OPI its page in the Manual OPLN →

Industry order: ← ONC the Pharmaceuticals chapter ORMP →