Ascendis Pharma A/S (ASND) Key Metrics
ASND key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosASND returns How much profit the business earns on the capital it uses.
ASND financial health Debt, liquidity and how easily interest is covered.
ASND efficiency & capital use Working capital cycle and where the cash goes.
ASND returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ASND debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ASND cash returned to shareholders
ASND key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | — | — | — | −101.7% | −44.5% | −58.4% | −49.7% | −55.7% | −68.1% | −46.1% |
| Return on invested capital (ROIC) | −72.8% | −113.1% | −209.6% | −159.4% | −114.5% | −211.0% | −947.3% | — | — | — |
| Return on assets (ROA) | −17.7% | −37.7% | −50.3% | −53.6% | −37.2% | −50.6% | −43.8% | −49.1% | −61.8% | −42.6% |
| Return on tangible assets | −16.9% | −32.2% | −58.6% | −53.8% | −35.5% | −43.0% | −32.6% | −41.8% | −60.7% | — |
| Free cash flow margin | 6.3% | −84.6% | −176.1% | −997.0% | — | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | €871.4M | €856.6M | €743.1M | €617.6M | €209.9M | €92.0M | €36.6M | €0 | €0 | €0 |
| Cash & short-term investments | €615.8M | €559.5M | €399.4M | €735.5M | €682.1M | €718.8M | €598.1M | €277.9M | €195.4M | €180.3M |
| Net debt | €255.6M | €297.1M | €343.6M | −€117.9M | −€472.1M | −€626.8M | −€561.5M | −€277.9M | −€195.4M | −€180.3M |
| Debt / equity | — | — | — | 2.35 | 0.24 | 0.11 | 0.06 | 0.00 | 0.00 | 0.00 |
| Debt / assets | 0.67 | 0.73 | 0.90 | 0.57 | 0.19 | 0.09 | 0.05 | 0.00 | 0.00 | 0.00 |
| Current ratio | 1.04 | 1.17 | 0.95 | 1.29 | 8.03 | 14.02 | 12.74 | 7.53 | 8.61 | 13.67 |
| Quick ratio | 0.76 | 0.84 | 0.67 | 1.11 | 7.28 | 14.02 | 12.74 | 7.53 | 8.61 | 13.67 |
| Interest coverage | -1.7 | -4.3 | -10.3 | -18.3 | -115.5 | -172.4 | -185.7 | — | — | — |
| Working capital | €39.6M | €153.0M | −€33.8M | €206.7M | €705.5M | €687.3M | €563.2M | €254.0M | €180.9M | €170.5M |
| Invested capital | €92.9M | €191.4M | €197.9M | €145.5M | €411.5M | €211.9M | €35.6M | €2.2M | −€8.1M | −€3.7M |
| Tangible asset value | −€166.5M | −€109.7M | −€150.1M | €258.5M | €878.4M | €833.0M | €589.2M | €272.0M | €180.2M | −€301.79B |
| Net current asset value | −€356.3M | −€224.3M | −€268.6M | €97.1M | €604.6M | €599.1M | €531.5M | €254.0M | €180.9M | €170.5M |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | €5.1M | €33.1M | — | €0 | €0 | €0 | €0 |
| Share buybacks (net) | €16.7M | €0 | €1.8M | €105.3M | €21.6M | €0 | €0 | €0 | €0 | €0 |
| Dividends + buybacks / free cash flow | 38.3% | — | — | — | — | — | — | — | — | — |
| Capex / revenue | 1.2% | 0.4% | 0.9% | 28.3% | 311.6% | 310.0% | 38.6% | 25.0% | 61.5% | 14.6% |
| Capex / operating cash flow | 15.7% | — | — | — | — | — | — | — | — | — |
| Capex / depreciation | 0.48 | 0.08 | 0.13 | 0.81 | 1.57 | 2.28 | 0.77 | 3.01 | 1.28 | 0.99 |
| Stock-based compensation / revenue | 16.8% | 26.3% | 25.0% | 125.4% | 859.2% | 764.7% | 280.3% | 185.7% | 634.6% | 158.9% |
| R&D / revenue | 41.0% | 84.4% | 155.0% | 741.8% | 3,803.9% | 3,752.4% | 1,432.7% | 1,325.8% | 6,509.1% | 1,433.4% |
| SG&A / revenue | 64.8% | 78.2% | 99.1% | 421.8% | 2,059.4% | 1,102.7% | 362.4% | 236.8% | 881.2% | 249.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 85.5 | 101.5 | 32.7 | 50.3 | 60.7 | 31.3 | 11.1 | 3.3 | 56.7 | 53.5 |
| Days of inventory on hand | 1,056.0 | 2,080.5 | 1,396.1 | 3,098.7 | 3,906.2 | — | — | — | 0.0 | 0.0 |
| Days payables outstanding | 330.8 | 787.4 | 804.1 | 2,412.6 | 4,212.3 | — | — | — | 0.0 | 0.0 |
| Cash conversion cycle (days) | 810.7 | 1,394.5 | 624.7 | 736.4 | -245.4 | — | — | — | 56.7 | 53.5 |
| Receivables turnover | 4.27 | 3.60 | 11.16 | 7.25 | 6.01 | 11.68 | 33.02 | 109.08 | 6.44 | 6.82 |
| Payables turnover | 1.10 | 0.46 | 0.45 | 0.15 | 0.09 | 0.00 | 0.00 | 0.00 | 65,547,981,122.18 | 619,040.30 |
| Inventory turnover | 0.35 | 0.18 | 0.26 | 0.12 | 0.09 | — | — | 0.00 | 1,000,000,000,000,000,000.00 | 6,639,516,757,173.30 |
| Asset turnover | 0.56 | 0.36 | 0.28 | 0.05 | 0.01 | 0.01 | 0.03 | 0.04 | 0.01 | 0.03 |
| Average receivables | €162.0M | €101.1M | €23.9M | €7.1M | €1.3M | €595,500 | €405,000 | €97,000 | €237,500 | €675,500 |
| Average payables | €93.5M | €95.5M | €97.8M | €80.2M | €40.7M | €24.8M | €23.8M | €18.6M | €15.3M | €10.7M |
| Average inventory | €298.5M | €252.3M | €169.8M | €103.0M | €37.7M | −€1 | −€1 | €1 | €1 | €1 |
| Intangibles / total assets | 0.3% | 0.3% | 0.5% | 0.4% | 0.5% | 0.6% | 1.2% | 2.5% | 3.3% | 158,870.7% |
Computed from ASND's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
ASND valuation and financial ratios
Ascendis Pharma A/S earned a return on invested capital of −72.8% in fiscal 2025. It ended the year with €871.4 million of debt and €615.8 million in cash and short-term investments, net debt of €255.6 million. It returned €16.7 million to shareholders: €0 in dividends and €16.7 million in share buybacks, 38% of free cash flow.
See the ASND income statement, the ASND chart for price history, or the ASND stock overview for the latest quote and news.
ASND key metrics FAQ
What is Ascendis Pharma A/S's ROIC?
Ascendis Pharma A/S's return on invested capital was −72.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ascendis Pharma A/S have?
Ascendis Pharma A/S had total debt of €871.4 million at the end of fiscal 2025.
Does Ascendis Pharma A/S buy back its shares?
Yes. Ascendis Pharma A/S spent €16.7 million on net share repurchases in fiscal 2025.
What is Ascendis Pharma A/S's current ratio?
Ascendis Pharma A/S's current ratio was 1.04 at the end of fiscal 2025: current assets were 1.04 times current liabilities.