HRMY
Harmony Biosciences Holdings, Inc.
HRMY's fundamentals are mixed: revenue grew 20%, but its operating margin fell 5 points to 22%. At 11x earnings, it's trading below its usual 13x. Analysts expect earnings growth, though they disagree widely on how much.
HRMY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
HRMY's revenue, profitability, cash flow and balance sheet are all currently healthy.
HRMY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.7x | $33.80 | — |
| Cheap | 11x | $33.44 | -1.1% |
| Current | 11x | $33.80 | — |
| Fair | 13x | $39.95 | +18% |
| Expensive | 22x | $66.11 | +96% |
Historical ranges are pointers, not guarantees.
HRMY's PE is in its cheap range at 11x. If earnings grow as analysts expect, today's price would be 8.7x next year's earnings.
HRMY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for HRMY, but weaker profitability. However, they disagree widely on these estimates.
HRMY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.90 | +29% |
| Q3 2026 | $3.02 | -5% |
| Q2 2026 | $3.08 | -0.6% |
| Q1 2026 | $2.48 | -5.3% |
| Q4 2025 | $2.71 | +8% |
| Q3 2025 | $3.18 | +50% |
| Q2 2025 | $3.10 | +58% |
| Q1 2025 | $2.62 | +13% |
| Q4 2024 | $2.51 | +18% |
HRMY earned $3.02 per share over the past year, down 5% from the year before.
HRMY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $268.9M | +12% |
| Q2 2026 | $261.3M | +30% |
| Q1 2026 | $215.4M | +17% |
| Q4 2025 | $243.8M | +21% |
| Q3 2025 | $239.5M | +29% |
| Q2 2025 | $200.5M | +16% |
| Q1 2025 | $184.7M | +19% |
| Q4 2024 | $201.3M | +20% |
HRMY's revenue has grown year over year every quarter since late 2020: $269M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | -7.2 points |
| Q2 2026 | 34% | +10 points |
| Q1 2026 | 17% | -13 points |
| Q4 2025 | 16% | -12 points |
| Q3 2025 | 27% | -5.8 points |
| Q2 2025 | 24% | +12 points |
| Q1 2025 | 30% | -3.2 points |
| Q4 2024 | 28% | +3.8 points |
HRMY's operating margin was 20% last quarter, down 7.2 points from the same quarter a year ago.
HRMY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | $126M | +68% |
| Q3 2025 | $108.7M | +54% |
| Q2 2025 | $79.3M | +89% |
| Q1 2025 | $33.9M | +8.7% |
| Q4 2024 | $75M | -2% |
| Q3 2024 | $70.5M | +12% |
| Q4 2023 | $76.6M | +187% |
| Q3 2023 | $63.1M | +14% |
HRMY generated $348M in free cash flow over the past year, up 59% from the year before.
HRMY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.6% | +924K shares |
| 1 year | +1.6% | +961K shares |
| 3 years | -1.7% | -1M shares |
| 5 years | +3.4% | +2M shares |
| Available history | +8% | +4.4M shares |
HRMY has 60M diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | $50M |
| Q4 2020 | — |
| Q2 2020 | $167,000 |
| Q1 2020 | — |
| Q4 2019 | — |
HRMY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | -1.9x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q1 2025 | -1.4x | Net Cash |
| Q4 2024 | -1.3x | Net Cash |
| Q3 2024 | -1.0x | Net Cash |
| Q2 2024 | -0.7x | Net Cash |
| Q1 2024 | -0.6x | Net Cash |
| Q4 2023 | -0.6x | Net Cash |
HRMY has more cash than debt.
HRMY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.6 | Neutral |
| Stochastic | 23.6 | Neutral |
HRMY's weekly RSI is 44 (neutral) and its Stochastic is 24 (neutral).
HRMY PE vs Healthcare Sector
| Metric | HRMY | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 26x | 57% below |
| PE % | 18 | 32 | 14 pts below |
HRMY is trading at 11x earnings, a 57% discount to the Healthcare sector's median of 26x.
HRMY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.6 | 10% below |
| 20 week MA | $38.0 | 11% below |
| 50 week MA | $35.0 | 3.4% below |
| 100 week MA | $34.2 | 1.2% below |
| 200 week MA | $34.0 | 0.7% below |
HRMY is in a downtrend: it's below all five of its weekly moving averages, and 0.7% below its 200-week average.
HRMY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.0 | $36.5 | +1.3% |
| 2021 | $36.5 | $43.9 | +20% |
| 2022 | $43.9 | $56.7 | +29% |
| 2023 | $56.7 | $32.3 | -43% |
| 2024 | $32.3 | $34.2 | +5.9% |
| 2025 | $34.2 | $38.1 | +11% |
| 2026 YTD | $38.1 | $33.8 | -11% |
HRMY has finished higher in five of the last six years. It's down 11% so far in 2026.