Recent News
On January 2026 reports noted an FDA review delay for FILSPARI’s FSGS submission, moving the action date to April 13, 2026 and prompting additional company filings. A January 20, 2026 SEC filing showed Palisades Investment Partners initiated a new position in Travere. Market commentary in February highlighted rising relative strength metrics for the stock and renewed analyst attention following the regulatory update.
Technical Analysis
ADX at 26.97 indicates a strong underlying trend that supports directional movement; this trend-strength reading supports near-term price conviction tied to recent headlines and the upcoming regulatory catalyst.
Directional indicators show DI+ dip-and-reversal (DI+ 15.62) and DI- peak-and-reversal (DI- 26.22). Those moves together read as bullish pressure: DI+ recently increased while DI- recently decreased, which aligns with momentum favoring higher prices relative to recent levels.
MACD sits at -0.75 with the MACD line having moved above the signal line (-0.89); that cross represents a bullish momentum shift and suggests the recent weakening may have reversed into constructive momentum.
MRO registers -0.13 and shows a dip-and-reversal pattern. The negative value indicates price remains below WMDST’s target framework and therefore carries potential for upward convergence; the recent reversal in the oscillator supports near-term mean reversion toward the target.
RSI at 48.93 with a dip-and-reversal pattern reads as neutral-to-constructive momentum; the indicator leaves room to advance without entering overbought territory and complements MACD’s bullish cross.
Price sits at $30.73 above the 12-day EMA ($29.88) and the 20-day average ($29.98) but below the 50-day average ($32.68). That structure suggests a short-term push that could encounter resistance near the 50-day and the Ichimoku cloud (Senkou A $37.19 / Senkou B $34.46), while the 200-day average ($24.88) provides a clear long-term support reference.
Bollinger bands place the 1x upper at $31.50 and 1x lower at $28.47; current price sits inside the upper band, indicating space for a measured advance toward the band edge before volatility expansion. Volume near the 10-day average and beta (42-day 0.92; 52-week 1.26) point to moderately contained market sensitivity to news-driven moves.
Fundamental Analysis
Revenue momentum stands out: YoY revenue growth registers 171.42% with QoQ growth of 10.03%, reflecting rapid top-line expansion that underpins commercial thesis for FILSPARI. Total revenue reads $164,859,000 and gross profit tallies $163,274,000, producing a gross margin of 99.04% that reflects the product-centric economics of the portfolio.
Profitability shows operating margin of 15.12% and an EBIT margin of 17.27%. The EBIT margin sits above the industry peer mean of -0.84% and above the industry peer median of 0.42%, signaling comparatively stronger operating performance versus the industry peer mean and median while remaining below the industry peer high.
Earnings details: reported EPS came in at $0.37, matching the estimate ($0.37) with an EPS surprise of roughly -0.77%, and net income of $25,706,000. Forward EPS equals $1.07 with a forward P/E of 45.62; the trailing P/E equals 39.96. Price-to-book stands at 28.67 and price-to-sales at 12.79 — all metrics that reflect elevated market expectations relative to book and sales.
Balance sheet and leverage show mixed signals. Cash and short-term investments total $254,530,000 against total debt of $329,749,000 with net debt reported at $200,440,000; current ratio 2.75 and quick ratio 2.71 indicate ample near-term liquidity. Debt-to-EBITDA reads 7.45 and debt-to-equity 4.48, reflecting material leverage relative to earnings and equity that investors must weigh against cash generation trends.
Operating cash flow equals $14,317,000 while free cash flow appears negative at -$871,000, with free cash flow yield at -0.041%. R&D investment remains significant at $51,890,000, consistent with ongoing pipeline activity. WMDST values the stock as over-valued given the combination of stretched multiples, high price-to-book, and elevated leverage despite strong revenue momentum.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-19 |
| NEXT REPORT DATE: | 2026-05-21 |
| CASH FLOW | Begin Period Cash Flow | $ 75.2 M |
| Operating Cash Flow | $ 14.3 M | |
| Capital Expenditures | $ -15.19 M | |
| Change In Working Capital | $ -37.33 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 35.8 M | |
| End Period Cash Flow | $ 110.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 164.9 M | |
| Forward Revenue | $ 152.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.6 M | |
| Depreciation | $ 15.8 M | |
| Depreciation and Amortization | $ 15.8 M | |
| Research and Development | $ 51.9 M | |
| Total Operating Expenses | $ 139.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 163.3 M | |
| EBITDA | $ 44.3 M | |
| EBIT | $ 28.5 M | |
| Operating Income | $ 24.9 M | |
| Interest Income | $ 3.0 M | |
| Interest Expense | $ 2.8 M | |
| Net Interest Income | $ 296.0 K | |
| Income Before Tax | $ 25.7 M | |
| Tax Provision | $ 8.0 K | |
| Tax Rate | 0.031 % | |
| Net Income | $ 25.7 M | |
| Net Income From Continuing Operations | $ 25.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.37 | |
| EPS Actual | $ 0.37 | |
| EPS Difference | $ 0.00 | |
| EPS Surprise | -0.77 % | |
| Forward EPS | $ 1.07 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 538.6 M | |
| Intangible Assets | $ 109.5 M | |
| Net Tangible Assets | $ -35.92 M | |
| Total Current Assets | $ 371.1 M | |
| Cash and Short-Term Investments | $ 254.5 M | |
| Cash | $ 110.9 M | |
| Net Receivables | $ 83.0 M | |
| Inventory | $ 5.5 M | |
| Long-Term Investments | $ 42.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 18.2 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 135.1 M | |
| Net Debt | $ 200.4 M | |
| Total Debt | $ 329.7 M | |
| Total Liabilities | $ 465.0 M | |
| EQUITY | ||
| Total Equity | $ 73.6 M | |
| Retained Earnings | $ -1.48 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.82 | |
| Shares Outstanding | 89.457 M | |
| Revenue Per-Share | $ 1.84 | |
| VALUATION | Market Capitalization | $ 2.1 B |
| Enterprise Value | $ 2.2 B | |
| Enterprise Multiple | 49.365 | |
| Enterprise Multiple QoQ | -87.138 % | |
| Enterprise Multiple YoY | -327.883 % | |
| Enterprise Multiple IPRWA | high: 52.77 TVTX: 49.365 median: 28.451 mean: 8.357 low: -82.433 |
|
| EV/R | 13.251 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 7.321 | |
| Asset To Liability | 1.158 | |
| Debt To Capital | 0.818 | |
| Debt To Assets | 0.612 | |
| Debt To Assets QoQ | -14.911 % | |
| Debt To Assets YoY | 350.191 % | |
| Debt To Assets IPRWA | high: 1.045 TVTX: 0.612 mean: 0.239 median: 0.17 low: 0.0 |
|
| Debt To Equity | 4.482 | |
| Debt To Equity QoQ | -63.264 % | |
| Debt To Equity YoY | -298.997 % | |
| Debt To Equity IPRWA | TVTX: 4.482 high: 1.395 mean: 0.34 median: 0.106 low: -0.869 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 28.673 | |
| Price To Book QoQ | -37.567 % | |
| Price To Book YoY | -179.884 % | |
| Price To Book IPRWA | TVTX: 28.673 high: 16.86 mean: 6.892 median: 6.057 low: -8.555 |
|
| Price To Earnings (P/E) | 39.965 | |
| Price To Earnings QoQ | -134.587 % | |
| Price To Earnings YoY | -299.391 % | |
| Price To Earnings IPRWA | high: 56.753 TVTX: 39.965 median: 30.96 mean: 4.53 low: -93.179 |
|
| PE/G Ratio | -0.077 | |
| Price To Sales (P/S) | 12.795 | |
| Price To Sales QoQ | -2.634 % | |
| Price To Sales YoY | -26.378 % | |
| Price To Sales IPRWA | high: 1040.421 mean: 64.793 median: 18.442 TVTX: 12.795 low: 0.466 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 45.617 | |
| Forward PE/G | -0.087 | |
| Forward P/S | 33.56 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -8.805 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.301 | |
| Asset Turnover Ratio QoQ | 45.396 % | |
| Asset Turnover Ratio YoY | 152.912 % | |
| Asset Turnover Ratio IPRWA | high: 0.438 TVTX: 0.301 mean: 0.119 median: 0.107 low: -0.004 |
|
| Receivables Turnover | 2.709 | |
| Receivables Turnover Ratio QoQ | -13.48 % | |
| Receivables Turnover Ratio YoY | 6.899 % | |
| Receivables Turnover Ratio IPRWA | high: 5.5 TVTX: 2.709 median: 1.573 mean: 1.468 low: -0.057 |
|
| Inventory Turnover | 0.329 | |
| Inventory Turnover Ratio QoQ | -13.264 % | |
| Inventory Turnover Ratio YoY | 24.729 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.642 median: 0.477 TVTX: 0.329 low: -0.015 |
|
| Days Sales Outstanding (DSO) | 33.681 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -797.858 | |
| Cash Conversion Cycle Days QoQ | 248.22 % | |
| Cash Conversion Cycle Days YoY | 2.742 % | |
| Cash Conversion Cycle Days IPRWA | high: 1241.621 median: 189.366 mean: 177.635 TVTX: -797.858 low: -1809.09 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.698 | |
| CapEx To Revenue | -0.092 | |
| CapEx To Depreciation | -0.962 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 384.9 M | |
| Net Invested Capital | $ 384.9 M | |
| Invested Capital | $ 384.9 M | |
| Net Tangible Assets | $ -35.92 M | |
| Net Working Capital | $ 236.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.884 | |
| Current Ratio | 2.747 | |
| Current Ratio QoQ | 37.197 % | |
| Current Ratio YoY | 60.781 % | |
| Current Ratio IPRWA | high: 25.502 mean: 4.048 median: 2.865 TVTX: 2.747 low: 0.02 |
|
| Quick Ratio | 2.706 | |
| Quick Ratio QoQ | 36.618 % | |
| Quick Ratio YoY | 61.539 % | |
| Quick Ratio IPRWA | high: 13.391 TVTX: 2.706 mean: 2.552 median: 1.998 low: 0.02 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.451 | |
| Cost Of Debt | 0.754 % | |
| Interest Coverage Ratio | 10.347 | |
| Interest Coverage Ratio QoQ | -397.785 % | |
| Interest Coverage Ratio YoY | -155.195 % | |
| Interest Coverage Ratio IPRWA | high: 815.709 mean: 37.723 TVTX: 10.347 median: 6.583 low: -1337.523 |
|
| Operating Cash Flow Ratio | -0.038 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 1120.647 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -3.012 % | |
| Revenue Growth | 44.046 % | |
| Revenue Growth QoQ | 10.032 % | |
| Revenue Growth YoY | 171.42 % | |
| Revenue Growth IPRWA | high: 301.849 % TVTX: 44.046 % mean: 7.986 % median: 4.118 % low: -259.856 % |
|
| Earnings Growth | -521.429 % | |
| Earnings Growth QoQ | 1881.414 % | |
| Earnings Growth YoY | 2159.518 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.312 % mean: -8.527 % low: -198.545 % TVTX: -521.429 % |
|
| MARGINS | ||
| Gross Margin | 99.039 % | |
| Gross Margin QoQ | 0.373 % | |
| Gross Margin YoY | 1.667 % | |
| Gross Margin IPRWA | high: 105.39 % TVTX: 99.039 % median: 81.951 % mean: 79.705 % low: -35.147 % |
|
| EBIT Margin | 17.266 % | |
| EBIT Margin QoQ | -299.815 % | |
| EBIT Margin YoY | -120.861 % | |
| EBIT Margin IPRWA | high: 3270.865 % median: 42.305 % TVTX: 17.266 % mean: -84.135 % low: -7772.481 % |
|
| Return On Sales (ROS) | 15.123 % | |
| Return On Sales QoQ | -236.823 % | |
| Return On Sales YoY | -118.272 % | |
| Return On Sales IPRWA | high: 573.037 % median: 26.431 % TVTX: 15.123 % mean: -89.916 % low: -7977.249 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -871.00 K | |
| Free Cash Flow Yield | -0.041 % | |
| Free Cash Flow Yield QoQ | -91.598 % | |
| Free Cash Flow Yield YoY | -99.116 % | |
| Free Cash Flow Yield IPRWA | high: 30.655 % median: 1.086 % mean: 0.6 % TVTX: -0.041 % low: -57.887 % |
|
| Free Cash Growth | -88.13 % | |
| Free Cash Growth QoQ | 1.995 % | |
| Free Cash Growth YoY | 55.281 % | |
| Free Cash Growth IPRWA | high: 201.164 % mean: 25.527 % median: 22.832 % TVTX: -88.13 % low: -200.947 % |
|
| Free Cash To Net Income | -0.034 | |
| Cash Flow Margin | -3.117 % | |
| Cash Flow To Earnings | -0.2 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.7 % | |
| Return On Assets QoQ | -303.463 % | |
| Return On Assets YoY | -145.258 % | |
| Return On Assets IPRWA | high: 30.5 % TVTX: 4.7 % median: 2.314 % mean: -1.385 % low: -66.968 % |
|
| Return On Capital Employed (ROCE) | 7.054 % | |
| Return On Equity (ROE) | 0.349 | |
| Return On Equity QoQ | -189.715 % | |
| Return On Equity YoY | -80.585 % | |
| Return On Equity IPRWA | high: 0.948 TVTX: 0.349 median: 0.047 mean: 0.012 low: -1.385 |
|
| DuPont ROE | 48.361 % | |
| Return On Invested Capital (ROIC) | 7.392 % | |
| Return On Invested Capital QoQ | -490.491 % | |
| Return On Invested Capital YoY | -70.301 % | |
| Return On Invested Capital IPRWA | high: 31.965 % TVTX: 7.392 % median: 5.759 % mean: 0.936 % low: -73.241 % |
|