XFORNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
X4 Pharmaceuticals, Inc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$2.75+0.16 (+6.18%)
Close on Oct 19, 2026
- Market cap
- $347.45M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
11.4%
Operating margin
-1336.7%+659.1 pts over 5 years
Net margin
-1218.4%+852.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +150.0% | – | +16.7% | – | |
| Gross profit | -58.8% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 80.1% | -61.5% | -76.0% | |
| Return on assets | – | -43.8% | -36.3% | |
| Current ratio | – | 6.97 | 10.16 | |
| Debt to equity | – | 0.46 | – | |
| Net debt to EBITDA | – | 0.80× | – | |
| Interest coverage | -9.7× | -22.3× | -9.8× | |
| Capex to revenue | – | 45.4% | 0.0% | |
| Diluted shares | 0M | 1M | 42M |
Where the cash went
Fiscal 2021 to 2025, five years combined
X4 Pharmaceuticals generated $461.04M from operations and spent $3.10M on capital expenditure, dividends and share buybacks. 36% of that went back into the business.
Generated
$461.04M
Used
$3.10M
Capital expenditure$1.10M36%Dividends$00%Share buybacks$2.00M64%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-1218.4%
×Asset turnover0.03×
×Equity multiplier2.10×
=Return on equity, FY2025-76.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -1218.4% | 0.03× | 2.10× | -76.0% |
| FY2024 | -1440.4% | 0.02× | 4.01× | -102.3% |
| FY2020 | -2071.0% | 0.02× | 1.40× | -61.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$79.20M
- Cash generatingOperating cash flow above zero-$85.62M
- Return on assets improvedROA up on the prior year-25.4% → -54.1%
- Earnings backed by cashOperating cash flow above net income-$85.62M vs -$79.20M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.41 → 10.16
- No dilutionShare count did not rise7M → 42M
- Gross margin improvedGross margin up on the prior year69.35% → 11.43%
- More efficientAsset turnover rose0.02 → 0.04