Heron Therapeutics - Public Comps and Valuation Multiples

Heron Therapeutics Overview

About Heron Therapeutics

Heron Therapeutics Inc is a commercial-stage biotechnology company. It is focused on improving the lives of patients by developing treatments that address some of the unmet patient needs. The company's product portfolio consists of APONVIE, SUSTOL, ZYNRELEF, and CINVANTI.

Founded

1983

HQ

Employees

122

Website

herontx.com

Sectors

Drug Development & Therapeutics
BioTech

Financials

LTM Revenue $153M

LTM EBITDA $8.6M

EV

$365M

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Heron Therapeutics Financials

As of September 2025, Heron Therapeutics reported last 12-month revenue of $153M and EBITDA of $8.6M.

In the same period, Heron Therapeutics generated $115M in LTM gross profit and -$6.5M in net income.

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Heron Therapeutics P&L

In the most recent fiscal year, Heron Therapeutics reported revenue of $144M and EBITDA of -$5.1M.

Heron Therapeutics expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$153M	XXX	$144M	XXX	XXX	XXX
Gross Profit	$115M	XXX	$106M	XXX	XXX	XXX
Gross Margin	75%	XXX	73%	XXX	XXX	XXX
EBITDA	$8.6M	XXX	-$5.1M	XXX	XXX	XXX
EBITDA Margin	6%	XXX	-4%	XXX	XXX	XXX
EBIT	-$3.0M	XXX	-$11.5M	XXX	XXX	XXX
EBIT Margin	-2%	XXX	-8%	XXX	XXX	XXX
Net Profit	-$6.5M	XXX	-$13.6M	XXX	XXX	XXX
Net Margin	-4%	XXX	-9%	XXX	XXX	XXX
Net Debt	XXX	XXX	$149M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Heron Therapeutics including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $153M. EBITDA for the last twelve months was $8.6M. In the most recent fiscal year, Heron Therapeutics achieved $144M in revenue and -$5.1M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$153M	Analyst estimates available to subscribers	$144M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$115M	Analyst estimates available to subscribers	$106M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	74.6% gross margin	Analyst estimates available to subscribers	73.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$8.6M	Analyst estimates available to subscribers	-$5.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	5.6% EBITDA margin	Analyst estimates available to subscribers	-3.5% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$3.0M	Analyst estimates available to subscribers	-$11.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-2.0% EBIT margin	Analyst estimates available to subscribers	-8.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$6.5M	Analyst estimates available to subscribers	-$13.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-4.2% net profit margin	Analyst estimates available to subscribers	-9.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$149M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Heron Therapeutics

This financial data table provides comprehensive performance metrics for Heron Therapeutics, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Heron Therapeutics generated $153M in revenue over the last twelve months.
The company achieved $8.6M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $115M.
Net income over the last twelve months reached -$6.5M.

Fiscal Year Performance

In the most recent fiscal year, Heron Therapeutics reported $144M in total revenue.
Fiscal year EBITDA was -$5.1M.
The company maintained a gross profit margin of 73.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was -3.5%.
Net profit margin reached -9.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Heron Therapeutics. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Heron Therapeutics Stock Performance

Heron Therapeutics has current market cap of $229M, and EV of $365M.

Market Cap Evolution

Heron Therapeutics Stock Data

As of October 2, 2025, Heron Therapeutics's stock price is $1.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$365M	$229M	XXX	XXX	XXX	XXX	$-0.04

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Heron Therapeutics Valuation Multiples

Heron Therapeutics's trades at 2.5x EV/Revenue multiple, and -72.2x EV/EBITDA.

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Heron Therapeutics Financial Valuation Multiples

As of October 2, 2025, Heron Therapeutics has market cap of $229M and EV of $365M.

Equity research analysts estimate Heron Therapeutics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Heron Therapeutics has a P/E ratio of -35.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$229M	XXX	$229M	XXX	XXX	XXX
EV (current)	$365M	XXX	$365M	XXX	XXX	XXX
EV/Revenue	2.4x	XXX	2.5x	XXX	XXX	XXX
EV/EBITDA	42.5x	XXX	-72.2x	XXX	XXX	XXX
EV/EBIT	-120.6x	XXX	-31.7x	XXX	XXX	XXX
EV/Gross Profit	3.2x	XXX	n/a	XXX	XXX	XXX
P/E	-35.1x	XXX	-16.9x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-15.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Heron Therapeutics Margins & Growth Rates

Heron Therapeutics's last 12 month revenue growth is 12%

Heron Therapeutics's revenue per employee in the last FY averaged $1.2M, while opex per employee averaged $1.0M for the same period.

Heron Therapeutics's rule of 40 is -70% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Heron Therapeutics's rule of X is 35% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Heron Therapeutics Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	11%	XXX	XXX	XXX
EBITDA Margin	6%	XXX	-4%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	-70%	XXX	8%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	35%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.0M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	33%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	12%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	81%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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