Veru Financials

VERU

Source SEC Filings (10-K/10-Q) Updated Feb 11, 2026 Currency USD FYE September

This page shows Veru (VERU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

0/9

Veru passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

1.32x

For every $1 of reported earnings, Veru generates $1.32 in operating cash flow (-$30.0M OCF vs -$22.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$24.6M

YoY+31.5%

Veru's EBITDA was -$24.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.5% from the prior year.

Net Income

-$22.7M

YoY+39.9%

Veru reported -$22.7M in net income in fiscal year 2025. This represents an increase of 39.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$30.0M

YoY-37.6%

Veru generated -$30.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 37.6% from the prior year.

Cash & Debt

$15.8M

YoY-36.6%

10Y CAGR+14.4%

Veru held $15.8M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

15M

YoY+0.1%

Veru had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-124.0%

YoY-7.0pp

5Y CAGR-61.0pp

10Y CAGR-137.1pp

Veru's ROE was -124.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 7.0 percentage points from the prior year.

Capital Allocation

R&D Spending

$15.6M

YoY+22.0%

5Y CAGR-1.6%

10Y CAGR+53.1%

Veru invested $15.6M in research and development in fiscal year 2025. This represents an increase of 22.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$1K

YoY-99.3%

5Y CAGR-60.0%

10Y CAGR-38.3%

Veru invested $1K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 99.3% from the prior year.

VERU Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	$16.9M+3.6%	$16.3M-58.6%	$39.4M-35.8%	$61.3M+43.8%	$42.6M
Cost of Revenue	N/A	$11.0M+26.4%	$8.7M-0.4%	$8.8M-34.3%	$13.3M+12.9%	$11.8M
Gross Profit	N/A	$5.9M-22.6%	$7.6M-75.3%	$30.6M-36.2%	$47.9M+55.7%	$30.8M
R&D Expenses	$15.6M+22.0%	$12.8M-75.0%	$51.2M-27.8%	$70.9M+116.9%	$32.7M+93.1%	$16.9M
SG&A Expenses	$19.9M-36.0%	$31.2M-35.1%	$48.1M+11.3%	$43.2M+108.9%	$20.7M+42.6%	$14.5M
Operating Income	-$24.8M+31.6%	-$36.2M+61.4%	-$93.8M-12.3%	-$83.5M-743.6%	$13.0M+188.0%	-$14.7M
Interest Expense	N/A	$607K-75.0%	$2.4M-44.4%	$4.4M-10.6%	$4.9M+5.7%	$4.6M
Income Tax	$0	$0-100.0%	$480K+103.1%	$236K+107.6%	-$3.1M-190.2%	-$1.1M
Net Income	-$22.7M+39.9%	-$37.8M+59.4%	-$93.2M-10.8%	-$84.0M-1236.5%	$7.4M+139.0%	-$19.0M
EPS (Diluted)	N/A	N/A	$-1.10-4.8%	$-1.05-1266.7%	$0.09+132.1%	$-0.28

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	N/A	N/A	N/A	$0	$0	N/A	$6.7M+68.4%	$4.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$4.0M+51.7%	$2.6M
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	$2.7M+100.8%	$1.3M
R&D Expenses	$1.3M0.0%	$1.3M	N/A	$3.0M-23.2%	$3.9M-31.2%	$5.7M+73.6%	$3.3M-32.1%	$4.8M
SG&A Expenses	$4.1M0.0%	$4.1M	N/A	$5.0M-3.0%	$5.2M-1.2%	$5.2M-59.2%	$12.8M+120.7%	$5.8M
Operating Income	$5.4M+200.0%	-$5.4M	N/A	-$7.5M+7.1%	-$8.1M+20.7%	-$10.2M-9.7%	-$9.3M+11.4%	-$10.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$170K+33.4%	$127K
Income Tax	$0	$0	N/A	$0	$0	$0	$0	$0
Net Income	$5.3M+200.0%	-$5.3M	N/A	-$7.3M+7.2%	-$7.9M+11.7%	-$8.9M-4.9%	-$8.5M+22.2%	-$11.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VERU Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.8M-50.6%	$60.4M+20.8%	$50.0M-63.0%	$135.4M-24.0%	$178.1M+245.6%	$51.5M
Current Assets	$18.9M-46.3%	$35.2M+53.6%	$22.9M-77.9%	$104.0M-31.5%	$151.8M+461.7%	$27.0M
Cash & Equivalents	$15.8M-36.6%	$24.9M+158.9%	$9.6M	N/A	N/A	N/A
Inventory	N/A	$4.1M-38.1%	$6.7M-22.3%	$8.6M+54.6%	$5.6M-16.9%	$6.7M
Accounts Receivable	N/A	$4.0M-12.1%	$4.5M+26.9%	$3.6M-59.6%	$8.8M+68.2%	$5.2M
Goodwill	$6.9M0.0%	$6.9M0.0%	$6.9M0.0%	$6.9M0.0%	$6.9M0.0%	$6.9M
Total Liabilities	$11.5M-59.1%	$28.1M-7.4%	$30.3M-42.3%	$52.6M+103.3%	$25.9M+20.6%	$21.4M
Current Liabilities	$7.8M-34.4%	$11.9M-33.4%	$17.8M-54.0%	$38.7M+145.5%	$15.8M+7.1%	$14.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$18.3M-43.3%	$32.3M+64.2%	$19.7M-76.2%	$82.8M-46.4%	$154.5M+413.2%	$30.1M
Retained Earnings	-$317.3M-7.7%	-$294.6M-14.7%	-$256.8M-56.9%	-$163.6M-100.0%	-$81.8M+8.3%	-$89.2M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$47.6M0.0%	$47.6M+59.4%	$29.8M+9.2%	$27.3M-16.3%	$32.7M-18.0%	$39.8M-34.1%	$60.4M-6.5%	$64.6M
Current Assets	$36.8M0.0%	$36.8M+94.6%	$18.9M+16.8%	$16.2M-24.3%	$21.4M-24.7%	$28.4M-19.4%	$35.2M-8.5%	$38.5M
Cash & Equivalents	$33.0M0.0%	$33.0M+108.9%	$15.8M+5.2%	$15.0M-25.0%	$20.0M-24.8%	$26.6M+6.8%	$24.9M-14.5%	$29.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$4.1M-16.1%	$4.9M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	$4.0M+141.2%	$1.6M
Goodwill	$7-100.0%	$6.9M0.0%	$6.9M0.0%	$6.9M0.0%	$6.9M0.0%	$6.9M0.0%	$6.9M0.0%	$6.9M
Total Liabilities	$10.4M0.0%	$10.4M-9.2%	$11.5M-4.0%	$12.0M+3.1%	$11.6M-11.9%	$13.2M-53.0%	$28.1M+4.0%	$27.0M
Current Liabilities	$7.1M0.0%	$7.1M-8.4%	$7.8M+16.5%	$6.7M+18.9%	$5.6M-11.5%	$6.3M-46.5%	$11.9M+11.8%	$10.6M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$37.1M0.0%	$37.1M+102.5%	$18.3M+19.5%	$15.3M-27.1%	$21.0M-21.0%	$26.6M-17.6%	$32.3M-14.1%	$37.6M
Retained Earnings	$322.6M+200.0%	-$322.6M-1.7%	-$317.3M+0.5%	-$318.7M-2.4%	-$311.4M-2.6%	-$303.5M-3.0%	-$294.6M-3.0%	-$286.0M

VERU Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$30.0M-38.6%	-$21.7M+75.4%	-$88.0M-85.3%	-$47.5M-205.1%	-$15.6M-706.7%	-$1.9M
Capital Expenditures	$1K-99.3%	$158K-76.2%	$666K-9.2%	$733K+94.6%	$377K+256.1%	$106K
Free Cash Flow	-$30.0M-37.6%	-$21.8M+75.4%	-$88.7M-83.8%	-$48.2M-202.5%	-$15.9M-683.3%	-$2.0M
Investing Cash Flow	$25.1M+17096.0%	$146K-97.7%	$6.3M+48.5%	$4.3M-70.8%	$14.6M+13926.9%	-$106K
Financing Cash Flow	-$4.2M-111.5%	$36.8M+231.3%	$11.1M+939.5%	$1.1M-99.0%	$109.7M+1076.0%	$9.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$6.2M+200.0%	-$6.2M-12.3%	-$5.5M-0.2%	-$5.5M+29.1%	-$7.7M+31.7%	-$11.3M-159.6%	-$4.4M+22.7%	-$5.6M
Capital Expenditures	$1K	$0	$0	$0	$0-100.0%	$1K-98.3%	$63K+15.4%	$55K
Free Cash Flow	$6.2M+200.0%	-$6.2M-12.3%	-$5.5M-0.2%	-$5.5M+29.1%	-$7.7M+31.7%	-$11.3M-155.9%	-$4.4M+22.3%	-$5.7M
Investing Cash Flow	$17.2M	$0-100.0%	$6.3M+1223.8%	$474K-58.7%	$1.1M-93.3%	$17.2M+13014.3%	$132K+137.5%	$55K
Financing Cash Flow	$23.4M0.0%	$23.4M	$0	$0	$0+100.0%	-$4.2M	$0-100.0%	$3K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VERU Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	34.7%-11.8pp	46.4%-31.3pp	77.7%-0.5pp	78.2%+6.0pp	72.3%
Operating Margin	N/A	-214.2%+361.3pp	-575.5%-363.3pp	-212.1%-233.3pp	21.2%+55.8pp	-34.6%
Net Margin	N/A	-223.9%+347.7pp	-571.6%-358.1pp	-213.5%-225.6pp	12.1%+56.6pp	-44.5%
Return on Equity	-124.0%-7.0pp	-117.0%+356.4pp	-473.4%-371.9pp	-101.5%-106.3pp	4.8%+67.8pp	-63.0%
Return on Assets	-76.2%-13.6pp	-62.6%+123.6pp	-186.2%-124.1pp	-62.1%-66.2pp	4.2%+41.0pp	-36.8%
Current Ratio	2.43-0.5	2.97+1.7	1.29-1.4	2.69-6.9	9.62+7.8	1.83
Debt-to-Equity	0.63-0.2	0.87-0.7	1.54+0.9	0.63+0.5	0.17-0.5	0.71
FCF Margin	N/A	-129.3%+414.8pp	-544.1%-421.6pp	-122.6%-96.5pp	-26.0%-21.2pp	-4.8%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	40.4%+6.5pp	33.8%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-140.4%+126.4pp	-266.7%
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-128.2%+149.3pp	-277.4%
Return on Equity	14.4%+28.7pp	-14.4%	N/A	-47.8%-10.2pp	-37.5%-3.9pp	-33.6%-7.2pp	-26.4%+2.8pp	-29.2%
Return on Assets	11.2%+22.4pp	-11.2%	N/A	-26.8%-2.6pp	-24.2%-1.7pp	-22.5%-8.3pp	-14.1%+2.8pp	-17.0%
Current Ratio	5.160.0	5.16+2.7	2.430.0	2.42-1.4	3.80-0.7	4.47+1.5	2.97-0.7	3.62
Debt-to-Equity	0.280.0	0.28-0.3	0.63-0.2	0.78+0.2	0.55+0.1	0.50-0.4	0.87+0.2	0.72
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-66.5%+77.6pp	-144.2%

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Frequently Asked Questions

Is Veru profitable?

No, Veru (VERU) reported a net income of -$22.7M in fiscal year 2025.

What is Veru's EBITDA?

Veru (VERU) had EBITDA of -$24.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Veru's return on equity (ROE)?

Veru (VERU) has a return on equity of -124.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Veru's free cash flow?

Veru (VERU) generated -$30.0M in free cash flow during fiscal year 2025. This represents a -37.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Veru's operating cash flow?

Veru (VERU) generated -$30.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Veru's total assets?

Veru (VERU) had $29.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Veru's capital expenditures?

Veru (VERU) invested $1K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Veru spend on research and development?

Veru (VERU) invested $15.6M in research and development during fiscal year 2025.

How many shares does Veru have outstanding?

Veru (VERU) had 15M shares outstanding as of fiscal year 2025.

What is Veru's current ratio?

Veru (VERU) had a current ratio of 2.43 as of fiscal year 2025, which is generally considered healthy.

What is Veru's debt-to-equity ratio?

Veru (VERU) had a debt-to-equity ratio of 0.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Veru's return on assets (ROA)?

Veru (VERU) had a return on assets of -76.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Veru's cash runway?

Based on fiscal year 2025 data, Veru (VERU) had $15.8M in cash against an annual operating cash burn of $30.0M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Veru's Piotroski F-Score?

Veru (VERU) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Veru's earnings high quality?

Veru (VERU) has an earnings quality ratio of 1.32x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.