Viatris Inc (VTRS)
Health Care · Pharmaceuticals · US stock · S&P 500 component
$18.48
▲ +0.03 (0.16%)
Fair valueFair
$21 +13.1% to fair value
$10fair band $18–$25$31
Day's range
$18.35 – $18.66
52-week range
$9.92 – $18.75
About Viatris Inc
Generic medicines, branded medicines that have lost patent protection and biosimilars are supplied by Viatris, a global healthcare company. Its portfolio includes well-known brands such as Lipitor and Viagra, and it also makes the EpiPen auto-injector. Customers are pharmacies, wholesalers, hospitals, health systems and governments in many countries. The business is organised by geographic region, and it runs a large manufacturing and distribution network.
High volumes of generic and established branded medicines generated revenue of $14.7 billion over the last twelve months. Revenue has changed at -4.2% a year across the last three years. The operating margin is -0.6%, and the business earns 0% on the capital invested in it, which is effectively nothing. Net debt is 4.6 times EBITDA, and the dividend yield is 2.6%. On the site's X-Ray Score it receives 25 out of 100.
Price chart
52-wk range $9.92 – $18.75Volume 5,435,547Daily, split-adjusted
Vitals
Market cap$21.5B
52-week range$9.92 – $18.75
Volume (last day)5,435,547
P/E (TTM)–
EBIT / EV yield-0.3%
Free-cash-flow yield9.1%
Dividend yield2.6%
Revenue (TTM)$14.7B
Net income (TTM)–
Operating margin-0.6%
Return on capital-0.3%
Debt incl. leases$13.4B
Cash & securities$887M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$21middle half of models $21 – $24
Fair
+13.1% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $18
Undervalued < $18Fair $18 – $25Overvalued > $25
P/B multiple
$27
P/S multiple
$28
EV/EBITDA multiple
$21
EV/revenue multiple
$24
10-year DCF, EBITDA exit
$23
5-year DCF, EBITDA exit
$21
10-year DCF, revenue exit
$23
5-year DCF, revenue exit
$22
10-year DCF, growth exit · not used
$3
Dividend discount, stable
$10
Dividend discount, multi-stage
$10
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
57/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield-0.3%
Free-cash-flow yield9.1%
Fair value vs price1.1×
Growth
Weak
8/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-4.2%
Growth consistency40%
Profitability
Weak
8/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital-0.3%
Operating margin-0.6%
Gross profitability14.6%
Financial health
Weak
13/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score3 / 9
Net debt / EBITDA4.6×
Interest cover-0.2×
Dividends
Weak
45/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.6%
Dividends vs free cash flow29%
Quarterly results: last 6 quarters
-11.2%
Mar '25
-5.6%
Jun '25
+0.2%
Sep '25
+5.0%
Dec '25
+8.1%
Mar '26
+4.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.8B, diluted EPS $-0.10.
Compare with peers
ZTS Zoetis Inc.69 LLY ELI LILLY & Co62 BMY Bristol Myers Squibb C...60 JNJ Johnson & Johnson49Other Pharmaceuticals companies by X-Ray Score.
SWOT analysis: Viatris Inc
Strengthsinside the company
- Free cash flow equals 9.1% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Return on invested capital is only -0.3% (median 19.3% for industry peers), so the business earns little above its cost of capital.
- Operating margin of -0.6% is thin against 27.2% for industry peers.
- Revenue has fallen 4.2% a year over three years while industry peers grew 4.3%.
- Net debt is 4.6x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- Dividends use only 29% of free cash flow, which leaves room to raise them.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare VTRS with peers and sector
Medians of 6 Pharmaceuticals peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): LLY 62, JNJ 49, MRK 33, PFE 31, BMY 60, ZTS 69.
| Metric | VTRS | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 25 | 55 | 49 |
| Valuation | 57 | 45 | 52 |
| Growth | 8 | 41 | 48 |
| Profitability | 8 | 58 | 51 |
| Financial health | 13 | 52 | 48 |
| Dividends | 45 | 56 | 52 |
Sector leaders: highest X-Ray Score in Health Care
VTRS ranks #58 of 60 in Health Care and #7 of 7 in Pharmaceuticals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for VTRS
Each factor is rated by where VTRS stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 3 Average · 10 Bad of 17
Growth: 0 · 0 · 2
Profitability: 0 · 0 · 3
Financial strength: 0 · 1 · 3
Valuation: 4 · 0 · 0
Cash flow: 0 · 1 · 1
Efficiency: 0 · 1 · 1
| Factor | VTRS | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −4.2% | Bad beats 6% | +5.5% | – | – |
| Revenue growth, last year | −3.0% | Bad beats 3% | +7.1% | −4.5% | ≈ In line |
| Profitability | |||||
| Gross margin | 34.8% | Bad beats 21% | 65.0% | 38.2% | ≈ In line |
| Operating margin | -0.6% | Bad beats 8% | 16.4% | 0.1% | ≈ In line |
| Return on invested capital | -0.3% | Bad beats 8% | 12.2% | – | – |
| Financial strength | |||||
| Net debt / EBITDA | 4.6x | Bad beats 9% | 2.0x | 4.9x | ≈ In line |
| Interest cover | -0.2x | Bad beats 6% | 9.4x | 0.0x | ≈ In line |
| Current ratio | 1.58 | Average beats 54% | 1.52 | 1.58 | ≈ In line |
| Piotroski F-score | 3 / 9 | Bad beats 2% | 6 / 9 | – | – |
| Valuation | |||||
| Price / book | 1.5x | Good beats 95% | 3.7x | 0.6x | ▼ Worse |
| Price / sales | 1.5x | Good beats 76% | 3.7x | 0.8x | ▼ Worse |
| EV / EBITDA | 12.5x | Good beats 82% | 17.6x | 8.6x | ▼ Worse |
| Free cash flow yield | 9.1% | Good beats 93% | 4.4% | 19.1% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 13.3% | Average beats 39% | 16.3% | 14.3% | ≈ In line |
| Free cash flow growth, 3 years a year | −9.3% | Bad beats 17% | +4.3% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.4x | Average beats 43% | 2.9x | 2.6x | ≈ In line |
| Days sales outstanding | 77 days | Bad beats 18% | 62 days | 86 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 1 Average · ● 11 BadCash quality
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 30/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $17.9B | $16.3B | $15.4B | $14.7B | $14.3B |
| Operating income | −$34M | $1.6B | $766M | $10M | −$2.7B |
| Net income | −$1.3B | $2.1B | $55M | −$634M | −$3.5B |
| Operating cash flow | $3.0B | $3.0B | $2.9B | $2.3B | $2.3B |
| Operating margin | -0.2% | 9.9% | 5.0% | 0.1% | -18.6% |
| Free cash flow | $2.6B | $2.6B | $2.5B | $2.0B | $1.9B |
| Diluted EPS | $-1.05 | $1.71 | $0.05 | $-0.53 | $-3.00 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 18.06 | Bullish |
| EMA 10 | 18.17 | Bullish |
| SMA 20 | 17.88 | Bullish |
| EMA 20 | 17.88 | Bullish |
| SMA 50 | 17.14 | Bullish |
| EMA 50 | 17.36 | Bullish |
| SMA 100 | 16.79 | Bullish |
| EMA 100 | 16.73 | Bullish |
| SMA 200 | 15.56 | Bullish |
| EMA 200 | 15.46 | Bullish |
Oscillators (daily)
| RSI (14) | 62.14 | Neutral |
| MACD (12, 26) | 0.36 | Bullish |
| Momentum (12) | 5.36 | Bullish |
| Stochastic %K (14) | 85.48 | Bearish |
| Williams %R (14) | -14.52 | Bearish |
| CCI (20) | 111.3 | Bearish |
Pivot points (classic, last session)
S3 18.02 | S2 18.18 | S1 18.33 | Pivot 18.49 | R1 18.64 | R2 18.80 | R3 18.95 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.48 USD
Yield on today's price
2.60%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 | |
| 0.1200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold VTRS
| ETF | Share of the fund |
|---|---|
| IHE iShares U.S. Pharmaceuticals | 4.22% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.45% |
| WTV WisdomTree U.S. Quality Shareholder Yi... | 1.40% |
| DON WisdomTree U.S. MidCap Dividend | 1.28% |
| RPV Invesco S&P 500 Pure Value | 1.23% |
| PPH VanEck Pharmaceutical | 1.10% |
| TMSL T. Rowe Price Small-Mid Cap | 0.71% |
| CLSE Convergence Long/Short Equity | 0.60% |
The eight funds with the largest weight in VTRS among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
VTRS stock splits
VTRS has split its stock 4 times since 1992. The latest was a 3-for-2 split on 9 Oct 2003.
Full VTRS stock split history →VTRS SEC filings
8-KSEC EDGAR
Entered a material agreement; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Other events
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.