Health Care · Pharmaceuticals · US stock · price as of 22 Oct 2026
Key indicators
Price
$18.48
52-week range
$9.92 – $18.75
Market cap
$21.5B
P/E (trailing)
–
EV / EBITDA
12.5×
Free-cash-flow yield
9.1%
Dividend yield
2.6%
Revenue (last 12 months)
$14.7B
Revenue growth (3y a year)
−4.2%
Operating margin
−0.6%
Return on invested capital
−0.3%
Net debt / EBITDA
4.6×
Fair value
Fair value (average of valid models)$20.90 middle half of models $21 – $24
Versus priceFair+13% to fair value
P/B multiple
$26.89
P/S multiple
$27.52
EV/EBITDA multiple
$21.07
EV/revenue multiple
$24.10
10-year DCF, EBITDA exit
$23.15
5-year DCF, EBITDA exit
$21.30
10-year DCF, revenue exit
$23.33
5-year DCF, revenue exit
$21.59
Dividend discount, stable
$10.03
Dividend discount, multi-stage
$9.97
Model uncertainty
Medium
X-Ray Score
25/ 100 · Medium confidence · ahead of 3% of sector peers
Valuation57
Growth8
Profitability8
Financial health13
Dividends45
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Viatris Inc an X-Ray Score of 25 out of 100 (medium confidence), ahead of 3% of the S&P 500 stocks in its sector. Its strongest lens is valuation (57) and its weakest is growth (8).
Our fair value (the average of the valid models) is $20.90 (range $21.13 to $23.90). At $18.48 the stock trades 12% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Viatris Inc (VTRS)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$11.06
$9.48
$9.67
$11.58
$12.16
$18.48
Market cap
$13.4B
$11.5B
$11.7B
–
–
$21.5B
P/E
–
5.5×
193.4×
–
–
–
EV / revenue
2.0×
1.8×
1.9×
–
–
2.3×
EV / EBITDA
8.0×
6.4×
8.2×
–
–
12.5×
Price / free cash flow
5.2×
4.5×
4.6×
–
–
11.0×
Free-cash-flow yield
19.1%
22.5%
21.6%
–
–
9.1%
Price / book
0.7×
0.5×
0.6×
–
–
1.5×
Dividend yield
2.98%
5.06%
4.96%
4.15%
3.95%
2.60%
Fundamentals checklist ● 2 Good · ● 1 Average · ● 11 Bad · each check graded against the sector
Cash quality
Free-cash-flow yield9.1%Good
Risk models
Altman Z score1.4×Bad
Piotroski F-Score3 of 9Bad
Growth
Free-cash-flow growth (3y)−9.3%Bad
Revenue growth (3y)−4.2%Bad
Growth consistency40%Bad
Balance sheet
Current ratio1.6×Average
Net debt / EBITDA4.6×Bad
Interest cover-0.2×Bad
Valuation
Fair value vs price1.1×Good
EBIT / EV yield−0.3%Bad
Profitability
Return on invested capital−0.3%Bad
Operating margin−0.6%Bad
Gross profitability14.6%Bad
XStocksXray
Viatris Inc (VTRS)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
17,886
16,263
15,427
14,739
14,300
14,737
Gross profit
5,576
6,497
6,439
5,624
5,014
5,133
Operating income
-34
1,615
766
10
-2,663
-87
Net income
-1,269
2,079
55
-634
-3,515
–
Diluted EPS ($)
-1.05
1.71
0.05
-0.53
-3.00
–
Free cash flow
2,560
2,593
2,523
1,977
1,937
1,955
Gross margin
31.2%
40.0%
41.7%
38.2%
35.1%
34.8%
Operating margin
−0.2%
9.9%
5.0%
0.1%
−18.6%
−0.6%
Net margin
−7.1%
12.8%
0.4%
−4.3%
−24.6%
–
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
54,843
50,022
47,686
41,501
37,193
35,045
Cash
701
1,260
992
735
1,322
887
Total debt
23,088
19,274
18,132
14,047
14,414
13,351
Equity
20,493
21,072
20,467
18,636
14,711
14,260
Dividend per share ($)
0.33
0.48
0.48
0.48
0.48
0.48
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
