Owner Scorecard
An independent research publication · records as of August 17, 2026

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AMRN, Amarin Corporation plc

Pharmaceuticals consumer brand UnprofitableDistress / turnaroundNet current asset value

A pharmaceutical business, where patents grant a temporary monopoly the pipeline must keep refilling.

Latest annual: FY2025 10-K
AMRN · Amarin Corporation plc
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$214M
−6.5% YoY · −19% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $186M 5-yr avg $340M
Gross margin 38% 5-yr avg 58%
Operating margin −21.9% 5-yr avg −22.5%
ROIC −11% 5-yr avg −14%

Next report Est. 10/26–11/2 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~30 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

Situation
Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
What moves the needle
Operating margin has run around −24% through the cycle on a 74% gross margin, the operating line in the red even at its best — so the lever is whether the spending below the gross line can come down enough to clear a profit: revenue growth against the cost curve, and the cash runway until it does. Inventory runs near 31% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?
Return on capital has rarely cleared the cost of capital (median −15%, above 15% in 0 of 7 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left
2016’162017’172018’182019’192020’202021’212022’222023’232024’242025’25TTMTTMJun 2026
Income statement
$130M$181M$229M$430M$614M$583M$369M$307M$229M$214M$186MRevenueRevenue
$96M$136M$175M$334M$483M$462M$242M$166M$81M$121M$71MGross profitGross prof.
74%75%76%78%79%79%66%54%36%57%38%Gross marginGross mgn
86%74%99%75%75%70%82%65%67%54%45%SG&A / revenueSG&A/rev
38%26%24%8%6%5%8%7%9%9%10%R&D / revenueR&D/rev
($66M)($46M)($108M)($24M)($20M)$11M($106M)($68M)($92M)($50M)($41M)Operating incomeOp. inc.
−50.4%−25.2%−47.2%−5.6%−3.2%1.8%−28.7%−22.0%−40.2%−23.5%−21.9%Operating marginOp. mgn
($76M)($55M)($116M)($22M)($17M)$11M($104M)($54M)($77M)($36M)—Pretax incomePretax
($86M)($68M)($116M)($23M)($18M)$8M($106M)($59M)($82M)($39M)($27M)Net incomeNet inc.
Cash flow & returns
($72M)($33M)($95M)($9M)($22M)($67M)($180M)$7M($31M)$7M$16MOperating cash flowOp. cash
$138K$62K$23K$879K$2M$3M$3M$3M$3M——Depreciation & amortizationD&A
$784K$21M$3M($19M)($52M)($114M)($104M)$47M$30M$32M$35MWorking capital & otherWC & other
$21K$12K$58K$2M$252K——————CapexCapex
0.0%0.0%0.0%0.6%0.0%——————Capex / revenueCapex/rev
($72M)($33M)($95M)($10M)($22M)——————Owner earningsOwner earn.
−55.2%−18.1%−41.3%−2.4%−3.6%——————Owner earnings marginOE mgn
($72M)($33M)($95M)($12M)($22M)——————Free cash flowFCF
−55.2%−18.1%−41.3%−2.8%−3.6%——————Free cash flow marginFCF mgn
($21K)($12K)($58K)($2M)($377M)$104M$175M($26M)($46M)$9M—Investing cash flowInv. cash
$63M$8M$271M$410M($59M)($5M)($379K)$230K($1M)($2M)—Financing cash flowFin. cash
($9M)($25M)$176M$398M($458M)$32M($5M)($18M)($78M)$14M—Change in cashΔ cash
———-30%-4%2%-22%-15%-20%-12%-11%ROICROIC
——-76%-4%-3%1%-18%-11%-17%-8%-6%Return on equityROE
——−76%−4%−3%1%−18%−11%−17%−8%−6%Retained to equityRetained/eq
Balance sheet
$98M$74M$249M$645M$501M$454M$309M$321M$294M$303M$315MCash & investmentsCash+inv
$20M$45M$67M$116M$155M$164M$131M$134M$122M$127M$93MReceivablesReceiv.
$21M$30M$58M$77M$189M$235M$229M$259M$166M$196M$164MInventoryInvent.
$6M$25M$38M$50M$106M$115M$65M$53M$40M$45M$19MAccounts payablePayables
$34M$50M$87M$143M$238M$283M$295M$339M$248M$277M$238MOperating working capitalOper. WC
$146M$153M$378M$855M$879M$879M$689M$725M$595M$650M$603MCurrent assetsCur. assets
$76M$109M$157M$242M$307M$371M$259M$259M$180M$194M$164MCurrent liabilitiesCur. liab.
1.9×1.4×2.4×3.5×2.9×2.4×2.7×2.8×3.3×3.3×3.7×Current ratioCurr. ratio
$78K$28K$63K$2M$2M$1M$874K$114K$16K$12K—Net PP&ENet PP&E
$167M$162M$386M$882M$966M$1.1B$886M$832M$685M$671M$624MTotal assetsAssets
$101M$93M$80M$100M$0$0—————Total debtDebt
$3M$20M($169M)($545M)($501M)($454M)—————Net debt / (cash)Net debt
-3.5×-4.7×-12.2×-3.7×-7.5×81.4×-7057.9×-8448.5×-13113.9×-7167.1×-5824.6×Interest coverageInt. cov.
$176M$227M$233M$274M$339M$401M$291M$280M$199M$211M—Total liabilitiesTotal liab.
($9M)($65M)$152M$608M$628M$667M$595M$552M$486M$459M$444MShareholders’ equityEquity
10.5%7.7%8.2%7.2%7.5%6.3%7.1%5.1%7.7%6.5%4.3%Stock comp / revenueSBC/rev
Per share
212M271M297M343M382M402M401M408M411M415M419MShares out (diluted)Shares
$0.61$0.67$0.77$1.25$1.61$1.45$0.92$0.75$0.56$0.51$0.44Revenue / shareRev/sh
$-0.41$-0.25$-0.39$-0.07$-0.05$0.02$-0.26$-0.15$-0.20$-0.09$-0.06EPS (diluted)EPS
$-0.34$-0.12$-0.32$-0.03$-0.06——————Owner earnings / shareOE/sh
$-0.34$-0.12$-0.32$-0.03$-0.06——————Free cash flow / shareFCF/sh
$0.00$0.00$0.00$0.01$0.00——————Cap. spending / shareCapex/sh
$-0.04$-0.24$0.51$1.78$1.64$1.66$1.48$1.35$1.18$1.11$1.06Book value / shareBVPS
Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share−1.9%/yr−20.4%/yr
Capital spending / share+60.6%/yr (4-yr)+60.6%/yr (4-yr)
Book value / share—−7.6%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

  • Licensing And Royalty+28.6%
    “Licensing and royalty revenue during the years ended December 31, 2025 and 2024 was $30.9 million and $24.0 million, respectively, an increase of $6.9 million, or 29%. This increase was primarily due to the recognition of a $25.0 million upfront payment resulting from the execution of the Recordati Licensing Agreement and higher royalties as a result of an increase in partner sales within their respective territories.”
    ✓ figure matches the filed record

Owner-earnings bridge

FY2016–FY2020cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2020 the business reported a $18M loss but ($22M) of owner earnings: $4M less than the profit line, taken out by capital spending and the timing of cash.

FY2020FY2019FY2018FY2017FY2016
Reported net income($18M)($23M)($116M)($68M)($86M)
Depreciation & amortizationnon-cash charge added back+$2M+$879K+$23K+$62K+$138K
Stock-based compensationreal costnon-cash, but a real cost+$46M+$31M+$19M+$14M+$14M
Working capital & othertiming of cash in and out, other non-cash items−$52M−$19M+$3M+$21M+$784K
Cash from operations($22M)($9M)($95M)($33M)($72M)
Maintenance capital expenditurethe spending needed just to hold position and volume−$252K−$879K−$23K−$12K−$21K
Owner earnings($22M)($10M)($95M)($33M)($72M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still—−$2M−$35K——
Free cash flow($22M)($12M)($95M)($33M)($72M)
Owner-earnings marginowner earnings ÷ revenue-4%-2%-41%-18%-55%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $46M), owner earnings is nearer ($68M).

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

  • Can it pay its interest? -7167.1×
    Does not cover its interest
    Operating income ($50M) ÷ interest expense $7K
    What this means

    A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.

  • How heavy is the debt, net of cash? +$253M
    Net cash
    Cash $135M + ST investments $168M − debt $50M
    What this means

    Cash and short-term investments exceed every dollar of debt by $253M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.

  • How long is cash tied up? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

Is it a good business?

  • Return on invested capital -15%
    Below average through the cycle
    7-yr median, range -30%–2%; -11% latest = NOPAT ($40M) ÷ invested capital $374M
    Industry peers: median -32%
    What this means

    The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran -11% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.

  • Owner-earnings margin —
    Not enough data
    Industry peers: median -31%
    What this means

    The filing data didn't include the inputs for this check.

  • Are earnings backed by cash? $7M
    Loss, but cash-generative
    Net income ($39M) · cash from operations $7M
    What this means

    The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did.

How is the cash used?

  • Where do the earnings go? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

  • Investing or harvesting? —
    Not enough data
    What this means

    The filing data didn't include the inputs for this check.

The promise and the pay packet

  • Is the buyback buying ownership, or mopping up? 6.5%
    The count is rising
    Stock compensation $14M (fiscal 2025), 6.5% of revenue · no repurchases · diluted shares +3.4% since 2022
    What this means

    Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 2 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

  • Adequate size Miss
    Revenue ≥ $2B · $214M
    What this means

    Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.

  • Strong liquidity Pass
    Current ratio ≥ 2× · 3.34×
    What this means

    Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.

  • Conservative debt Pass
    Debt ≤ working capital · $50M vs $455M WC
    What this means

    Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.

  • Earnings stability Miss
    A profit every year (10-yr record) · 9 loss years
    What this means

    Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.

  • Dividend record —
    Uninterrupted dividends · no dividend line tagged in the data
    What this means

    An unbroken dividend was Graham's mark of durability. This record carries no dividends-paid line in any year — common for partnerships, whose distributions file under tags the chain doesn't read — so the criterion is withheld rather than judged on silence.

  • Earnings growth —
    Earnings +33% over the record · —
    What this means

    Earnings were negative early in the record, a growth rate isn't meaningful.

  • Moderate price —
    P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
    What this means

    Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.14/share (latest year $-0.09), the averaged base the calculator's gate runs on, and book value is $1.09/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

  • Profitable years 1 of 10
    What this means

    Lost money in 9 year(s), look at what happened there before trusting the average.

  • Return on capital ≥ 15% 0 of 3 yrs
    What this means

    A moat shows up as a high return on invested capital that holds year after year, not one good vintage.

  • Operating margin −41% → −29% (3-yr avg ends)

    In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

    What this means

    Through the cycle the operating margin widened — about −41% early to −29% lately, median −25% — pricing power intact or improving.

  • Reinvestment, incremental ROIC returns capital
    What this means

    The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.

  • Worst year 2016 · −50.4% op. margin
    What this means

    Operations went underwater in 2016, understand why before trusting the good years.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$603M
  • Cash & short-term investments$315M
  • Receivables$93M
  • Inventory$164M
  • Other current assets$31M
Current liabilities$164M
  • Accounts payable$19M
  • Other current liabilities$145M
Current ratio3.67×all current assets ÷ what's due · Graham looked for 2×
Quick ratio2.67×stricter: inventory excluded
Cash ratio1.92×strictest: cash alone against what's due
Working capital$439Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago−42.0%the freshest read on whether the business is still growing
Current ratio, recent quarters3.2× → 3.7×
Deeper floors
Tangible book value$432Mequity stripped of goodwill & intangibles
Net current asset value$422MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$7M$7M of it operating leases

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

  • Insider ownership4.2%

    The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

  • Stock-based compensation$14M

    The slice of the business handed to employees in shares in fiscal 2025, 6.5% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →
  • Which reported numbers are a judgment call?
    Management names Revenue recognition, Income taxes, Stock compensation as critical estimates

    each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

CompanyRevenuelatest FY, USDGross marginmedian over the recordOp. marginmedian over the recordROICmedian over the recordOwner earn. marginmedian over the record
AKBAAkebia Therapeutics Inc.$236M62%-42.3%-116%-31%
ANABAnaptysBio Inc.$235M—-60.9%-25%-64%
PBYIPuma Biotechnology Inc$228M76%5.5%-59%8%
IDYAIDEAYA Biosciences Inc.$219M—-179.9%-22%-175%
VNDAVanda Pharmaceuticals Inc.$216M—-2.4%-0%9%
AMRNAmarin Corporation plc$214M74%-24.3%-15%-18%
RYTMRhythm Pharmaceuticals Inc.$190M90%-221.1%4y-67%-132%4y
MRVIMaravai LifeSciences Holdings Inc.$186M53%16.8%-32%21%
Group median—74%-33.3%-28%-25%
IV

The price

What a price has to assume.

What the price implies

reverse-DCF

The owner-earnings base could not be formed from this filing’s tagged data (operating cash flow or capital spending is missing), so the owner-earnings reverse-DCF has no base to grow. We read the price from both ends instead: type a price to see the profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.

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The assumptions

Revenue, delivered−21%/yr’20→’25

Enter a price to run it.

Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today—

Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.

Weigh AMRN against another business →

The owners of AMRN: the meeting and the votes →

Cite: Owner Scorecard, "Amarin Corporation plc (AMRN), the owner's record," https://ownerscorecard.com/c/AMRN, data as of 2026-08-17.

Manual order: ← AMRC its page in the Manual AMRX →

Industry order: ← AMPH the Pharmaceuticals chapter AMRX →