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Ultragenyx Pharmaceutical

RARE on Nasdaq. Ultragenyx Pharmaceutical sells prescription medicines to patients and doctors. Market value $1.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Health care stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 30 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.

$14.46 a share, 14% above its 1-year low

Over the past year the price has ranged from $12.73 to $39.89.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.4
-0.5
-0.5
n/a
n/a
20212022202320242025
Revenue
$351m$363m$434m$560m$673m
Operating margin
-108.6%-178.6%-131.1%-95.7%-79.5%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.07bn0.08bn0.09bn0.10bn0.10bn

Health checks

  • Free cash flow positive0 of 3 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)3 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsStrong, 20.0% a year
  • Buying back its own sharesNo, 41% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $214 million last quarter, up 28% on a year ago.
  • A loss of $92 million, compared with a loss of $115 million a year ago.
  • It loses 74 cents on each $1 of sales, compared with 83 cents a year earlier.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$139m
December 2024$165m
March 2025$139m
June 2025$167m
September 2025$160m
December 2025$207m
March 2026$136m
June 2026$214m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$134m
December 2024-$133m
March 2025-$151m
June 2025-$115m
September 2025-$180m
December 2025-$129m
March 2026-$185m
June 2026-$92m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
18 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

None of the long-term investors we follow own it. 310 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $4m, $1m of it under preset trading plans.

  • Huizenga Theodore Alan
    SVP, Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    1,283
    Price
    $13.57
    Value
    $17,410
  • Huizenga Theodore Alan
    SVP, Chief Accounting Officer
    Sold
    Date
    3 September 2026
    Shares
    161
    Price
    $13.99
    Value
    $2,252
  • Parschauer Karah Herdman
    EVP and Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    1,900
    Price
    $24.92
    Value
    $47,348
  • Horn Howard
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    4,696
    Price
    $24.92
    Value
    $117,024
  • Horn Howard
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    1 July 2026
    Shares
    4,698
    Price
    $33.13
    Value
    $155,645
  • Sanders Corazon (Corsee) D.
    Director
    Sold
    Date
    15 June 2026
    Shares
    2,000
    Price
    $25.05
    Value
    $50,100
  • Parschauer Karah Herdman
    EVP and Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    15 June 2026
    Shares
    1,899
    Price
    $24.62
    Value
    $46,753
  • Horn Howard
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    1 June 2026
    Shares
    4,653
    Price
    $23.77
    Value
    $110,602
  • SULIMAN SHEHNAAZ
    Director
    Sold
    under a preset trading plan
    Date
    18 May 2026
    Shares
    5,740
    Price
    $25.12
    Value
    $144,189
  • Crombez Eric
    EVP and Chief Medical Officer
    Sold
    Date
    5 May 2026
    Shares
    344
    Price
    $24.96
    Value
    $8,586

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 11 later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 45% last year. Losing that customer would hurt.

    “For the year ended December 31, 2025, 45% of our total revenues were generated by our collaboration partner KKC.”

    From the 10-K filed 18 February 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.