Travere Therapeutics
TVTX on Nasdaq. Travere Therapeutics sells FILSPARI, a kidney disease drug, to adults with IgAN. Market value $5.4bn.
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.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$55.98 a share, 148% above its 1-year low
Over the past year the price has ranged from $22.59 to $68.73.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $132m | $109m | $145m | $233m | $491m |
| Operating margin | |||||
| Operating margin | -151.3% | -292.2% | -267.2% | -138.9% | -12.8% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.08bn | 0.08bn | 0.09bn | 0.09bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 19.9% a year
- Buying back its own sharesNo, 47% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $170 million last quarter, up 48% on a year ago.
- A loss of $35 million, compared with a loss of $13 million a year ago.
- It loses 7 cents on each $1 of sales, compared with 52 cents a year earlier.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $63m |
| December 2024 | $75m |
| March 2025 | $82m |
| June 2025 | $114m |
| September 2025 | $165m |
| December 2025 | $130m |
| March 2026 | $127m |
| June 2026 | $170m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$55m |
| December 2024 | -$60m |
| March 2025 | -$41m |
| June 2025 | -$13m |
| September 2025 | $26m |
| December 2025 | $3m |
| March 2026 | -$37m |
| June 2026 | -$35m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 319 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $2m | <0.1% | New |
| Gotham Asset ManagementJoel Greenblatt | $2m | <0.1% | Cut |
Largest holders overall
- Jupiter Topco$643m
- BlackRock$456mAdded
- FMR$403mCut
- Bank of America$260mAdded
- State Street$242mCut
- Vanguard Capital Management$233m
- Perceptive Advisors$213mCut
- Nomura Asset Management International$160mCut
- Adage Capital Partners GP, L.L.C.$146mAdded
- Geode Capital Management$135m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- JANUS HENDERSON GROUP PLCPassive investor11.9%−0.9 ptsSince 30 September 2025
- FMR LLCPassive investorat least 7.7%−4.0 pts(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor7.5%−1.9 ptsSince 31 March 2025
- BANK OF AMERICA CORP /DE/Passive investor5.8%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Perceptive Advisors LLCPassive investorat least 4.8%−0.7 pts(filed with 2 related holders)Since 31 December 2025
- Rock Springs Capital Management LPPassive investorat least 3.3%−2.4 pts(filed with 4 related holders)Since 31 March 2025
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 30 June 2026
- Woodline Partners LPPassive investorSold down below 5%Since 31 December 2024
- Armistice Capital, LLCPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Macquarie Group LimitedPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
JANUS HENDERSON GROUP PLC Passive investor | 11.9%−0.9 pts | 30 September 2025 | |
FMR LLC Passive investor | at least 7.7%−4.0 pts (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 7.5%−1.9 pts | 31 March 2025 | |
BANK OF AMERICA CORP /DE/ Passive investor | 5.8% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Perceptive Advisors LLC Passive investor | at least 4.8%−0.7 pts (filed with 2 related holders) | 31 December 2025 | |
Rock Springs Capital Management LP Passive investor | at least 3.3%−2.4 pts (filed with 4 related holders) | 31 March 2025 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 30 June 2026 | |
Woodline Partners LP Passive investor | Sold down below 5% | 31 December 2024 | |
Armistice Capital, LLC Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Macquarie Group Limited Passive investor | Sold down below 5% | 31 December 2025 |
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. 11 sold $104m, $103m of it under preset trading plans.
- Heerma PeterEVP, CHIEF COMMERCIAL OFFICERSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 8,282
- Price
- $65.07
- Value
- $538,917
- Dube Eric MCHIEF EXECUTIVE OFFICER, DirectorSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 108,493
- Price
- $64.61
- Value
- $7m
- Heerma PeterEVP, CHIEF COMMERCIAL OFFICERSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 172,717
- Price
- $63.43
- Value
- $11m
- Dube Eric MCHIEF EXECUTIVE OFFICER, DirectorSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 195,841
- Price
- $63.45
- Value
- $12m
- ROTE WILLIAM E.Chief Research OfficerSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 112,850
- Price
- $63.33
- Value
- $7m
- Cline Christopher R.CHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 50,508
- Price
- $62.34
- Value
- $3m
- Inrig JulaEVP, Head of R&D & CMOSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 44,674
- Price
- $62.34
- Value
- $3m
- Calvin SandraSVP, CHIEF ACCOUNTING OFFICERSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 5,375
- Price
- $62.33
- Value
- $335,005
- Heerma PeterEVP, CHIEF COMMERCIAL OFFICERSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 102,190
- Price
- $62.26
- Value
- $6m
- Dube Eric MCHIEF EXECUTIVE OFFICER, DirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 95,666
- Price
- $62.26
- Value
- $6m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 September 2026 | Heerma Peter EVP, CHIEF COMMERCIAL OFFICER | Sold under a preset trading plan | 8,282 | $65.07 | $538,917 |
| 17 September 2026 | Dube Eric M CHIEF EXECUTIVE OFFICER, Director | Sold under a preset trading plan | 108,493 | $64.61 | $7m |
| 16 September 2026 | Heerma Peter EVP, CHIEF COMMERCIAL OFFICER | Sold under a preset trading plan | 172,717 | $63.43 | $11m |
| 16 September 2026 | Dube Eric M CHIEF EXECUTIVE OFFICER, Director | Sold under a preset trading plan | 195,841 | $63.45 | $12m |
| 16 September 2026 | ROTE WILLIAM E. Chief Research Officer | Sold under a preset trading plan | 112,850 | $63.33 | $7m |
| 15 September 2026 | Cline Christopher R. CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 50,508 | $62.34 | $3m |
| 15 September 2026 | Inrig Jula EVP, Head of R&D & CMO | Sold under a preset trading plan | 44,674 | $62.34 | $3m |
| 15 September 2026 | Calvin Sandra SVP, CHIEF ACCOUNTING OFFICER | Sold under a preset trading plan | 5,375 | $62.33 | $335,005 |
| 15 September 2026 | Heerma Peter EVP, CHIEF COMMERCIAL OFFICER | Sold under a preset trading plan | 102,190 | $62.26 | $6m |
| 15 September 2026 | Dube Eric M CHIEF EXECUTIVE OFFICER, Director | Sold under a preset trading plan | 95,666 | $62.26 | $6m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
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
Your first deep dive is free.
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.