JAZZJazz Pharmaceuticals plc
Is the business good?
A genuinely good business: earnings fully cash-backed (2.3×) and margins widening.
Operating profit is fully backed by cash.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Margin-driven, fat margins on slower asset turns. ROE 1% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is JAZZ?
Jazz Pharmaceuticals plc earns 9.4% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.40 points above what the capital costs: growth creates value
- Operating margin
- 19%
Operating margin · Biotechnology median −82% · 12 months to Q2 2026
- Cash conversion
- 2.34×
Cash conversion · operating cash flow covers the operating profit after tax
- Share count, year on year
- +13%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 16% |
| FY2021 | 5.5% |
| FY2022 | −1.8% |
| FY2023 | 15% |
| FY2024 | 18% |
| FY2025 | −10% |
Details›
- Operating margin12 months to Q2 2026
- 19%
- Net margin12 months to Q2 2026
- 20%
- Free cash flow margin
- 35%
- R&D as % of revenue
- 18%
- Revenue, trailing twelve months
- $4.60B
- Free cash flow, trailing twelve months
- $1.59B
- Net income, trailing twelve months
- $941M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from JAZZ and who it buys from, as the companies report it.
- CICigna42%
Share of revenue · FY2025 10-K
- ASD11%
Share of revenue · FY2025 10-K
- MCKMcKesson Corporation10%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; JAZZ’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.