TARSTarsus Pharmaceuticals, Inc.
Is the business good?
Margins steady. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is TARS?
Tarsus Pharmaceuticals, Inc. keeps −8.0% of every revenue dollar as operating profit, against −82% for the median Biotechnology name.
Operating margin · Biotechnology median −82% · 12 months to Q2 2026
- Share count, year on year
- +2.4%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 14%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2021 | −21% |
| FY2022 | −243% |
| FY2023 | −821% |
| FY2024 | −66% |
| FY2025 | −16% |
Details›
- Operating margin12 months to Q2 2026
- −8.0%
- Net margin12 months to Q2 2026
- −7.7%
- Free cash flow margin
- 9.2%
- R&D as % of revenue
- 14%
- Revenue, trailing twelve months
- $606M
- Free cash flow, trailing twelve months
- $56M
- Net income, trailing twelve months
- −$46M
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 TARS and who it buys from, as the companies report it.
- Major customers74%
Combined 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; TARS’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.