Detailed financial statements for Cosmos Health Inc. (COSM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cosmos Health Inc. functions as a vertically integrated pharmaceutical firm, providing its own line of branded and generic medicines, nutraceuticals, non-prescription drugs, healthcare and infant products, medical devices, and various other goods. These are distributed via its established channels and an e-commerce marketplace. The company actively seeks, obtains, develops, and commercializes solutions designed to improve patients' well-being and health outcomes.
Analysis Summary
Cosmos Health Inc. reported revenue of $65.3M in the most recent fiscal year, growing at a 5-year CAGR of 3.3%.
Trailing-twelve-month margins: gross margin 12.1%, operating margin -25.3%, net margin -29.3%.
At the current price of $0.27, COSM has negative trailing earnings (P/E not meaningful) and an ROE of -103.91%. Market capitalisation stands at $15M.
Balance sheet quality for COSM: current ratio of 1.0, net debt of $19.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.8M | $30.0M | $37.1M | $39.7M | $55.4M | $56.2M | $50.3M | $53.4M | $54.4M | $65.3M |
| Cost of Revenue | $6.2M | $28.1M | $34.7M | $36.0M | $47.3M | $47.9M | $44.4M | $49.0M | $50.1M | $57.4M |
| Gross Profit | $601040 | $2.0M | $2.4M | $3.7M | $8.1M | $8.3M | $6.0M | $4.3M | $4.3M | $7.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $533293 | $519363 |
| Selling, General & Admin | $794099 | $4.9M | $3.6M | $3.5M | $4.9M | $12.4M | $13.2M | $25.6M | $12.1M | $22.5M |
| Operating Expenses | $803547 | $6.8M | $3.6M | $3.9M | $5.3M | $12.9M | $13.4M | $26.2M | $19.9M | $24.4M |
| Operating Income | -$202507 | -$4.9M | -$1.2M | -$255809 | $2.7M | -$4.5M | -$7.5M | -$21.8M | -$15.5M | -$16.5M |
| EBITDA | -$384769 | -$4.5M | -$2.2M | -$988585 | $4.4M | -$3.8M | -$8.9M | -$17.1M | -$13.9M | -$15.2M |
| Interest Expense | $206014 | $1.6M | $6.8M | $1.7M | $2.8M | $3.6M | $4.0M | $866476 | $1.0M | $2.6M |
| Pre-tax Income | -$600233 | -$6.2M | -$9.0M | -$3.1M | $1.2M | -$7.8M | -$13.1M | -$18.5M | -$16.2M | -$19.1M |
| Income Tax | $769 | $2801 | $17326 | $182815 | $377535 | $114010 | $775051 | 0 | 0 | 0 |
| Net Income | -$601002 | -$6.2M | -$9.1M | -$3.3M | $820786 | -$8.0M | -$13.8M | -$18.5M | -$16.2M | -$19.1M |
| EPS | $-1.25 | $-12.25 | $-17.02 | $-6.21 | $1.55 | $-23.74 | $-33.16 | $-2.15 | $-1.17 | $-0.63 |
| EPS (Diluted) | $-1.20 | $-12.25 | $-17.02 | $-6.21 | $1.54 | $-23.74 | $-33.16 | $-2.15 | $-1.17 | $-0.63 |
| Shares Outstanding (Diluted) | $502592 | $511200 | $532264 | $530943 | $532311 | $656933 | $1.9M | $12.0M | $19.1M | $30.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $17.1M | $19.7M | $17.9M | $19.0M |
| Gross Profit | $2.6M | $2.1M | $1.4M | $1.5M |
| Operating Income | -$1.8M | -$11.2M | -$2.2M | -$2.9M |
| EBITDA | -$4.3M | -$8.8M | -$1.6M | -$4.7M |
| Net Income | -$5.4M | -$10.1M | -$2.8M | -$6.1M |
| EPS | $-0.17 | $-0.33 | $-0.06 | $-0.10 |
| EPS (Diluted) | $-0.17 | $-0.33 | $-0.06 | $-0.10 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $716590 | $782853 | $864343 | $38537 | $628395 | $286487 | $20.7M | $3.8M | $315105 | $715674 |
| Short-term Investments | 0 | 0 | $2.7M | $238940 | $222792 | $11468 | $14881 | $20075 | $21148 | $46158 |
| Receivables | $793750 | $1.4M | $4.9M | $9.3M | $26.9M | $30.1M | $22.8M | $21.7M | $15.9M | $22.6M |
| Inventory | $464219 | $3.1M | $3.2M | $3.5M | $3.3M | $3.1M | $3.5M | $4.8M | $4.4M | $5.8M |
| Total Current Assets | $2.6M | $9.5M | $18.3M | $21.2M | $40.8M | $39.8M | $56.0M | $36.6M | $25.5M | $38.4M |
| Property, Plant & Equipment | $52715 | $114567 | $1.4M | $1.7M | $1.8M | $2.9M | $2.9M | $11.6M | $10.4M | $11.8M |
| Goodwill | 0 | 0 | $49697 | $49697 | $49697 | $49698 | $49697 | $49697 | $49697 | $49697 |
| Intangible Assets | 0 | $41994 | $247070 | $213984 | $180809 | $436069 | $657217 | $7.6M | $7.7M | $7.5M |
| Total Assets | $3.1M | $10.7M | $20.7M | $23.9M | $43.8M | $49.4M | $68.0M | $66.0M | $54.3M | $65.5M |
| Accounts Payable | $591691 | $2.2M | $5.9M | $8.0M | $12.0M | $12.1M | $10.3M | $11.9M | $11.2M | $14.6M |
| Short-term Debt | $3.2M | $10.2M | $15.0M | $18.7M | $19.7M | $13.3M | $8.0M | $8.2M | $9.6M | $13.5M |
| Total Current Liabilities | $4.9M | $13.7M | $22.3M | $28.2M | $34.3M | $29.9M | $21.7M | $24.3M | $25.8M | $38.3M |
| Long-term Debt | 0 | 0 | $1.6M | 0 | $11.3M | $12.7M | $2.9M | $3.0M | $1.6M | $5.9M |
| Total Liabilities | $4.9M | $13.7M | $24.0M | $30.3M | $48.0M | $45.0M | $28.4M | $30.0M | $29.8M | $47.1M |
| Retained Earnings | -$1.0M | -$7.2M | -$16.3M | -$19.6M | -$18.8M | -$34.3M | -$66.2M | -$91.6M | -$114.0M | -$133.2M |
| Total Equity | -$1.8M | -$3.0M | -$3.3M | -$6.5M | -$4.2M | $4.4M | $39.7M | $36.0M | $24.5M | $18.4M |
| Total Debt | $3.2M | $10.2M | $16.6M | $19.3M | $32.0M | $27.1M | $12.0M | $12.4M | $11.8M | $20.0M |
| Net Debt | $2.5M | $9.4M | $13.0M | $19.0M | $31.2M | $26.8M | -$8.7M | $8.6M | $11.5M | $19.2M |
| Working Capital | -$2.2M | -$4.2M | -$3.9M | -$7.1M | $6.5M | $9.9M | $34.3M | $12.3M | -$296193 | $116412 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $889441 | $715674 | $514702 | $1.8M |
| Total Assets | $69.5M | $65.5M | $62.4M | $61.5M |
| Total Liabilities | $46.4M | $47.1M | $42.5M | $40.8M |
| Total Equity | $23.1M | $18.4M | $19.8M | $20.7M |
| Total Debt | $21.1M | $20.0M | $17.4M | $16.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$601002 | -$6.2M | -$9.1M | -$3.3M | $820786 | -$8.0M | -$13.8M | -$18.5M | -$16.2M | -$19.1M |
| Depreciation & Amortization | $9448 | $25903 | $43930 | $394628 | $397595 | $449692 | $188890 | $614377 | $1.2M | $1.4M |
| Stock-based Compensation | $16636 | $740592 | $242002 | 0 | 0 | $5.9M | $24401 | $577931 | $1.7M | $2.3M |
| Change in Working Capital | -$1.6M | -$6.2M | $667348 | -$3.6M | -$11.9M | -$6.3M | -$8.7M | -$7.9M | $159681 | -$777930 |
| Operating Cash Flow | -$2.1M | -$8.8M | -$1.6M | -$4.8M | -$11.5M | -$7.1M | -$14.9M | -$15.6M | -$7.7M | -$8.4M |
| Capital Expenditure | -$12816 | -$55337 | -$503362 | -$672789 | -$117744 | -$890516 | -$383073 | -$9.2M | -$418075 | -$55675 |
| Acquisitions | 0 | $40858 | $307590 | 0 | 0 | 0 | 0 | -$5.2M | 0 | 0 |
| Stock Repurchased | 0 | -$34460 | -$80053 | -$845247 | -$200000 | -$376863 | 0 | -$100452 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$6.2M | 0 |
| Free Cash Flow | -$2.1M | -$8.8M | -$2.1M | -$5.5M | -$11.6M | -$8.0M | -$15.3M | -$24.8M | -$8.1M | -$8.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$4.0M | -$4.6M | -$1.1M | -$1.7M |
| Capital Expenditure | -$12715 | -$103924 | -$11399 | -$63637 |
| Free Cash Flow | -$4.0M | -$4.7M | -$1.1M | -$1.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $582008 | $535786 | $558858 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +344.3% | +23.6% | +7.0% | +39.6% | +1.5% | -10.5% | +6.0% | +2.0% | +19.9% | |
| Net Income Growth (YoY) | -933.2% | -45.9% | +63.6% | +124.9% | -1070.0% | -73.7% | -34.1% | +12.7% | -18.3% | |
| EPS Growth (YoY) | -880.0% | -38.9% | +63.5% | +125.0% | -1631.6% | -39.7% | +93.5% | +45.6% | +46.2% | |
| Shares Change (YoY) | +1.7% | +4.1% | -0.2% | +0.3% | +23.4% | +193.5% | +520.7% | +60.0% | +58.2% | |
| FCF Growth (YoY) | -312.2% | +76.6% | -165.3% | -112.7% | +31.3% | -91.0% | -62.6% | +67.2% | -4.5% | |
| Gross Margin | 8.9% | 6.5% | 6.5% | 9.2% | 14.5% | 14.8% | 11.8% | 8.1% | 7.9% | 12.1% |
| Operating Margin | -3.0% | -16.2% | -3.3% | -0.6% | 4.9% | -8.1% | -14.8% | -40.9% | -28.6% | -25.3% |
| EBITDA Margin | -5.7% | -15.1% | -5.9% | -2.5% | 7.9% | -6.8% | -17.7% | -32.0% | -25.6% | -23.2% |
| Net Margin | -8.9% | -20.7% | -24.4% | -8.3% | 1.5% | -14.2% | -27.5% | -34.7% | -29.7% | -29.3% |
| FCF Margin | -31.7% | -29.4% | -5.6% | -13.8% | -21.0% | -14.2% | -30.3% | -46.5% | -14.9% | -13.0% |
| Effective Tax Rate | -0.1% | -0.0% | -0.2% | -5.9% | 31.5% | -1.5% | -5.9% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4.26 | $-17.24 | $-3.87 | $-10.29 | $-21.83 | $-12.16 | $-7.91 | $-2.07 | $-0.42 | $-0.28 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.32 | $0.00 |
| Shares Outstanding (Basic) | $480801 | $506919 | $532264 | $530943 | $530803 | $656933 | $1.9M | $12.0M | $19.1M | $30.3M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -103.91% |
| Return on Invested Capital | -40.39% |
| Return on Assets | -29.24% |
| Gross Margin | 12.10% |
| Operating Margin | -25.34% |
| Net Margin | -29.33% |
Financial Health
| Debt / Equity | 1.08 |
| Current Ratio | 1.00 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -2.49 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -164.00 | -20.82 | -5.88 | -8.86 | 82.26 | -3.55 | -0.14 | -0.66 | -0.57 | -0.79 |
| P/B | -56.23 | -42.69 | -16.04 | -4.52 | -16.26 | 12.64 | 0.22 | 0.47 | 0.52 | 0.82 |
| P/S | 14.59 | 4.31 | 1.44 | 0.74 | 1.22 | 0.98 | 0.17 | 0.32 | 0.24 | 0.23 |
| Gross Margin | 8.9% | 6.5% | 6.5% | 9.2% | 14.5% | 14.8% | 11.8% | 8.1% | 7.9% | 12.1% |
| Operating Margin | -3.0% | -16.2% | -3.3% | -0.6% | 4.9% | -8.1% | -14.8% | -40.9% | -28.6% | -25.3% |
| Net Margin | -8.9% | -20.7% | -24.4% | -8.3% | 1.5% | -14.2% | -27.5% | -34.7% | -29.7% | -29.3% |
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Explore sector: Healthcare · Medical - Pharmaceuticals
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