Viatris Inc. (VTRS) is a publicly traded company in the Healthcare — Drug Manufacturers - Specialty & Generic industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Viatris Inc. operates as a global pharmaceutical and healthcare enterprise. Its business is structured across four primary geographic divisions: Developed Markets, Greater China, JANZ (Japan, Australia, New Zealand), and Emerging Markets. The company offers a comprehensive range of pharmaceutical products, encompassing branded prescription medications, generic and complex generic drugs, biosimilar treatments, and active pharmaceutical ingredients (APIs).
Is Viatris Inc. stock overvalued or undervalued in 2026?
As of October 5, 2026, Viatris Inc. (VTRS) trades at $17.60 with no positive earnings over the last twelve months, according to Kaplio. No valuation verdict: it has no earnings to calculate a P/E from.
Kaplio overview: Viatris Inc.
Market cap $20B · 52 weeks $10 – $18 (3 % below the high) · P/E no earnings · 2027 expected P/E 6.6× · Dividend 2.7 % · Next earnings November 5, 2026 · expected EPS $0.65 · Price as of Oct 5 · accounts published Aug 6.
- Valuation: P/Sales 1.5× (no earnings).
- Business: ROIC −8 % (weak).
- Balance sheet: Net debt/EBITDA −33.8× (solid).
- Earnings: 7 of 8 (on track).
What would it be worth at its usual multiples?
No valuation verdict: it has no earnings to calculate a P/E from.
What matters in pharma: 1 of 4 pass
- R&D / Revenue 6.8 %, fails.
- Gross margin 35.1 %, fails.
- ROIC −7.9 %, fails.
- Net debt / EBITDA −33.8×, passes.
Against its peers (reference peers) — Viatris Inc.: P/E —; EV/EBITDA —; ROIC -8.0 %; $20.5B. Elanco Animal Health Incorporated (P/E —; EV/EBITDA 18.9×; ROIC 3.9 %; $11.2B), Dr. Reddy's Laboratories Limited (P/E 30.4×; EV/EBITDA 13.7×; ROIC 8.1 %; $10.2B), Neurocrine Biosciences, Inc. (P/E 20.3×; EV/EBITDA 15.9×; ROIC 13.2 %; $14.3B).
Dividend
tight · Yield 2.73 % ($0.48 per share in 2025) · paying since 2021 · Free cash flow coverage 3.6× · With $1,000 invested today you'd collect $27.30 a year ($2.27 a month).
Kaplio's reading: Viatris Inc.
Updated on October 2, 2026 · accounts published on August 6, 2026
Reading of October 2, 2026: A shrinking healthcare business still working its way back to an operating profit
Viatris trades 3 % below its 52-week high after an 84 % rally, yet its operating margin over the last 12 months is still negative at -0.6 %.
- Is Viatris expensive or cheap? After rising 84 % in 12 months, Viatris sits 3 % below its 52-week high with an 8.3 % free cash flow yield.
- How is the business doing? Operating margin is -0.6 % over the last 12 months, against a 5 % average for fiscal 2014-2025, and revenue is down 3 %.
- How strong is the balance sheet? Net debt of $11.72 per share at the end of fiscal 2025 equals 67 % of the current share price.
- Does Viatris invest enough in R&D and turn profit into cash? R&D was 6.8 % of revenue in fiscal 2025, less than half the 15 % considered healthy in healthcare.
- What to expect from the next earnings? Viatris reports on November 5, 2026; analysts expect EPS of $0.65, after a $0.69 beat last quarter.
Is Viatris expensive or cheap?
Over the last 12 months the stock has climbed 84 %, from a 52-week low of $9.74 to within 3 % of its $18.27 high. Viatris trades at an EV/EBITDA of 12.5× and a P/B of 1.4× over the last 12 months. Those multiples look modest for a stock the market has re-rated this sharply. Cash is what supports the price: a free cash flow yield of 8.3 % over the last 12 months is high for a company reporting a net loss. Most of the apparent value depends on cash flow rather than earnings, and on EPS climbing toward the $2.52 analysts expect for 2026.
How is the business doing?
Revenue fell 3 % over the last 12 months and EPS dropped 466 %, leaving an operating margin of -0.6 % and a net margin of -2.8 %. That is weak against Viatris's own history: the operating margin averaged 5 % across fiscal 2014-2025, and fiscal 2025 came in at -18.6 %, the lowest of those 12 years. The trailing figure is a clear improvement on fiscal 2025 but is still below zero. Returns tell the same story. ROIC is -0.2 % over the last 12 months, 6.2 points below the 6.1 % median of 320 sector peers, and it has not topped 10 % in any of the last ten fiscal years.
How strong is the balance sheet?
Debt is the main weight on the stock. At the end of fiscal 2025, Viatris carried $12.96 of debt per share against $1.24 of cash. That leaves net debt of $11.72 per share, or 67 % of the current price. A debt-to-equity ratio of 0.96 and a current ratio of 1.58 over the last 12 months point to no immediate liquidity squeeze. Even so, the Altman Z-score of 0.6 sits in the danger zone, the formula's signal of financial stress. A Piotroski score of 5 out of 9 is middling. The 2.7 % dividend yield over the last 12 months depends on cash flow holding up.
Does Viatris invest enough in R&D and turn profit into cash?
In healthcare, the R&D pipeline is the invisible asset. When patents expire, the revenue they protect disappears, so investors look at innovation spending and cash generation before headline earnings. Viatris spent 6.8 % of revenue on R&D in fiscal 2025, well short of the 15 % considered healthy. Its 35 % gross margin in fiscal 2025 is half the 70 % typical of branded pharma, and ROIC of -0.2 % over the last 12 months misses the 12 % benchmark. Net debt to EBITDA of -33.8× in fiscal 2025 passes the 2.5× limit only on paper, because EBITDA was negative that year. Cash is the stronger side, with an 8.3 % free cash flow yield.
What to expect from the next earnings?
Viatris reports results on November 5, 2026, and analysts expect EPS of $0.65 for the quarter. That is below the $0.69 it reported on August 6, 2026, when it beat the $0.60 estimate by 15 %. The track record helps: Viatris has beaten EPS estimates in 7 of the last 8 quarters. Expectations are steady. Over the last 17 days the 2026 EPS consensus from 7 analysts moved only from $2.51 to $2.52, and the 2026 revenue estimate barely changed. Of the 13 analysts covering the company, 4 rate it a buy, 8 a hold and 1 a sell, a cautious consensus after an 84 % rally.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Buffett approve Viatris today?
The Buffett Method would not approve Viatris today: it fails its quality rules. Business quality: 34 out of 100 (price not included). Kaplio assessment with data from the week of 2026-10-05; not investment advice.
Would Peter Lynch approve Viatris today?
The Lynch Method would not approve Viatris today: it fails its quality rules. Business quality: 72 out of 100 (price not included). Lynch classifies it as a turnaround. Kaplio assessment with data from the week of 2026-10-05; not investment advice.
Profitability
| Return on Equity | -23.89% |
| Return on Invested Capital | -7.95% |
| Return on Assets | -9.45% |
| Gross Margin | 34.83% |
| Operating Margin | -0.59% |
| Net Margin | -2.79% |
Financial Health
| Debt / Equity | 0.96 |
| Current Ratio | 1.58 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 0.59 |
Price Performance
| 1 month | +4.38% |
| 3 months | +5.76% |
| Year-to-date | +41.53% |
| 1 year | +73.94% |
| 3 years | +82.40% |
| 5 years | +29.27% |
Dividend History
Paid in the last 12 months: $0.4800 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-21 | $0.1200 |
| 2026-05-22 | $0.1200 |
| 2026-03-09 | $0.1200 |
| 2025-11-24 | $0.1200 |
| 2025-08-22 | $0.1200 |
| 2025-05-23 | $0.1200 |
| 2025-03-10 | $0.1200 |
| 2024-11-22 | $0.1200 |
| 2024-08-23 | $0.1200 |
| 2024-05-23 | $0.1200 |
Amounts adjusted for stock splits.
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Explore sector: Healthcare · Drug Manufacturers - Specialty & Generic
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