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Flagship explainer

What drives Ionis Pharmaceuticals, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−71%Tax burden100%net income ÷ pretax incomeInterest burden99%pretax ÷ operating incomeOperating margin−40%operating income ÷ revenueAsset turnover0.29×revenue ÷ average assetsEquity multiplier6.06×average assets ÷ average equityAs of 2025-12-31 · 3 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$381MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Income before tax−$380MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Operating income−$382MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
$944MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Ending assets$3.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Beginning assets$3.0BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000874015-25-000089 · filed Feb 19, 2025
  • 10-K · FY 2024Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
$489MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
$588MFY2024
  • 10-K · FY 2024Filing detailsAccession 0000874015-25-000089 · filed Feb 19, 2025
  • 10-K · FY 2024Filing detailsAccession 0000874015-26-000115 · filed Feb 26, 2026
Source: · event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set
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IONS dupont explainer — Buy Like Buffett · Buy Like Buffett