Viatris Inc
VTRS—
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Viatris Inc AI Insights
Informational only. Not investment advice.Snapshot
- Intangibles of 22.5B are 148% of equity (15.2B) - tangible book value is NEGATIVE (-7.2B), creating material impairment risk[Goodwill and Other Intangible Assets]
- FCF TTM of 1.6B despite -3.7B net loss - massive non-cash charges masking cash generation ability[Free Cash Flow TTM]
- Debt/Equity of 0.97 with 14.7B total debt vs 975M cash - net debt of 13.5B is 10x TTM FCF[Total Debt]
Watch Triggers
- Free Cash Flow TTM: Falls below 1.2B annually — Below this level, dividend + debt service becomes unsustainable without asset sales
- Goodwill and Other Intangible Assets: Additional impairments >1B — Could breach debt covenants or force equity raise at distressed valuations
- Interest Expense TTM: Rises above 550M — Would consume >35% of operating cash flow, threatening dividend
Bull Case
Trading at 0.96x P/S and 6.8x P/CF - deep value if FCF sustains. 12% FCF yield funds 4% dividend plus debt reduction.
PS RatioPCF RatioFree Cash Flow TTM
Revenue of 14.1B with 36% gross margin generates durable cash despite net losses - generic drug portfolio provides stability.
Total Revenue TTMGross Margin TTMCash Flow TTM
Bear Case
Net debt of 13.5B is 8.4x EBITDA (if normalized to ~1.6B) - leverage severely constrains strategic flexibility and amplifies risk.
Net DebtTotal DebtInterest Expense TTM
Intangibles 148% of equity with negative tangible book - further impairments could trigger covenant issues or equity dilution.
Goodwill and Other Intangible AssetsTangible Book ValueCommon Stockholders Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
40%
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Forward Thesis
FCF yield of 12% (1.6B/13.6B market cap) supports debt paydown and dividend sustainability
1-3ymed
- Stable generic drug cash flows despite patent cliffs
- Low capex requirements (383M TTM, 2.7% of revenue)
- Dividend yield ~4% (0.48/share) covered 4x by FCF
FCF TTM 1.6B vs dividend payout 140MCapex/Revenue only 2.7%P/CF ratio 6.8x vs industry median 14.3x
Balance sheet restructuring required - 22.5B intangibles at risk of further writedowns
3-12mhigh
- EBITDA TTM negative (-599M) after impairments
- Goodwill 6.7B from Mylan-Upjohn merger
- Interest expense 472M consuming 30% of operating cash flow
Net loss of 3.7B TTM vs prior profitabilityEBIT -3.4B indicates massive non-cash chargesNegative tangible book value (-7.2B)
Valuation Context
Caveats
Public Strategies Rankings
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VTRS Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$15.49B | — | ||
$28.87B | — | ||
0.00 | — | ||
$14.3B | -3.0% | — | |
$-3.00 | — | ||
1.77% | -0.9% | — | |
-24.6% | -20.3% | — | |
$1.85B | -4.8% | — | |
-21.1% | -17.8% | — | |
Beta 5Y (Monthly) | unknown | — |
VTRS Dividend History
50 dividends
2026
$0.120003/09/26$0.1200
2025
$0.480011/24/25$0.1200
08/22/25$0.1200
05/23/25$0.1200
03/10/25$0.1200
2024
$0.480011/22/24$0.1200
08/23/24$0.1200
05/23/24$0.1200
03/08/24$0.1200
2023
$0.480011/22/23$0.1200
08/23/23$0.1200
05/23/23$0.1200
03/08/23$0.1200
2022
$0.480011/22/22$0.1200
08/23/22$0.1200
05/23/22$0.1200
02/23/22$0.1200
2021
$0.330011/22/21$0.1100
08/23/21$0.1100
05/21/21$0.1100
2007
$0.120006/27/07$0.0600
03/28/07$0.0600
2006
$0.240012/27/06$0.0600
09/27/06$0.0600
06/28/06$0.0600
03/29/06$0.0600
2005
$0.210012/28/05$0.0600
09/28/05$0.0600
06/28/05$0.0600
03/29/05$0.0300
2004
$0.120012/29/04$0.0300
09/28/04$0.0300
06/28/04$0.0300
03/29/04$0.0300
2003
$0.129912/29/03$0.0300
09/26/03$0.0333
06/26/03$0.0333
03/27/03$0.0333
2002
$0.170112/27/02$0.0500
09/26/02$0.0401
06/26/02$0.0401
03/26/02$0.0401
2001
$0.160212/27/01$0.0401
09/26/01$0.0401
06/27/01$0.0401
03/28/01$0.0401
2000
$0.160212/27/00$0.0401
09/27/00$0.0401
06/28/00$0.0401
03/29/00$0.0401
VTRS Stock Splits
2 stock splits
10/09/032:3 split
01/28/032:3 split
VTRS SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/26/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | 10-K | |
11/07/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/07/23 | 06/30/23 | 10-Q | |
05/08/23 | 03/31/23 | 10-Q | |
02/27/23 | 12/31/22 | 10-K | |
11/07/22 | 09/30/22 | 10-Q | |
08/08/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/08/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
07/29/19 | 06/30/19 | 10-Q | |
05/07/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/08/18 | 06/30/18 | 10-Q | |
05/10/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/09/17 | 06/30/17 | 10-Q | |
05/10/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
02/16/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/05/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
10/31/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
02/28/13 | 12/31/12 | 10-K | |
10/25/12 | 09/30/12 | 10-Q | |
07/26/12 | 06/30/12 | 10-Q | |
04/27/12 | 03/31/12 | 10-Q | |
02/21/12 | 12/31/11 | 10-K | |
10/26/11 | 09/30/11 | 10-Q | |
07/27/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
02/24/11 | 12/31/10 | 10-K | |
10/28/10 | 09/30/10 | 10-Q | |
07/29/10 | 06/30/10 | 10-Q | |
04/30/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
10/30/09 | 09/30/09 | 10-Q | |
08/03/09 | 06/30/09 | 10-Q | |
05/07/09 | 03/31/09 | 10-Q | |
02/23/09 | 12/31/08 | 10-K | |
11/04/08 | 09/30/08 | Unknown | -- |
08/08/08 | 06/30/08 | Unknown | -- |
05/12/08 | 03/30/08 | Unknown | -- |
11/01/07 | 09/30/07 | Unknown | -- |
08/07/07 | 06/30/07 | Unknown | -- |
05/30/07 | 03/30/07 | Unknown | -- |
02/08/07 | 12/31/06 | Unknown | -- |
11/03/06 | 09/30/06 | Unknown | -- |
07/28/06 | 06/30/06 | Unknown | -- |
05/16/06 | 03/30/06 | Unknown | -- |
02/09/06 | 12/31/05 | Unknown | -- |
11/04/05 | 09/30/05 | Unknown | -- |
07/28/05 | 06/30/05 | Unknown | -- |
05/20/05 | 03/30/05 | Unknown | -- |
02/09/05 | 12/31/04 | Unknown | -- |
11/08/04 | 09/30/04 | Unknown | -- |
08/09/04 | 06/30/04 | Unknown | -- |
06/14/04 | 03/30/04 | Unknown | -- |
02/06/04 | 12/31/03 | Unknown | -- |
11/12/03 | 09/30/03 | Unknown | -- |
08/14/03 | 06/30/03 | Unknown | -- |
06/25/03 | 03/30/03 | Unknown | -- |
02/13/03 | 12/31/02 | Unknown | -- |
11/14/02 | 09/30/02 | Unknown | -- |
08/06/02 | 06/30/02 | Unknown | -- |
06/17/02 | 03/30/02 | Unknown | -- |
02/01/02 | 12/31/01 | Unknown | -- |
11/01/01 | 09/30/01 | Unknown | -- |
08/14/01 | 06/30/01 | Unknown | -- |
06/26/01 | 03/30/01 | Unknown | -- |
02/14/01 | 12/31/00 | Unknown | -- |
11/13/00 | 09/30/00 | Unknown | -- |
08/14/00 | 06/30/00 | Unknown | -- |
06/23/00 | 03/30/00 | Unknown | -- |