Mirum Pharmaceuticals (MIRM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Mirum Pharmaceuticals

NasdaqGM•Healthcare•Biotechnology

$91.83-6.99(-0.07%)Market closed

Market Cap

$5.82B

P/S

9.4x

Mirum Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the development and commercialization of novel therapies for debilitating rare and orphan diseases. Its lead product candidate is LIVMARLI (maralixibat), an orally administered and minimally absorbed ileal bile acid transporter (IBAT) inhibitor that is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the United States and internationally. The company is also involved in the commercialization of Cholbam, a cholic acid capsule, which is approved as treatment for pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects and for adjunctive treatment of patients with peroxisomal disorders, including peroxisome biogenesis disorder-Zellweger spectrum disorder and Smith-Lemli-Opitz syndrome; and Chenodal, a tablet, which is approved for the treatment of radiolucent stones in the gallbladder, and under development for the treatment cerebrotendinous xanthomatosis. In addition, it develops Volixibat, an oral and minimally absorbed agent designed to inhibit IBAT, currently under Phase 2b clinical trial for the treatment of adult patients with cholestatic liver diseases; Brelovitug, for the treatment of chronic HDV infection, which is in Phase 2 clinical trial; and MRM-3379, that is in Phase 2 clinical study for the treatment of FXS. The company has a collaboration agreement with the Shire International GmbH; License Agreement with Pfizer Inc.; Sanofi-Aventis Deutschland GmbH; Novartis Pharma AG; Lonza Ltd.; Enthorin Therapeutics, LLC and Dart Neuroscience LLC; Asset Purchase Agreement with Asklepion Pharmaceuticals, LLC; License and Manufacturing Agreement with LGM Pharma; and Asset Purchase Agreement with Travere Therapeutics, Inc. The company was incorporated in 2018 and is headquartered in Foster City, California.

How this company scores

WeakMetricSide Score: 38/100

Grade capped at D — Negative equity — the balance sheet is insolvent. Strongest: Growth (16/25); weakest: Cash & Earnings Quality (6/25).

Profitability9/25

Growth16/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality6/25

Strengths

Growing revenueConsistent growthNet cash positionImproving margins

Grade capped at D

Negative equity — the balance sheet is insolvent.
Interest coverage below 1× (-79.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 9.4x5y range 5.3x – 35.4x

Currently near its 20-quarter median.

P/B · 21.3x5y range 4.0x – 21.3x

Currently above its 19-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Watch

4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.

Share Dilution

Red Flag

Shares outstanding increased 32.6% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $5.82B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $618.07M
Q. Revenue: $176.24M
TTM EBITDA: $-795.90M
TTM Op. Income: $-833.97M
Q. Op. Income: $-42.54M
TTM Net Income: $-860.21M
Q. Net Income: $-67.23M
EPS: $-1.06
Shares Out.: $63.37M

$618.07M in TTM revenue grew 44.0% YoY, reaching $176.24M last quarter. TTM EBITDA of $-795.90M and TTM operating income of $-833.97M show growth is flowing through to the bottom line. However, net income is negative at $860.21M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 82.8%
EBITDA Margin: -20.2%
Op. Margin: -24.1%
Net Margin: -38.1%

Op. margin of -24.1% is down 20.2% YoY — costs are rising relative to revenue. Net margin at -38.1% and gross margin of 82.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 518% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 9.4x
P/B Ratio: N/A

P/S of 9.4x and P/B of 0.0x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.04B
Cash: $330.73M
Long-Term Debt: N/A
Book Value: $-10.42M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-44.25M
TTM Free Cash Flow: $-228.74M
FCF Margin: -37.0%
FCF / Net Income: 0.3

TTM FCF of $-228.74M on $-44.25M in operating cash flow. The FCF / Net Income ratio of 0.3x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.