Tarsus Pharmaceuticals, Inc.

TARSNASDAQHealthcare● Active

$60.82

+$1.18(+1.98%)

Market Cap$2.6B

P/E Ratio—

52W High$85.25

52W Low$38.51

Avg Volume619K

Open$60.26

Beta0.51

Free Cash Flow Financials Revenue

Tarsus Pharmaceuticals, Inc. (TARS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

TARS · free cash flow · updated Jun 9, 2026

Core FCF metrics

TARS · FCF · TTM · margin & CAGR

Free cash flow was −$22.3M for FY2025 (fiscal year ending 2025-12-31), up 73.6% year-over-year The FCF margin was -4.9%.

FY2025 Free Cash Flow−$22.3M▲ +73.6% YoY

Trailing 12M (TTM)−$31.5Mtrailing 4 quarters sum

FCF Margin-4.9%−$22.3M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

TARS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest−$12.5M(10M)−$22.3M▲ +73.6%-4.9%

FY2024−$83.0M(2M)−$84.6M▲ +31.2%-46.2%

FY2023−$117.5M(6M)−$123.0M▼ 148.3%-705.0%

FY2022−$49.0M(1M)−$49.5M▼ 1666.6%-191.9%

FY2021$3.7M(1M)$3.2M▲ +114.6%5.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

TARS · P/FCF · FCF yield · FCF per share

Tarsus Pharmaceuticals, Inc. (TARS) reported negative free cash flow of −$0.02B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

TARS · cash flow statement · operating / investing / financing

For FY2025, Tarsus Pharmaceuticals, Inc. generated −$12.5M in operating cash flow and spent 10M in capital expenditures, yielding −$22.3M in free cash flow.

Operating Activities

−$12.5M

Cash from core business operations

2025-12-31

Investing Activities

−$42.1M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$143.4M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF (−$12.5M) − |CapEx| (10M) = FCF (−$22.3M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Healthcare)

TARS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Tarsus Pharmaceuticals, Inc.YOU

TARS

−$22.3M+73.6%-4.9%

Loss

UnitedHealth Group Incorporated

UNH

$16.07B-22.4%3.6%

82%

Eli Lilly and Company

LLY

$8.97B+2065.6%13.8%

46%

Healthcare · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Tarsus Pharmaceuticals, Inc. (TARS) reported free cash flow of −$22.3M for FY2025 (fiscal year ending 2025-12-31), up 73.6% year-over-year. The FCF margin was -4.9%.

Based on available data, Tarsus Pharmaceuticals, Inc. has maintained positive free cash flow for at least 1 fiscal year(s). FCF peaked at $3.2M in FY2021.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

TARS free cash flow · 8 questions

Tarsus Pharmaceuticals, Inc. free cash flow was −$22.3M for FY2025, up 73.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$31.5M.

TARS free cash flowTARS FCFTARS FCF 2025TARS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Tarsus Pharmaceuticals, Inc. · Tarsus Pharmaceuticals, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026