Aurinia Pharmaceuticals

AUPH

Biotechnology · Healthcare

Price

$15.96

+0.02 (+0.13%)

Market Cap

$2.05B

Exchange

NASDAQ

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+7.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 129.4M (2021) → 138.7M (2025)

Aurinia Pharmaceuticals Inc., a commercial-stage biopharmaceutical company, focuses on developing and commercializing therapies to treat various diseases with unmet medical need in the United States and internationally. The company offers LUPKYNIS for the treatment of adult patients with active lupus nephritis. It has a collaboration and license agreement with Otsuka Pharmaceutical Co., Ltd. The company is headquartered in Victoria, Canada.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+24.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+62.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$33M/ year

↑ Rising (+56% vs prior year)

11.5% of revenue

Below sector average (18%)

Investing heavily in future products and technology

Insider Activity

1.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$41M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Aurinia Pharmaceuticals is a rare growth stock that's already generating positive cash flow while growing at 24%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

91.6%

Premium pricing power — 91.6% gross margin

Operating Margin

53.3%

Excellent — 53.3% operating margin

ROCE

6.5%

Weak — 6.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+20.6%

Fast-growing sales (20.6% YoY)

EPS YoY

+700.0%

Earnings growing fast (700.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

56%

Weak — only 56% of profit becomes cash

FCF Margin

55.5%

Converts sales into free cash efficiently (55.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.12

Conservative — low debt load (0.12)

Interest Cover

14.40x

Comfortably covers interest (14.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

7.1x

Attractive valuation — P/E 7.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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