# Collegium Pharmaceutical (COLL.US)

Canonical: https://gigainvestors.com/s/COLL

Analysis as of: 2026-10-16T07:27:37.643Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $23.18 per share; close as of 2026-10-15.

Estimated value: low $103.32 per share, central $117.09 per share, high $135.41 per share. Buy at or below the central value $117.09 per share. Valuation as of 2026-10-16T07:27:37.643Z; scenarios are not confidence intervals.

Expected annual return: 46.7% at the stated quote. About 46.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 2.90×

Chart: Operating margin; fiscal year observations.

- FY2016: -54.99×

- FY2017: -2.65×

- FY2018: -0.07×

- FY2019: -0.08×

- FY2020: 0.18×

- FY2021: 0.06×

- FY2022: 0.07×

- FY2023: 0.29×

- FY2024: 0.27×

- FY2025: 0.24×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: -53.4%

- Typical minus recent gross margin: -1.6 pp

- Typical gross margin (annual median): 57.8%

- Recent gross margin (lower of latest and 3-year median): 59.3%

- Years with nonpositive capital: 4

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 29.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -53.4%

- FY2017: -56.5%

- FY2018: -15.9%

- FY2019: -17.2%

- FY2020: 19.6%

- FY2021: 5.1%

- FY2022: 4.4%

- FY2023: 25.5%

- FY2024: 15.6%

- FY2025: 18.4%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 4.29×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $972M

- Net income, five-year total: $227M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 49.7 pp

- Working capital / revenue, change between three-year averages: 303.4 pp

- Working capital / revenue, final three-year average: 36.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.94×

- FY2022: -4.49×

- FY2023: 4.09×

- FY2024: 3.42×

- FY2025: 4.57×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -53.4% vs 18.4%

- Per-share earnings: -2.47 to 1.58 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.4%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: $1.0B

- Cumulative retained earnings: $122M

- Diluted shares, 10-year annual growth: 11.4%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $4.06

- Per-share value, starting three-year median: -$2.47

- Per-share value, ending three-year median: $1.58

- Buybacks concentrated in cheaper years (correlation): 0.86

- Average buyback yield: 3.2%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: $23M

- ROIC, first three-year median: -53.4%

- ROIC, last three-year median: 18.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$3.88

- FY2017: -$2.47

- FY2018: -$1.19

- FY2019: -$0.68

- FY2020: $0.76

- FY2021: $1.74

- FY2022: -$0.74

- FY2023: $1.15

- FY2024: $1.71

- FY2025: $1.58

### accounting: pass

- Sloan accruals: -16.1%

- Receivables to sales index (DSRI): 0.75×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 12.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.70×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.8%

- FY2017: -5.8%

- FY2018: -71.6%

- FY2019: -16.5%

- FY2020: -10.4%

- FY2021: -4.6%

- FY2022: -12.7%

- FY2023: -19.8%

- FY2024: -8.2%

- FY2025: -16.1%

## Holders

- [Martin Whitman](https://gigainvestors.com/TA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 50% since Nov 2025 · sales +23.6%

Story as of 2026-10-16T09:58:32.960Z; price observation 2026-10-15.

Price needs cash profits to shrink 22.2% a year for ten years

- 2025-08-07: Collegium raises 2025 revenue guidance to $760M as Jornay PM growth accelerates ([seekingalpha.com](https://seekingalpha.com/news/4481665-collegium-raises-2025-revenue-guidance-to-760m-as-jornay-pm-growth-accelerates?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-06: Collegium Reports Third Quarter 2025 Financial Results; Raises 2025 Guidance ([globenewswire.com](https://www.globenewswire.com/news-release/2025/11/06/3182446/34897/en/Collegium-Reports-Third-Quarter-2025-Financial-Results-Raises-2025-Guidance.html))

- 2026-04-16: Collegium Pharmaceutical Sets 2026 Revenue Outlook, Details $650M AZSTARYS Deal at Needham Conference ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/collegium-pharmaceutical-sets-2026-revenue-010159684.html))

### Sales · FY2024–2025

sales +23.6%; source https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm; observed 2026-02-26.

- FY2016: $1.7M 

- FY2017: $28M 

- FY2018: $280M 

- FY2019: $297M 

- FY2020: $310M 

- FY2021: $277M 

- FY2022: $464M 

- FY2023: $567M 

- FY2024: $631M 

- FY2025: $781M 

### Gross margin · FY2025

gross margin 59.3%; source https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm; observed 2026-02-26.

- FY2016: 87.6% 

- FY2017: 90.9% 

- FY2018: 40.9% 

- FY2019: 34.7% 

- FY2020: 58.0% 

- FY2021: 54.4% 

- FY2022: 45.2% 

- FY2023: 57.5% 

- FY2024: 59.8% 

- FY2025: 59.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 780.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm (filed 2026-02-26); FY2025: revenue 780567000; grossProfit 463257000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 57.5% to 59.8% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 57.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 59.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 59.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,-0.5343723398136432],[2017,-0.5646428063926335],[2018,-0.15852112334481253],[2019,-0.172077486104232],[2020,0.19583503584896697],[2021,0.050594073794195865],[2022,0.0441175159310398],[2023,0.25516659652158785],[2024,0.15629259502319248],[2025,0.1841066273663475]]; median 0.04735579486261783. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years; bought back USD 25.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 24354000; owner earnings 47426000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 1944000; owner earnings 138490000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 1622000; owner earnings 112315000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 461000; owner earnings 196950000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 1652000; owner earnings 236698000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 1740000; owner earnings 287204000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,24572000],[2017,736000],[2018,0],[2019,0],[2020,7335000],[2021,12707000],[2022,0],[2023,9101000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 25104000 USD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); COLL.US SharesStats.PercentInsiders = 1.15 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 22.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.31726028002482887. Price 23.18; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.026689445693126 → FY2025 7.234049187776451. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $14.97 per share

- 2016-11: $16.56 per share

- 2016-12: $15.57 per share

- 2017-01: $16.82 per share

- 2017-02: $13.26 per share

- 2017-03: $10.06 per share

- 2017-04: $9.81 per share

- 2017-05: $8.22 per share

- 2017-06: $12.51 per share

- 2017-07: $11.97 per share

- 2017-08: $10.04 per share

- 2017-09: $10.49 per share

- 2017-10: $10.33 per share

- 2017-11: $17.26 per share

- 2017-12: $18.46 per share

- 2018-01: $23.84 per share

- 2018-02: $23.99 per share

- 2018-03: $25.55 per share

- 2018-04: $23.65 per share

- 2018-05: $22.62 per share

- 2018-06: $23.85 per share

- 2018-07: $19.27 per share

- 2018-08: $17.10 per share

- 2018-09: $14.74 per share

- 2018-10: $16.05 per share

- 2018-11: $19.19 per share

- 2018-12: $17.17 per share

- 2019-01: $16.01 per share

- 2019-02: $17.59 per share

- 2019-03: $15.14 per share

- 2019-04: $13.93 per share

- 2019-05: $11.51 per share

- 2019-06: $13.15 per share

- 2019-07: $10.97 per share

- 2019-08: $11.58 per share

- 2019-09: $11.48 per share

- 2019-10: $12.00 per share

- 2019-11: $21.73 per share

- 2019-12: $20.58 per share

- 2020-01: $20.12 per share

- 2020-02: $23.75 per share

- 2020-03: $16.33 per share

- 2020-04: $20.68 per share

- 2020-05: $22.05 per share

- 2020-06: $17.50 per share

- 2020-07: $15.78 per share

- 2020-08: $19.06 per share

- 2020-09: $20.82 per share

- 2020-10: $17.83 per share

- 2020-11: $18.49 per share

- 2020-12: $20.03 per share

- 2021-01: $24.14 per share

- 2021-02: $23.59 per share

- 2021-03: $23.70 per share

- 2021-04: $22.30 per share

- 2021-05: $23.89 per share

- 2021-06: $23.64 per share

- 2021-07: $24.89 per share

- 2021-08: $20.53 per share

- 2021-09: $19.74 per share

- 2021-10: $19.63 per share

- 2021-11: $17.58 per share

- 2021-12: $18.68 per share

- 2022-01: $17.85 per share

- 2022-02: $19.47 per share

- 2022-03: $20.36 per share

- 2022-04: $16.10 per share

- 2022-05: $15.62 per share

- 2022-06: $17.72 per share

- 2022-07: $17.19 per share

- 2022-08: $17.58 per share

- 2022-09: $16.02 per share

- 2022-10: $17.94 per share

- 2022-11: $21.87 per share

- 2022-12: $23.20 per share

- 2023-01: $28.08 per share

- 2023-02: $26.53 per share

- 2023-03: $23.99 per share

- 2023-04: $23.27 per share

- 2023-05: $22.07 per share

- 2023-06: $21.49 per share

- 2023-07: $22.76 per share

- 2023-08: $23.42 per share

- 2023-09: $22.35 per share

- 2023-10: $21.76 per share

- 2023-11: $25.63 per share

- 2023-12: $30.78 per share

- 2024-01: $32.96 per share

- 2024-02: $36.71 per share

- 2024-03: $38.82 per share

- 2024-04: $36.93 per share

- 2024-05: $33.14 per share

- 2024-06: $32.20 per share

- 2024-07: $38.57 per share

- 2024-08: $38.46 per share

- 2024-09: $38.64 per share

- 2024-10: $34.14 per share

- 2024-11: $30.50 per share

- 2024-12: $28.65 per share

- 2025-01: $32.12 per share

- 2025-02: $29.05 per share

- 2025-03: $29.85 per share

- 2025-04: $27.00 per share

- 2025-05: $29.14 per share

- 2025-06: $29.57 per share

- 2025-07: $29.86 per share

- 2025-08: $38.80 per share

- 2025-09: $34.99 per share

- 2025-10: $36.00 per share

- 2025-11: $46.68 per share

- 2025-12: $46.30 per share

- 2026-01: $45.92 per share

- 2026-02: $41.67 per share

- 2026-03: $33.07 per share

- 2026-04: $33.73 per share

- 2026-05: $33.61 per share

- 2026-06: $36.20 per share

- 2026-07: $35.39 per share

- 2026-08: $24.61 per share

- 2026-09: $21.82 per share

- 2026-10: $23.18 per share

## Annual estimated value (USD per share)

- FY2022: low $30.21 per share, central $33.71 per share, high $38.36 per share

- FY2023: low $43.05 per share, central $48.00 per share, high $54.59 per share

- FY2024: low $63.04 per share, central $71.22 per share, high $82.11 per share

- FY2025: low $88.92 per share, central $99.82 per share, high $114.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1267565/000162828026011992/coll-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.