Arbutus Biopharma Corp
ABUSAbout the company
Arbutus Biopharma Corporation, a clinical-stage biopharmaceutical company, develops novel therapeutics for infectious disease in the United States. Its chronic Hepatitis B virus product pipeline comprises Imdusiran, conjugated GalNAc, subcutaneously-delivered RNAi therapeutic product candidate which is in phase 2a clinical trials that suppresses all HBV antigens, including HBsAg expression; and AB-101, an oral PD-L1 inhibitor, which is in phase 1a/1b clinical trial that has the potential to reawaken patients' HBV-specific immune response by inhibiting PD-L1.
Investment snapshot
Positive
3
BUY / PASS
Neutral / negative
2 / 11
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
9 of 12 pass — Dreman, Marks and Schloss object
Key risk
No clean pass — all 13 investors flag at least one valuation criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | Not ranked | PASS | FAIL | PASS | FAIL | FAIL | FAIL | PASS | FAIL | FAIL | NEUTRAL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Margin of Safety | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-23 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-23 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-23 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-23 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-23 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-10 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-10 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Dreman, Marks and Schloss object
LT Debt vs Net Current AssetsLT Debt $0.0M vs NCA $97.6M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.00, IC: 2299.4x✓BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt$264.2M✓LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities1.40✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-393.4x, D/EBITDA=0.0x (no debt)✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✓ 3✗ 25▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio10.4x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value40.6%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=40.6%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xPrice / Book Value per Share10.4x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation Reasonableness✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-6.3%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=10.4x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low132% of trailing low ($3.09)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+35.08%; #174/6340 (top 2.7%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.1368; #4548/6449 (top 70.5%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share10.44x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.2895; #3368/5247 (top 64.2%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-6.32%; #3056/4519 (top 67.6%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-1.45%; #2890/6202 (top 46.6%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✗ 12▾
All 10 investors flag ABUS's cash flow
Free Cash Flow Proxy✗BuffettPositive and growingFCF Positive and Growing$-39.6M✗LynchPositive and growingOperating Cash Flow$-39.6M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-41.89%, ROA=-35.41%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-6.3%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive1/17 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-5.0%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency1/17 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-39.6M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-6.32%; #3056/4519 (top 67.6%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 3✗ 10▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency1/17 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth-53.5%✗Ackman>= 5%Positive EPS Growth Frequency5/5 years with positive EPS growth✓AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -430.5% -> -271.0%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR15.3%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Profitability19% pass✓ 12✗ 23▾
13 of 16 flag ABUS's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)1/18 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)1/18 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-56.0%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-271.0% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy✗BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE256.5%✓Lynch> 15%EBIT / Enterprise Value40.6%✓Greenblatt> 10%Earnings Yield + ROC AssessmentEY=40.6%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-35.41%✗PiotroskiROA > 0ROA Change YoY-53.09% -> -35.41% (delta: +17.68%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-41.89%, ROA=-35.41%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue84.9%✓Dreman>= 8%Net Income / Shareholders' Equity256.5%✓Dreman> 12%Margin of SafetyP/B=10.4x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-61.4% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency1/17 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue81.1%✓Ackman>= 15%Net Income / Shareholders Equity256.5%✓Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-430.5% (2023) -> -271.0% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -430.5% -> -271.0%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+35.08%; #174/6340 (top 2.7%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+256.47%; #29/5226 (top 0.6%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0776; #3159/5884 (top 53.7%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/10 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Verdicts21% pass✓ 3✗ 11▾
Split decision: 11 FAIL · 3 PASS · 2 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (2/9)✗LynchFAIL (4/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (0/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag ABUS's efficiency — Graham, Buffett, Greenblatt +3 more
Current Ratio1.40✗Graham>= 2.0ROIC (3-5 yr avg)-74.6%✗Buffett> 10%ROIC - WACC-84.6%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY8.15 -> 15.73✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.05x -> 0.15x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities1.40✗Dreman> 1.5Return on Invested Capital135.6%✓Munger> 15%ROIC (high and growing)FY2023: ROIC=-58.2%; FY2024: ROIC=-61.9%; FY2025: ROIC=-39.4%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -39.4%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 2.1% of shares last year, 15.1% issued over two.
- Buybacks
- —
- Dividends
- —
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, interest expense, operating cash flow, capex, depreciation amortization. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $627.0Mcurrent | -- | -- | -- | $807.3Mest. | $637.6Mest. | $402.6Mest. | $473.9Mest. | $407.4Mest. |
| Revenue | $181.5M↑1143% | $299.0K↓43% | $1.0M↓91% | $179.1M↑10055% | $14.1M↑128% | $6.2M↓66% | $18.1M↓54% | $39.0M↑255% | $11.0M |
| Operating Income | $147.2M↑414% | -$10.5M↓21% | -$6.0M↓501% | $168.9M↑757% | -$38.2M↑50% | -$76.3M↑2% | -$78.1M↓19% | -$65.5M↑11% | -$73.5M |
| Net Income | $219.9M↑620% | $59.1M↑864% | -$5.1M↓304% | $169.7M↑792% | -$33.5M↑52% | -$69.9M↑4% | -$72.8M↓5% | -$69.5M↑9% | -$76.2M |
| EPS (Diluted) | -- | $0.30↑850% | $-0.03↓400% | $0.87↑769% | $-0.17↑55% | $-0.38↑14% | $-0.44↑4% | $-0.46↑45% | $-0.83 |
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | 81.1%↑125% | -3509.7%↓114% | -588.2%↓4345% | 94.3%↑106% | -271.0%↑78% | -1236.7%↓187% | -430.5%↓157% | -167.8%↑75% | -669.1% |
| ROE | 256.5%↑570% | — | — | — | -43.7%↑39% | -71.8%↓5% | -68.7%↓35% | -50.8%↓13% | -45.0% |
| Total Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Shareholders' Equity | $85.7M↑11% | $85.7M↑11% | $258.7M↑212% | $260.2M↑229% | $76.6M↓21% | $97.4M↓8% | $106.0M↓23% | $136.9M↓19% | $169.4M |
| Current Ratio | 1.40↓93% | 1.40↓93% | 81.42↑297% | 54.26↑803% | 15.73↑93% | 8.15↑39% | 5.87↑28% | 4.60↓68% | 14.32 |
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow | $221.0M↑588% | $239.8M↑4223% | -$6.0M↑62% | -$8.1M↑39% | -$39.6M↑39% | -$64.8M↑25% | -$85.9M↓143% | -$35.4M↑48% | -$67.5M |
| Free Cash Flow | -- | -- | -- | -- | -$39.6M↑39% | -$65.0M↑25% | -$86.9M↓142% | -$35.9M↑48% | -$68.3M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Pharmaceutical Products
ABUS vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Merck & Co., Inc.MRK | $364.3B | $147.76 | $65.0B | $18.3B | 34.7% | 0.94 | — | 1.54 | 2/9 | 5/9 | 4/7 | 0/3 | F-Score 4 | 1/11 |
| ABBOTT LABORATORIESABT | $188.0B | $108.52 | $44.3B | $6.5B | 12.5% | 0.25 | 18.2% | 1.58 | 3/9 | 4/9 | 2/7 | 1/3 | F-Score 5 | 3/11 |
| BRISTOL MYERS SQUIBB COBMY | $129.7B | $63.43 | $48.2B | $7.1B | 38.2% | 2.44 | 19.4% | 1.26 | 2/9 | 1/9 | 3/7 | 1/3 | F-Score 8 | 5/11 |
| BIO-TECHNE CorpTECH | $11.4B | $72.80 | $1.2B | $73.4M | 3.8% | — | 8.4% | 3.46 | 4/9 | 3/9 | 3/7 | 0/3 | F-Score 5 | 4/11 |
| REPLIGEN CORPRGEN | $10.7B | $167.79 | $738.3M | $48.9M | 2.3% | 0.26 | 7.5% | 8.37 | 3/9 | 2/9 | 3/7 | 0/3 | F-Score 7 | 5/11 |
| IONIS PHARMACEUTICALS INCIONS | $4.8B | $29.06 | $943.7M | $381.4M | -78.0% | 3.60 | -40.4% | 3.83 | 3/9 | 1/9 | 1/7 | 0/3 | F-Score 4 | 3/11 |
| NEOGEN CORPNEOG | $2.5B | $11.23 | $870.4M | $7.9M | -0.4% | 0.76 | -2.5% | 3.82 | 3/9 | 1/9 | 2/7 | 0/3 | F-Score 6 | 4/11 |
| Pharvaris N.V.PHVS | $2.4B | $33.36 | — | $206.4M | -64.8% | 0.00 | — | — | 0/9 | 0/9 | 2/7 | 0/3 | F-Score 2 | 2/11 |