Altimmune, Inc.

ALT
About the company

Altimmune, Inc., a late clinical stage biopharmaceutical company, focuses on developing novel therapies for serious liver diseases. Its lead product candidate is pemvidutide, a GLP-1/glucagon dual receptor agonist, which is in Phase 3 clinical trial for the treatment of metabolic dysfunction-associated steatohepatitis, alcohol use disorder, and alcohol-associated liver disease.

Country: United StatesPrice: $1.64Market Cap: $320.1M

Investment snapshot

18%positive consensus
Scored 1d ago

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

8 of 12 pass — Buffett, Lynch, Piotroski +1 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

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

VerdictFAILFAILFAILFAIL · Rank #2549 (Top 82.3%)PASSFAILPASSFAILFAILFAILFAILPASSFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-06

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: 2026-11-12

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: 2026-11-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-06

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-06

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: 2026-11-12

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: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-06

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: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Buffett, Lynch, Piotroski +1 more object

    LT Debt vs Net Current AssetsLT Debt $35.0M vs NCA $264.2M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.08, IC: -27.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.08
    ✓Lynch< 0.33
    Cash - Long-term Debt$-6.1M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 12.25%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities23.93
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.08
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.08
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-96.9x, D/EBITDA=N/A (D&A unavailable)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.08
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0789; #1181/4210 (top 28.1%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 7✗ 21▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / Book Value per Share0.8x
    ✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.8x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-35.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-35.3%, ROC=-48.9%
    ✗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< 8x
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-21.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.8x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($1.64)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-32.60%; #4851/6340 (top 76.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.3857; #1004/6449 (top 15.6%)
    ✓AsnessTop 30% of eligible cross-section
    Price / 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 Share0.81x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0001; #5065/5247 (top 96.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-32.01%; #3684/4519 (top 81.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-49.23%; #5123/6202 (top 82.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-108.7M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-67.5M
    ✗LynchPositive and growing
    Operating Cash Flow$-67.5M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-24.13%, ROA=-31.47%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-21.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/14 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-56.2%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency2/18 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-102.5M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-32.01%; #3684/4519 (top 81.5%)
    ✗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)-100.0%
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$0.03 (2005) -> $-1.00 (2025)
    ✗DremanPositive over recent years
    EPS CAGR51.8% CAGR over 11 years
    ✓Dreman> 5% annualized
    Positive Net Income Frequency2/18 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth4.8%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -22518.5% -> -230461.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-65.3%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR91349.9% over 3 years
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 3✗ 32▾

    15 of 16 flag ALT's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)5/21 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)-100.0%
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/21 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-51.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-230461.0% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-108.7M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)3.28
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-23.5%
    ✗Lynch> 15%
    EBIT / Enterprise Value-35.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-35.3%, ROC=-48.9%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-31.47%
    ✗PiotroskiROA > 0
    ROA Change YoY-68.24% -> -31.47% (delta: +36.77%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-24.13%, ROA=-31.47%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-216522.0%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-23.5%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.8x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-53.9% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/18 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-230461.0%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-23.5%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-22518.5% (2023) -> -230461.0% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -22518.5% -> -230461.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-32.60%; #4851/6340 (top 76.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-23.53%; #3766/5226 (top 72.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1223; #3722/5884 (top 63.3%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR91349.9% over 3 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts20% pass✓ 3✗ 12▾

    Split decision: 11 FAIL · 3 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2549✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency38% pass✓ 4✗ 7▾

    5 of 8 flag ALT's efficiency — Buffett, Greenblatt, Munger +2 more

    Current Ratio23.93
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-189.9%
    ✗Buffett> 10%
    ROIC - WACC-199.9%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-48.9%
    ✗Greenblatt> 25%
    Current Ratio Change YoY13.11 -> 18.55
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.00x -> 0.00x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities23.93
    ✓Dreman> 1.5
    Return on Invested Capital-19.0%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=-28.8%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/3 years above 12% (latest -28.8%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Pharmaceutical Products
SIC Sector: Chemicals & Pharmaceuticals
Size: Small Cap($320.1M)
Revenue: $41000.00+105.0% YoY
Net Income: $88.1M+7.3% YoY

Financial Snapshot

Operating Margin-230461.0%
Return on Equity-39.2%
Debt / Equity0.15
Current Ratio18.55
EPS (Diluted)$-1.00

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.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, capex.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-06
FY 2024
Sources
  • 10-K · 2025-02-27
FY 2023
Sources
  • 10-K · 2024-03-27
FY 2022
Sources
  • 10-K · 2023-02-28
FY 2021
Sources
  • 10-K · 2022-03-15
Market Cap$320.1Mcurrent------$620.9Mest.$480.4Mest.$669.3Mest.$672.2Mest.$330.8Mest.
Revenue--------$41.0K↑105%$20.0K↓95%$426.0K↑726%-$68.0K↓102%$4.4M
Operating Income-$115.1M↓27%-$35.7M↓71%-$26.2M↓14%-$24.2M↓11%-$94.5M↑8%-$103.2M↓8%-$95.9M↓9%-$87.7M↑9%-$96.9M
Net Income-$104.4M↓24%-$31.6M↓66%-$22.8M↓3%-$22.6M↓15%-$88.1M↑7%-$95.1M↓7%-$88.4M↓4%-$84.7M↑13%-$97.1M
EPS (Diluted)--$-0.15↑29%$-0.12↑56%$-0.18↑31%$-1.00↑25%$-1.34↑19%$-1.66↑8%$-1.81↑23%$-2.35
Gross Margin—————————
Operating Margin————-230461.0%↑55%-515860.0%↓2191%-22518.5%↓117%129029.4%↑5971%-2197.6%
ROE-23.5%↑48%———-39.2%↑49%-77.0%↓69%-45.6%-45.7%↑6%-48.8%
Total Debt$35.0M↑142%$35.0M↑142%$34.7M↑142%$34.5M$34.3M----$4.6M↑215%$1.5M
Shareholders' Equity$443.6M↑139%$443.6M↑139%$474.2M↑194%$284.0M↑100%$224.9M↑82%$123.5M↓36%$194.1M↑5%$185.3M↓7%$199.1M
Current Ratio23.93↑39%23.93↑39%26.78↑31%29.56↑87%18.55↑41%13.11↓24%17.26↑53%11.31↑1%11.17
Debt / Equity0.08↑1%0.08↑1%0.07↓18%0.120.15——0.02↑239%0.01
Operating Cash Flow-$102.4M↓54%-$37.7M↓217%-$24.2M↓25%-$20.9M↓24%-$67.5M↑15%-$79.8M↓5%-$75.8M↓21%-$62.6M↑20%-$78.2M
Free Cash Flow-$102.5M-$37.8M↓218%-$24.3M-$21.0M-$67.5M---$75.9M↓21%-$62.7M↑31%-$90.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

ALT vs Peers — Financial Grading

Revenue$41000.00Bottom 25%
Net Income$88.1MBottom 25%
ROE-39.2%Bottom 25%
D/E0.15Top 25%
Op. Margin-230461.0%Bottom 25%
Curr. Ratio18.55Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
Merck & Co., Inc.MRK$364.3B$147.76$65.0B$18.3B34.7%0.94—1.542/95/94/70/3F-Score 41/11
ABBOTT LABORATORIESABT$188.0B$108.52$44.3B$6.5B12.5%0.2518.2%1.583/94/92/71/3F-Score 53/11
BRISTOL MYERS SQUIBB COBMY$129.7B$63.43$48.2B$7.1B38.2%2.4419.4%1.262/91/93/71/3F-Score 85/11
BIO-TECHNE CorpTECH$11.4B$72.80$1.2B$73.4M3.8%—8.4%3.464/93/93/70/3F-Score 54/11
REPLIGEN CORPRGEN$10.7B$167.79$738.3M$48.9M2.3%0.267.5%8.373/92/93/70/3F-Score 75/11
IONIS PHARMACEUTICALS INCIONS$4.8B$29.06$943.7M$381.4M-78.0%3.60-40.4%3.833/91/91/70/3F-Score 43/11
NEOGEN CORPNEOG$2.5B$11.23$870.4M$7.9M-0.4%0.76-2.5%3.823/91/92/70/3F-Score 64/11
Pharvaris N.V.PHVS$2.4B$33.36—$206.4M-64.8%0.00——0/90/92/70/3F-Score 22/11