BICYCLE THERAPEUTICS PLC
BCYCAbout the company
Bicycle Therapeutics plc, a clinical-stage pharmaceutical company, develops a class of medicines for diseases that are underserved by existing therapeutics in the United States and the United Kingdom.
Investment snapshot
Positive
0
BUY / PASS
Neutral / negative
5 / 11
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
8 of 12 pass — Graham, Buffett, Lynch +1 more 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 | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL | NEUTRAL | NEUTRAL | FAIL | NEUTRAL | 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: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-17 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: 2026-10-29 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: 2026-10-29 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-17 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-10-29 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: 2026-10-29 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: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-17 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: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 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: 2026-10-29 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage67% pass✓ 11✗ 4▾
8 of 12 pass — Graham, Buffett, Lynch +1 more object
LT Debt vs Net Current Assets✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.00, IC: -815.6x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0✓Lynch< 0.33Cash - Long-term Debt✗LynchPositive preferredLT Debt / Total Assets Change0.00% -> 0.00%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities12.09✓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=-815.6x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.0014; #388/4210 (top 9.2%)✓AsnessTop 30% of eligible cross-section
Where It Falls Short
- Valuation0% pass✓ 8✗ 20▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio0.4x✓Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise ValueN/A (EV <= 0)✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=-6481.2%✗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 Share0.4x✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-91.9%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-106.7%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=0.4x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low100% of trailing low ($3.37)✓Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-60.03%; #5149/6340 (top 81.2%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+2.1390; #636/6449 (top 9.9%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share0.38x✓SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.3536; #3098/5247 (top 59.0%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-74.95%; #3985/4519 (top 88.2%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-31.78%; #4494/6202 (top 72.5%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✗ 12▾
All 10 investors flag BCYC's cash flow
Free Cash Flow Proxy$-214.9M✗BuffettPositive and growingFCF Positive and Growing$-177.0M✗LynchPositive and growingOperating Cash Flow$-249.7M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-34.79%, ROA=-30.51%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-106.7%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/9 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-75.7%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency0/9 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-177.0M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-74.95%; #3985/4519 (top 88.2%)✗OshaughnessyTop 10% of eligible cross-section - Verdicts0% pass✗ 11▾
Split decision: 11 FAIL · 5 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)•TempletonNEUTRAL (5/8)•SleepNEUTRAL (4/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked) - Profitability13% pass✓ 3✗ 32▾
14 of 16 flag BCYC's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)0/10 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)0/10 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-33.4%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-340.4% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-214.9M✗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 passROE-28.1%✗Lynch> 15%EBIT / Enterprise ValueN/A (EV <= 0)✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=-6481.2%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-30.51%✗PiotroskiROA > 0ROA Change YoY-17.67% -> -30.51% (delta: -12.85%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-34.79%, ROA=-30.51%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue-166.5%✗Dreman>= 8%Net Income / Shareholders' Equity-28.1%✗Dreman> 12%Margin of SafetyP/B=0.4x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-35.3% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/9 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-189.4%✗Ackman>= 15%Net Income / Shareholders Equity-28.1%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-704.1% (2023) -> -340.4% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendrevenue up, operating margin -704.1% -> -340.4%✓SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-60.03%; #5149/6340 (top 81.2%)✗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-28.06%; #3866/5226 (top 74.0%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0687; #2991/5884 (top 50.8%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/9 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Growth13% pass✓ 4✗ 9▾
7 of 8 flag BCYC's growth — Graham, Lynch, Dreman +4 more
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 Frequency0/9 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth86.5%✓Ackman>= 5%Positive EPS Growth Frequency✗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 up, operating margin -704.1% -> -340.4%✓SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR47.5%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag BCYC's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio12.09✓Graham>= 2.0ROIC (3-5 yr avg)-37.3%✗Buffett> 10%ROIC - WACC-47.3%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-6481.2%✗Greenblatt> 25%Current Ratio Change YoY13.81 -> 11.98✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.04x -> 0.10x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities12.09✓Dreman> 1.5Return on Invested Capital-24.7%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-37.4%; FY2024: ROIC=-20.9%; FY2025: ROIC=-32.0%✗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 -32.0%)✗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 0.4% of shares last year.
- 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, pre tax income, interest expense, operating cash flow, depreciation amortization, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $236.2Mcurrent | -- | -- | -- | $445.3Mest. | $924.7Mest. | $740.4Mest. | $829.2Mest. | $1.4Best. |
| Revenue | $83.5M↑195% | $34.1M↑190% | $629.0K↓78% | $887.0K↓91% | $72.6M↑106% | $35.3M↑31% | $27.0M↑87% | $14.5M↑24% | $11.7M |
| Operating Income | -$158.2M↑45% | -$13.5M↑79% | -$54.6M↑37% | -$65.5M↑7% | -$247.1M↓18% | -$209.9M↓10% | -$189.9M↓63% | -$116.7M↓78% | -$65.6M |
| Net Income | -$141.8M↑43% | -$10.5M↑82% | -$50.3M↑36% | -$60.8M | -$219.0M↓30% | -$169.0M↑6% | -$180.7M↓60% | -$112.7M↓69% | -$66.8M |
| EPS (Diluted) | -- | $-0.15↑82% | $-0.72↑37% | $-0.87↑1% | $-3.16↓9% | $-2.90↑43% | $-5.08↓34% | $-3.80↓42% | $-2.67 |
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | -189.4%↑81% | -39.6%↑93% | -8673.9%↓192% | -7382.4%↓949% | -340.4%↑43% | -595.0%↑16% | -704.1%↑13% | -806.6%↓44% | -561.0% |
| ROE | -28.1%↑31% | — | — | — | -35.9%↓68% | -21.3%↑56% | -48.7%↓17% | -41.6%↓116% | -19.3% |
| Total Debt | $714.0K↓24% | $714.0K↓24% | $762.0K↓23% | $811.0K↓17% | $874.0K↓12% | $992.0K↓97% | $30.7M↑1% | $30.3M↑1% | $29.9M |
| Shareholders' Equity | $505.3M↓18% | $505.3M↓18% | $510.3M↓24% | $554.3M↓25% | $610.0M↓23% | $793.1M↑114% | $370.9M↑37% | $270.8M↓22% | $346.3M |
| Current Ratio | 12.09↑13% | 12.09↑13% | 12.08↑16% | 12.66↓15% | 11.98↓13% | 13.81↑71% | 8.08↑17% | 6.92↓45% | 12.65 |
| Debt / Equity | 0.00↓7% | 0.00↓7% | 0.00↑1% | 0.00↑11% | 0.00↑15% | 0.00↓98% | 0.08↓26% | 0.11↑30% | 0.09 |
| Operating Cash Flow | -$175.2M↑27% | -$40.3M↑43% | -$49.6M↑32% | -$65.9M↑24% | -$249.7M↓52% | -$164.7M↓172% | -$60.6M↑30% | -$86.1M↓482% | -$14.8M |
| Free Cash Flow | -$177.0M↑27% | -$40.6M↑43% | -$49.9M↑32% | -$66.6M↑23% | -$252.0M↓52% | -$166.0M↓161% | -$63.6M↑40% | -$105.1M↓525% | -$16.8M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
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BCYC 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 |