Fortress Biotech, Inc.
FBIOAbout the company
Fortress Biotech, Inc., together with its subsidiaries, operates as a biopharmaceutical company in the United States and internationally.
Investment snapshot
Positive
5
BUY / PASS
Neutral / negative
3 / 8
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
9 of 12 pass — Buffett, Marks and Asness object
Key risk
All 10 investors flag FBIO's cash flow
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 | PASS | PASS | FAIL | FAIL | FAIL | PASS | NEUTRAL | FAIL | BUY | 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 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 vs 2025-06-30 · TTM ended 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | TTM ended 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-06-30 Latest source filing: 2026-08-13 Score computed: 2026-11-14 | TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-08-13 Score computed: 2026-11-14 |
Where It Passes
- Debt & Leverage75% pass✓ 12✗ 3▾
9 of 12 pass — Buffett, Marks and Asness object
LT Debt vs Net Current AssetsLT Debt $35.0M vs NCA $183.5M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.24, IC: -3.0x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.24✓Lynch< 0.33Cash - Long-term Debt$161.6M✓LynchPositive preferredLT Debt / Total Assets Change40.19% -> 28.25%✓PiotroskiDecreased YoYCurrent Assets / Current Liabilities3.96✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.24✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.24✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-6.9x, D/EBITDA=N/A (D&A unavailable)✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.24✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.2413; #1824/4210 (top 43.3%)✗AsnessTop 30% of eligible cross-section
Where It Falls Short
- Cash Flow0% pass✗ 12▾
All 10 investors flag FBIO's cash flow
Free Cash Flow Proxy$-66.4M✗BuffettPositive and growingFCF Positive and Growing$-80.2M✗LynchPositive and growingOperating Cash Flow$-65.8M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-35.45%, ROA=3.67%✗PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF Yield✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/14 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap✗Ackman>= 4%Price / FCF per Share✗Ackman<= 25Positive Operating Cash Flow frequency0/17 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 2✗ 11▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: -36.5% vs Rev: 15.5%✓LynchInventory growth < Revenue growthEPS Growth Direction$-1.01 (2009) -> $-0.07 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency1/18 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth9.7%✓Ackman>= 5%Positive EPS Growth Frequency2/5 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 trendgross margin 72.9% -> 66.9%, operating margin -168.4% -> -111.0%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR6.8%✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Valuation8% pass✓ 8✗ 20▾
12 of 13 flag FBIO's valuation — Graham, Lynch, Greenblatt +9 more
Price / Book Value per Share1.2x✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio1.2x✓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=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< 8xValuation Reasonableness✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF Yield✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=1.2x✓MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per Share✗Ackman<= 25Price vs. Trailing Low121% of trailing low ($1.56)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+178.34%; #69/6340 (top 1.1%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+2.6179; #520/6449 (top 8.1%)✓AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share2.65x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change+50.4%✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+1.0920; #1672/5247 (top 31.9%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-32.86%; #4529/6202 (top 73.0%)✗OshaughnessyTop 10% of eligible cross-section - Profitability19% pass✓ 13✗ 22▾
13 of 16 flag FBIO's profitability — Graham, Buffett, Lynch +10 more
Positive EPS (10 years)0/18 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)1/18 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-144.9%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)-111.0% (latest)✓BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-66.4M✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗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 passROE68.1%✓Lynch> 15%EBIT / Enterprise ValueN/A (EV <= 0)✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=N/A (EV <= 0), ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets3.67%✓PiotroskiROA > 0ROA Change YoY-31.89% -> 3.67% (delta: +35.57%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-35.45%, ROA=3.67%✗PiotroskiCFO/Assets > ROAGross Margin Change YoY63.8% -> 66.9%✓PiotroskiImproved YoYPre-Tax Income / Revenue213.0%✓Dreman>= 8%Net Income / Shareholders' Equity68.1%✓Dreman> 12%Margin of SafetyP/B=1.2x✓PabraiP/B < 1.5 or P/E < 15Return on Equity-152.5% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency1/18 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue-42.9%✗Ackman>= 15%Net Income / Shareholders Equity68.1%✓Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend-168.4% (2023) -> -111.0% (2025)✓TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendgross margin 72.9% -> 66.9%, operating margin -168.4% -> -111.0%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+178.34%; #69/6340 (top 1.1%)✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets+22.82%; #1864/3702 (top 50.4%)✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+68.12%; #145/5226 (top 2.8%)✓AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.1446; #3907/5884 (top 66.4%)✗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) - Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag FBIO's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio3.96✓Graham>= 2.0ROIC (3-5 yr avg)-2241.5%✗Buffett> 10%ROIC - WACC-2251.5%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY1.27 -> 2.49✓PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.40x -> 0.34x✗PiotroskiImproved YoYCurrent Assets / Current Liabilities3.96✓Dreman> 1.5Return on Invested Capital-11.4%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-134.8%; FY2024: ROIC=-108.1%; FY2025: ROIC=-54.2%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC-48.9% (RR=90% x ROIC=-54.2%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -54.2%)✗SleepROIC > 12% in a majority of years - Verdicts38% pass✓ 5✗ 8▾
Split decision: 8 FAIL · 4 PASS · 3 NEUTRAL · 1 BUY
Overall verdict✗GrahamFAIL (3/9)✗BuffettFAIL (1/9)✗LynchFAIL (4/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✓DremanPASS (5/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)✓AsnessBUY (Rank #693/2370 (Top 29.2%))✗NeffFAIL (2/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 12.4% of shares last year.
- Buybacks
- —
- Dividends
- $664.0K
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, dividends paid, capex. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $62.7Mcurrent | -- | -- | -- | $97.2Mest. | $50.8Mest. | $16.5Mest. | $1.5Best. | $3.2Best. |
| Revenue | $70.0M↑12% | $19.2M↑9% | $18.7M↑14% | $16.0M↑22% | $63.3M↑10% | $57.7M↓32% | $84.5M↑12% | $75.7M↑10% | $68.8M |
| Operating Income | -$29.7M↑67% | -$7.2M↓6% | -$10.0M↑73% | -$7.7M↑65% | -$70.2M↑36% | -$110.4M↑22% | -$142.3M↑30% | -$203.6M↓8% | -$188.5M |
| Net Income | $100.1M↑2411% | -$5.8M↓200% | -$468.0K↓103% | $110.4M↑1143% | $6.8M↑115% | -$46.0M↑24% | -$60.6M↑30% | -$86.6M↓34% | -$64.7M |
| EPS (Diluted) | -- | $-0.23↓309% | $-0.08↓118% | $2.82↑688% | $-0.07↑97% | $-2.69↑68% | $-8.47↓773% | $-0.97↓23% | $-0.79 |
| Gross Margin | — | — | — | — | 66.9%↑5% | 63.8%↓12% | 72.9%↑23% | 59.4%↑11% | 53.4% |
| Operating Margin | -42.5%↑70% | -37.5%↑3% | -53.5%↑76% | -48.3%↑72% | -111.0%↑42% | -191.4%↓14% | -168.4%↑37% | -268.8%↑2% | -274.1% |
| ROE | 62.6%↑777% | — | — | — | 13.7%↑107% | -202.3%↑25% | -269.0%↓30% | -207.5%↓249% | -59.5% |
| Total Debt | $18.1M↓62% | $18.1M↓62% | $39.6M↓21% | $39.4M↓30% | $52.4M↓10% | $58.0M↓5% | $60.9M↓36% | $94.7M↑116% | $43.7M |
| Shareholders' Equity | $160.0M↑186% | $160.0M↑186% | $164.1M↑274% | $162.2M↑629% | $49.9M↑119% | $22.7M↑1% | $22.5M↓46% | $41.7M↓62% | $108.7M |
| Current Ratio | 2.93↑34% | 2.93↑34% | 3.96↑106% | 2.86↑66% | 2.49↑97% | 1.27↓8% | 1.38↓24% | 1.80↓47% | 3.43 |
| Debt / Equity | 0.11↓87% | 0.11↓87% | 0.24↓79% | 0.24↓90% | 1.05↓59% | 2.55↓6% | 2.70↑19% | 2.27↑464% | 0.40 |
| Operating Cash Flow | $125.8M↑290% | -$6.2M↓1% | -$59.3M↓115% | $203.9M↑1142% | -$65.8M↑18% | -$80.2M↑37% | -$128.2M↑29% | -$179.4M↓54% | -$116.5M |
| Free Cash Flow | -- | -$6.2M | -- | -- | -- | -$80.2M↑37% | -$128.3M↑30% | -$182.1M↓50% | -$121.1M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Pharmaceutical Products
FBIO 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 |