4D Molecular Therapeutics, Inc.

FDMT
About the company

4D Molecular Therapeutics, Inc., a late-stage biotechnology company, engages in the development of adeno-associated virus vectors from its proprietary synthetic vector discovery platform, Therapeutic Vector Evolution in the Netherlands and the United States. The company's lead product candidate is 4D-150 for the treatment of retinal vascular diseases by providing multi-year sustained production of anti-VEGF from the retina with intravitreal injection, as well as for treating wet age-related macular degeneration and diabetic macular edema.

Country: United StatesPrice: $12.23Market Cap: $689.5M

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

2 / 12

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks 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 #2676 (Top 86.4%)PASSFAILFAILFAILFAILFAILFAILPASSFAILNEUTRALFAILFAILNEUTRAL
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

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-18

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: 2026-03-18

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: 2026-03-18

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: 2026-03-18

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: 2026-03-18

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

Latest source filing: 2026-03-18

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

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

Latest source filing: 2026-11-12

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage83% pass✓ 13✗ 2▾

    10 of 12 pass — Buffett and Marks object

    LT Debt vs Net Current AssetsLT Debt $19.7M vs NCA $269.9M
    ✓GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.06
    ✓Lynch< 0.33
    Cash - Long-term Debt$19.4M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities6.15
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.06
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.06
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.06
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0582; #1060/4210 (top 25.2%)
    ✓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 / Book Value per Share1.4x
    ✗Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio1.4x
    ✓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-32.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-32.4%, ROC=-89.7%
    ✗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 ReasonablenessOE Yield=-19.3%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-15.9%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=1.4x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low379% of trailing low ($3.23)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-29.06%; #4784/6340 (top 75.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.4901; #2924/6449 (top 45.3%)
    ✗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 Share1.39x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1393; #4117/5247 (top 78.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-15.90%; #3424/4519 (top 75.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+24.67%; #1176/6202 (top 19.0%)
    ✗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$-136.0M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-109.6M
    ✗LynchPositive and growing
    Operating Cash Flow$-109.1M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-19.25%, ROA=-24.72%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-15.9%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/7 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-15.6%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency0/7 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-109.6M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-15.90%; #3424/4519 (top 75.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability13% pass✓ 5✗ 30▾

    14 of 16 flag FDMT's profitability — Graham, Buffett, Lynch +11 more

    Positive EPS (10 years)0/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)0/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-32.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-187.2% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-136.0M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗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-59.3%
    ✗Lynch> 15%
    EBIT / Enterprise Value-32.4%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-32.4%, ROC=-89.7%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-24.72%
    ✗PiotroskiROA > 0
    ROA Change YoY-28.71% -> -24.72% (delta: +3.98%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-19.25%, ROA=-24.72%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-59.3%
    ✗Dreman> 12%
    Margin of SafetyP/B=1.4x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-30.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-226.0%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-59.3%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-544.6% (2023) -> -187.2% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin -544.6% -> -187.2%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-29.06%; #4784/6340 (top 75.5%)
    ✗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-59.29%; #4311/5226 (top 82.5%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0696; #3011/5884 (top 51.2%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/7 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 4✗ 9▾

    7 of 8 flag FDMT's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗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
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency0/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth562.3%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗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 up, operating margin -544.6% -> -187.2%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR44.3%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts13% pass✓ 2✗ 13▾

    Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (3/7)✗GreenblattRank #2676✓PiotroskiPASS (F-Score 4)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag FDMT's efficiency — Buffett, Greenblatt, Piotroski +3 more

    Current Ratio6.15
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-89.7%
    ✗Greenblatt> 25%
    Current Ratio Change YoY14.92 -> 9.39
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.00x -> 0.15x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities6.15
    ✓Dreman> 1.5
    Return on Invested Capital-48.0%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗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($689.5M)
Revenue: $85.2M+230194.6% YoY
Net Income: $140.1M+12.9% YoY

Financial Snapshot

Operating Margin-187.2%
Return on Equity-27.7%
Debt / Equity--
Current Ratio9.39
EPS (Diluted)$-2.42
Shares Retired−25.8% / −33.7% 2y

Similar Companies

MRKMerck & Co., Inc.
$364.3B
ABTABBOTT LABORATORIES
$188.0B
BMYBRISTOL MYERS SQUIBB CO
$129.7B
TECHBIO-TECHNE Corp
$11.4B

Shareholder Return

Fiscal 2025

Issued 25.8% of shares last year, 33.7% 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.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, operating income, ebit, operating cash flow, depreciation amortization, capex.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-03-18
FY 2024
Sources
  • 10-K · 2025-02-28
FY 2023
Sources
  • 10-K · 2024-02-29
FY 2022
Sources
  • 10-K · 2023-03-15
FY 2021
Sources
  • 10-K · 2022-03-28
Market Cap$689.5Mcurrent------$510.4Mest.$256.4Mest.$743.0Mest.$699.6Mest.$509.4Mest.
Revenue$96.1M↑79953%$4.1M↑4506%$3.8M↑25107%$3.0M↑21664%$85.2M↑230195%$37.0K↓100%$20.7M↑562%$3.1M↓83%$18.0M
Operating Income-$217.1M↑6%-$81.2M↓33%-$77.0M↓30%-$73.6M↓37%-$159.5M↑15%-$187.8M↓66%-$112.9M↓3%-$110.0M↓54%-$71.3M
Net Income-$200.4M↑4%-$78.1M↓37%-$72.9M↓33%-$68.8M↓43%-$140.1M↑13%-$160.9M↓60%-$100.8M↑6%-$107.5M↓51%-$71.3M
EPS (Diluted)--$-1.08↓7%$-1.04↓6%$-1.01↓17%$-2.42↑19%$-2.98↓16%$-2.58↑22%$-3.32↓29%$-2.57
Gross Margin—————————
Operating Margin-226.0%↑100%-1959.4%↑97%-2037.2%↑99%-2416.1%↑99%-187.2%↑100%-507678.4%↓93113%-544.6%↑85%-3516.5%↓789%-395.5%
ROE-59.3%↓5%———-27.7%↑12%-31.5%↑4%-32.8%↑30%-46.5%↓108%-22.3%
Total Debt$19.7M$19.7M$19.6M------------
Shareholders' Equity$337.9M↓8%$337.9M↓8%$407.7M↓3%$451.8M↓4%$505.7M↓1%$510.6M↑66%$307.8M↑33%$231.3M↓28%$319.1M
Current Ratio6.15↓27%6.15↓27%8.03↓8%9.34↓24%9.39↓37%14.92↓5%15.65↑12%14.02↓11%15.69
Debt / Equity0.060.060.05——————
Operating Cash Flow-$166.3M↑9%-$56.7M↓22%-$70.0M↓61%-$68.1M↓43%-$109.1M↑19%-$134.6M↓78%-$75.8M↑13%-$86.7M↓25%-$69.1M
Free Cash Flow---$56.8M-----$109.6M↑21%-$138.4M↓76%-$78.6M↑20%-$98.2M↓26%-$78.2M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

FDMT vs Peers — Financial Grading

Revenue$85.2MBottom 25%
Net Income$140.1MBottom 25%
ROE-27.7%Bottom 25%
D/E—
Op. Margin-187.2%Bottom 25%
Curr. Ratio9.39Top 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