Seres Therapeutics, Inc.

MCRB
About the company

Seres Therapeutics, Inc., a clinical-stage company, focuses on developing biotherapeutics for serious diseases. The company develops SER-155, an investigational oral live biotherapeutic to decolonize GI pathogens, enhance GI epithelial barrier integrity, and regulate immune response to prevent bacterial bloodstream infections, as well as other pathogen-associated negative clinical outcomes in patients undergoing allogeneic hematopoietic stem cell transplantation.

Country: United StatesPrice: $1.40Market Cap: $14.3M

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

4 / 10

NEUTRAL / FAIL

Median fair value

$3.09

+120.7% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

Models split on MCRB at $1.40 — fair values range $0.75–$11.81

Key risk

No clean pass — all 8 investors flag at least one growth 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

VerdictFAILFAILFAILNot rankedNEUTRALFAILPASSNEUTRALFAILFAILFAILPASSFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking 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/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety+82.8%+88.1%N/AN/AN/AN/A-77.2%+54.7%N/AN/A-86.7%N/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: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

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

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-12

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: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-03-12

Score computed: 2026-11-14

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

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-03-12

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-03-12

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: 2026-11-04

Score computed: 2026-11-14

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

Latest source filing: 2026-11-04

Score computed: 2026-11-14

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

Latest source filing: 2026-11-04

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: 2026-11-04

Score computed: 2026-11-14

Where It Passes

  • Valuation models60% pass✓ 3✗ 2▾

    Models split on MCRB at $1.40 — fair values range $0.75–$11.81

    Graham fair value$8.15
    ✓Graham+82.8% margin vs $1.40
    Buffett fair value$11.81
    ✓Buffett+88.1% margin vs $1.40
    Munger fair value$0.79
    ✗Munger-77.2% margin vs $1.40
    Pabrai fair value$3.09
    ✓Pabrai+54.7% margin vs $1.40
    Ackman fair value$0.75
    ✗Ackman-86.7% margin vs $1.40

Where It Falls Short

  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)P/E 2.2x (growth N/A)
    ✗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 Frequency2/13 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-52.0%
    ✗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 trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR-52.7%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 4✗ 31▾

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

    Positive EPS (10 years)1/14 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)2/14 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-481.4%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-11910.1% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$9.6M
    ✓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)P/E 2.2x (growth N/A)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-219.8%
    ✗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 Assets4.12%
    ✓PiotroskiROA > 0
    ROA Change YoY0.10% -> 4.12% (delta: +4.02%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=0.81%, ROA=4.12%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-219.8%
    ✗Dreman> 12%
    Margin of SafetyP/E=2.2x, P/B=0.3x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-768.7% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/13 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-3656.9%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-219.8%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-328.96%; #5819/6340 (top 91.8%)
    ✗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-219.83%; #4905/5226 (top 93.9%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.2734; #4526/5884 (top 76.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Debt & Leverage8% pass✓ 3✗ 12▾

    11 of 12 flag MCRB's debt & leverage — Graham, Buffett, Lynch +8 more

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest Coverage
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.65
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDA
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)
    ✗AsnessTop 30% of eligible cross-section
  • Verdicts17% pass✓ 2✗ 10▾

    Split decision: 10 FAIL · 4 NEUTRAL · 2 PASS

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 6)✗DremanFAIL (3/11)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✓TempletonPASS (4/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow20% pass✓ 4✗ 8▾

    8 of 10 flag MCRB's cash flow — Lynch, Piotroski, Dreman +5 more

    Free Cash Flow Proxy$9.6M
    ✓BuffettPositive and growing
    FCF Positive and Growing$-64.0M
    ✗LynchPositive and growing
    Operating Cash Flow$1.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=0.81%, ROA=4.12%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)12.0x
    ✗Dreman< 8x
    P/E or FCF YieldP/E=2.2x, FCF Yield=6.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive2/13 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-476.6%
    ✗Ackman>= 4%
    Price / FCF per Share15.5x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency3/13 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-64.0M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-448.19%; #4334/4519 (top 95.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag MCRB's efficiency — Graham, Buffett, Greenblatt +3 more

    Current Ratio1.65
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-83.1%
    ✗Buffett> 10%
    ROIC - WACC-93.1%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY0.94 -> 2.56
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.00x -> 0.01x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.65
    ✓Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-271.9%; FY2024: ROIC=-695.3%; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/4 years above 12% (latest -695.3%)
    ✗SleepROIC > 12% in a majority of years
  • Valuation31% pass✓ 14✗ 14▾

    9 of 13 flag MCRB's valuation — Graham, Lynch, Greenblatt +6 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.3x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)P/E 2.2x (growth N/A)
    ✗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 / EPS2.2x
    ✓Dreman< 12x✓Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)12.0x
    ✗Dreman< 8x
    Price / Book Value per Share0.3x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessP/E=2.2x, OE Yield=71.4%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldP/E=2.2x, FCF Yield=6.1%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/E=2.2x, P/B=0.3x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share15.5x
    ✓Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($1.40)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-328.96%; #5819/6340 (top 91.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.4965; #915/6449 (top 14.2%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS2.2x
    ✓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 Share0.30x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.1489; #4064/5247 (top 77.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-448.19%; #4334/4519 (top 95.9%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-83.17%; #5874/6202 (top 94.7%)
    ✗OshaughnessyTop 10% of eligible cross-section

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: Micro Cap($14.3M)
Revenue: $789000.00
Net Income: $5.7M+4088.2% YoY

Financial Snapshot

Operating Margin-11910.1%
Return on Equity12.9%
Debt / Equity--
Current Ratio2.56
EPS (Diluted)$0.64

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, 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 · 2026-03-12
FY 2024
Sources
  • 10-K · 2025-03-13
FY 2023
Sources
  • 10-K · 2024-03-05
FY 2022
Sources
  • 10-K · 2023-03-07
FY 2021
Sources
  • 10-K · 2023-03-07
Market Cap$14.3Mcurrent------$143.0Mest.$2.9Best.$3.1Best.$13.8Best.$15.3Best.
Revenue$2.1M$593.0K↑69%$736.0K$358.0K$789.0K$0$0↓100%$7.1M↓95%$144.9M
Operating Income-$77.7M↑25%-$16.2M↑28%-$21.3M↑15%-$20.9M↑23%-$94.0M↑23%-$121.3M↑38%-$195.1M↓8%-$179.9M↓179%-$64.5M
Net Income-$47.0M↓970%-$16.3M↓299%$4.6M↑123%-$19.9M↓161%$5.7M↑4088%$136.0K↑100%-$113.7M↑55%-$250.2M↓281%-$65.6M
EPS (Diluted)--$-1.63↓273%$0.47↑121%$-2.08↓155%$0.64$0.00↑100%$-0.89↑61%$-2.31↓221%$-0.72
Gross Margin—————————
Operating Margin-3656.9%-2723.8%↑57%-2890.4%-5839.9%-11910.1%——-2524.0%↓5572%-44.5%
ROE-219.8%↓1881%———12.9%↑1206%1.0%↓100%253.5%↑111%-2319.9%↓4552%-49.9%
Total Debt----------$0↓100%$101.5M↑99%$51.0M↑107%$24.6M
Shareholders' Equity$21.4M↓51%$21.4M↓51%$34.5M↑5%$26.5M↓47%$44.2M↑221%$13.8M↑131%-$44.9M↓516%$10.8M↓92%$131.5M
Current Ratio1.65↓28%1.65↓28%2.11↑34%1.65↓22%2.56↑172%0.94↓47%1.78↓22%2.28↓38%3.69
Debt / Equity—————0.00↑100%-2.26↓148%4.73↑2426%0.19
Operating Cash Flow-$63.9M↓177%-$10.5M↓575%-$22.4M↓69%-$16.4M↓161%$1.1M↑101%-$148.6M↓27%-$117.4M↑49%-$228.8M↓3521%$6.7M
Free Cash Flow-$64.0M↓174%-$10.5M↓577%-$22.4M↓66%-$16.4M↓161%$865.0K↑101%-$149.0M↓19%-$125.3M↑47%-$238.6M↓8192%-$2.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

MCRB vs Peers — Financial Grading

Revenue$789000.00Bottom 25%
Net Income$5.7MMedian
ROE12.9%Top 25%
D/E—
Op. Margin-11910.1%Bottom 25%
Curr. Ratio2.56Median
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