MYRIAD GENETICS INC

Where It Passes

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-20.7%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-20.7%, ROC=-87.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)294.0x

  ✗Dreman< 8x

  Valuation ReasonablenessOE Yield=-59.0%

  ✗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=1.4x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low179% of trailing low ($3.16)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-23.78%; #4663/6340 (top 73.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.4955; #2907/6449 (top 45.1%)

  ✗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 Share3.25x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-66.3%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.4801; #1349/5247 (top 25.7%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+30.11%; #1018/6202 (top 16.4%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Profitability6% pass✓ 5✗ 30▾

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

  Positive EPS (10 years)11/28 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)12/28 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-33.3%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-47.0% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-104.6M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗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-48.0%

  ✗Lynch> 15%

  EBIT / Enterprise Value-20.7%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-20.7%, ROC=-87.3%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-51.78%

  ✗PiotroskiROA > 0

  ROA Change YoY-12.39% -> -51.78% (delta: -39.40%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=0.25%, ROA=-51.78%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY69.9% -> 69.9%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-16.1%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-48.0%

  ✗Dreman> 12%

  Margin of SafetyP/B=1.4x

  ✓PabraiP/B < 1.5 or P/E < 15

  Return on Equity-50.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency12/19 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-14.3%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-48.0%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-34.2% (2023) -> -47.0% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 68.6% -> 69.9%, operating margin -34.2% -> -47.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-23.78%; #4663/6340 (top 73.5%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+90.13%; #179/3702 (top 4.8%)

  ✓AsnessTop 30% of eligible cross-section

  Net income / positive book equity-47.99%; #4188/5226 (top 80.1%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.1739; #4076/5884 (top 69.3%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-51.6% over 5 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts6% pass✓ 1✗ 15▾

  Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #2596✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (3/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1815/2370 (Top 76.6%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Growth13% pass✓ 4✗ 9▾

  7 of 8 flag MYGN'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 GrowthInv: -9.5% vs Rev: -2.6%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$0.86 (2008) -> $-3.95 (2025)

  ✗DremanPositive over recent years

  EPS CAGR-23.4% CAGR over 10 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency12/19 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth11.0%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency2/5 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 trendgross margin 68.6% -> 69.9%, operating margin -34.2% -> -47.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR8.2%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-51.6% over 5 years

  ✗Neff7%-20% annualized
• Efficiency25% pass✓ 3✗ 8▾

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

  Current Ratio1.98

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-34.0%

  ✗Buffett> 10%

  ROIC - WACC-44.0%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-87.3%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.82 -> 2.49

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.82x -> 1.17x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities1.98

  ✓Dreman> 1.5

  Return on Invested Capital-23.3%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-24.7%; FY2024: ROIC=-13.2%; FY2025: ROIC=-62.7%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -62.7%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow30% pass✓ 4✗ 8▾

  7 of 10 flag MYGN's cash flow — Buffett, Lynch, Dreman +4 more

  Free Cash Flow Proxy$-104.6M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-151.6M

  ✗LynchPositive and growing

  Operating Cash Flow$1.8M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=0.25%, ROA=-51.78%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)294.0x

  ✗Dreman< 8x

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive13/14 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency14/17 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating 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
• Debt & Leverage50% pass✓ 8✗ 7▾

  6 of 12 pass — Buffett, Lynch, Piotroski +3 more object

  Debt Levels0.45

  ✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  LT Debt vs Net Current AssetsLT Debt $121.1M vs NCA $134.3M

  ✓GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.45, IC: -6.9x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.45

  ✗Lynch< 0.33

  Cash - Long-term Debt$-14.0M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change3.85% -> 16.97%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.98

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity0.45

  ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  Interest Coverage & Debt/EBITDAIC=-6.9x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.45

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.4502; #2364/4210 (top 56.2%)

  ✗AsnessTop 30% of eligible cross-section