Pyxis Oncology, Inc.

PYXS

Pyxis Oncology, Inc., a clinical stage company, engages in the development of therapeutics to treat solid tumors.

About the company

Pyxis Oncology, Inc., a clinical stage company, engages in the development of therapeutics to treat solid tumors.

Country: United StatesPrice: $1.58Market Cap: $189.0M

Investment snapshot

0%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

1 / 15

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 16 investors flag at least one profitability 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	FAIL · Rank #2854 (Top 92.2%)	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL
Score
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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	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-23 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-23 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-23 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: 2026-11-05 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: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-23 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-23 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: 2026-11-05 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: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-23 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: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-23 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-05 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 Assets
Debt/Equity & Interest CoverageD/E: 0.00, IC: -927.7x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities2.96
✓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 < 1.00x
Debt Levels0
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-927.7x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
✓AsnessTop 30% of eligible cross-section

Where It Falls Short

Profitability0% pass✓ 1✗ 34▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)0/7 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)0/7 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-75.2%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-75.1M
✗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-209.8%
✗Lynch> 15%
EBIT / Enterprise Value-48.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-48.6%, ROC=-193.9%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-87.00%
✗PiotroskiROA > 0
ROA Change YoY-49.20% -> -87.00% (delta: -37.80%)
✗PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-69.39%, ROA=-87.00%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY97.1% -> 82.8%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-564.5%
✗Dreman>= 8%
Net Income / Shareholders' Equity-209.8%
✗Dreman> 12%
Margin of SafetyP/B=1.9x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-90.6% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency0/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-609.2%
✗Ackman>= 15%
Net Income / Shareholders Equity-209.8%
✗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-45.88%; #5011/6340 (top 79.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+12.53%; #2614/3702 (top 70.6%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-209.85%; #4887/5226 (top 93.5%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.1983; #4226/5884 (top 71.8%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years0/6 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation0% pass✓ 1✗ 27▾
No clean pass — all 13 investors flag at least one valuation criterion
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio1.9x
✗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-48.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-48.6%, ROC=-193.9%
✗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
Price / Book Value per Share1.9x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-75.7%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=-33.6%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=1.9x
✓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 Low161% of trailing low ($0.98)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-45.88%; #5011/6340 (top 79.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.2186; #4099/6449 (top 63.6%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share1.86x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0733; #4458/5247 (top 85.0%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-33.61%; #3709/4519 (top 82.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-7.06%; #3253/6202 (top 52.5%)
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-75.1M
✗BuffettPositive and growing
FCF Positive and Growing$-63.5M
✗LynchPositive and growing
Operating Cash Flow$-63.5M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-69.39%, ROA=-87.00%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=-33.6%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive0/6 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-64.0%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency0/6 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-63.5M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-33.61%; #3709/4519 (top 82.1%)
✗OshaughnessyTop 10% of eligible cross-section
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)
✗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 Frequency0/6 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth-14.2%
✗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
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Verdicts0% pass✗ 16▾
Split decision: 15 FAIL · 1 NEUTRAL
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2854✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✗TempletonFAIL (2/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #2267/2370 (Top 95.7%))✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag PYXS's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio2.96
✓Graham>= 2.0
ROIC (3-5 yr avg)-122.6%
✗Buffett> 10%
ROIC - WACC-132.6%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-193.9%
✗Greenblatt> 25%
Current Ratio Change YoY7.49 -> 3.41
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.10x -> 0.15x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities2.96
✓Dreman> 1.5
Return on Invested Capital-170.5%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-58.5%; FY2025: ROIC=-124.8%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/2 years above 12% (latest -124.8%)
✗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: Micro Cap($189.0M)

Revenue: $13.9M-14.2% YoY

Net Income: $79.6M-3.0% YoY

Financial Snapshot

Operating Margin-609.2%

Return on Equity-149.1%

Debt / Equity0.00

Current Ratio3.41

EPS (Diluted)$-1.28

Shares Retired−4.8% / −40.4% 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 4.8% of shares last year, 40.4% 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.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-03-23 10-Q · 2026-05-14 10-Q · 2026-08-13 10-Q · 2026-11-05 Derived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, operating cash flow, depreciation amortization, capex.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-05 Derived from cumulative filings: operating cash flow, depreciation amortization.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-13 Derived from cumulative filings: operating cash flow, depreciation amortization.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-14	FY 2025 Sources 10-K · 2026-03-23	FY 2024 Sources 10-K · 2025-03-18	FY 2023 Sources 10-K · 2024-03-21	FY 2022 Sources 10-K · 2023-03-22	FY 2021 Sources 10-K · 2022-03-29
Market Cap	$189.0Mcurrent	--	--	--	$91.1Mest.	$94.1Mest.	$170.5Mest.	$54.5Mest.	$81.0Mest.
Revenue	--	--	--	--	$13.9M↓14%	$16.1M	--	--	--
Operating Income	-$89.2M↑16%	-$20.5M↑13%	-$26.0M↓32%	-$24.4M↓6%	-$84.4M↑6%	-$89.5M↓9%	-$82.2M↑33%	-$123.5M↓77%	-$69.7M
Net Income	-$86.7M↑11%	-$20.0M↑9%	-$25.3M↓38%	-$23.3M↓10%	-$79.6M↓3%	-$77.3M↓5%	-$73.8M↑39%	-$120.7M↓59%	-$76.0M
EPS (Diluted)	--	$-0.24↑31%	$-0.40↓33%	$-0.37↓6%	$-1.28↑3%	$-1.32↑29%	$-1.85↑49%	$-3.65↑59%	$-8.95
Gross Margin	—	—	—	—	82.8%↓15%	97.1%	—	—	—
Operating Margin	—	—	—	—	-609.2%↓10%	-554.1%	—	—	—
ROE	-209.8%↓49%	—	—	—	-149.1%↓133%	-64.0%↓9%	-58.7%↑22%	-75.1%↓158%	-29.1%
Total Debt	$0↓100%	$0↓100%	$0↓100%	$3.0K↓96%	$23.0K↓77%	$100.0K	--	--	--
Shareholders' Equity	$41.3M↓40%	$41.3M↓40%	$11.4M↓87%	$31.3M↓70%	$53.4M↓56%	$120.8M↓4%	$125.7M↓22%	$160.8M↓38%	$261.3M
Current Ratio	2.96↓31%	2.96↓31%	1.34↓76%	2.76↓64%	3.41↓54%	7.49↑55%	4.84↓18%	5.90↓60%	14.90
Debt / Equity	0.00↓100%	0.00↓100%	0.00↓100%	0.00↓88%	0.00↓48%	0.00	—	—	—
Operating Cash Flow	-$70.9M↑2%	-$16.3M↓23%	-$18.2M↓5%	-$26.0M↓15%	-$63.5M↓10%	-$57.7M↑18%	-$70.7M↑21%	-$89.3M↓153%	-$35.3M
Free Cash Flow	--	--	--	--	-$63.5M↓10%	-$57.9M↑25%	-$77.4M↑19%	-$95.7M↓167%	-$35.9M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

PYXS vs Peers — Financial Grading

Revenue$13.9MBottom 25%

Net Income$79.6MBottom 25%

ROE-149.1%Bottom 25%

D/E0.00Top 25%

Op. Margin-609.2%Bottom 25%

Curr. Ratio3.41Median

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