SAB Biotherapeutics, Inc.

SABS
About the company

SAB Biotherapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development of human polyclonal immunotherapeutic antibodies to address immune system disorders and infectious diseases in the United States. Its lead product candidate is SAB-142, a potentially disease-modifying and redosable immunotherapy in clinical development for the treatment of autoimmune type 1 diabetes in Phase 2b clinical trials. The company was founded in 2014 and is headquartered in Miami Beach, Florida.

Country: United StatesPrice: $2.96Market Cap: $266.7M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

3 / 12

NEUTRAL / FAIL

Median fair value

$2.58

-12.7% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

All 10 investors flag SABS's cash flow

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 #2467 (Top 79.7%)PASSFAILNEUTRALFAILFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A+22.3%N/AN/AN/AN/AN/A-117.6%N/AN/AN/AN/AN/AN/AN/AN/AN/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: 2026-03-09

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: 2026-03-09

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-03-09

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: 2026-03-09

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: 2026-03-09

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: 2026-03-09

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: 2026-03-09

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: 0.02, IC: -202.3x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.01
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities7.28
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0.01
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0.01
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-202.3x, D/EBITDA=N/A
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.01
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0150; #695/4210 (top 16.5%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Cash Flow0% pass✗ 12▾

    All 10 investors flag SABS's cash flow

    Free Cash Flow Proxy$15.3M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-45.7M
    ✗LynchPositive and growing
    Operating Cash Flow$-44.8M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-25.91%, ROA=7.68%
    ✗PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-17.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive0/6 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-32.5%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency2/6 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-45.7M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-17.14%; #3464/4519 (top 76.7%)
    ✗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 Frequency2/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-65.8%
    ✗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
  • Profitability6% pass✓ 3✗ 32▾

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

    Positive EPS (10 years)1/7 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)2/7 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-60.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-3244.9% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$15.3M
    ✗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-38.2%
    ✗Lynch> 15%
    EBIT / Enterprise Value-18.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-18.9%, ROC=-52.5%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets7.68%
    ✓PiotroskiROA > 0
    ROA Change YoY-77.17% -> 7.68% (delta: +84.85%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-25.91%, ROA=7.68%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-38.2%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.9x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-65.4% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/6 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-38.2%
    ✗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-30.20%; #4803/6340 (top 75.8%)
    ✗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-38.18%; #4051/5226 (top 77.5%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.2838; #4562/5884 (top 77.5%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years1/6 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts7% pass✓ 1✗ 13▾

    Split decision: 12 FAIL · 3 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2467✓PiotroskiPASS (F-Score 4)✗DremanFAIL (3/11)•MungerNEUTRAL (3/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (1/5)✗AckmanFAIL (1/9)✗TempletonFAIL (3/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation8% pass✓ 6✗ 22▾

    12 of 13 flag SABS's valuation — Graham, Lynch, Greenblatt +9 more

    Price / Book Value per Share0.9x
    ✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.9x
    ✓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-18.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-18.9%, ROC=-52.5%
    ✗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=10.9%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-17.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.9x
    ✓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 Low218% of trailing low ($1.36)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-30.20%; #4803/6340 (top 75.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.7910; #1951/6449 (top 30.3%)
    ✗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 Share0.93x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.0000; #5080/5247 (top 96.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-17.14%; #3464/4519 (top 76.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-17.78%; #3852/6202 (top 62.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Efficiency25% pass✓ 3✗ 8▾

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

    Current Ratio7.28
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)-437.6%
    ✗Buffett> 10%
    ROIC - WACC-447.6%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-52.5%
    ✗Greenblatt> 25%
    Current Ratio Change YoY2.98 -> 9.46
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.03x -> 0.00x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities7.28
    ✓Dreman> 1.5
    Return on Invested Capital-31.4%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-51.5%; FY2024: ROIC=-129.2%; FY2025: ROIC=-25.0%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC-25.0% (RR=100% x ROIC=-25.0%)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest -25.0%)
    ✗SleepROIC > 12% in a majority of years
  • Valuation models50% pass✓ 1✗ 1▾

    Models split on SABS at $2.96 — fair values range $1.36–$3.81

    Buffett fair value$3.81
    ✓Buffett+22.3% margin vs $2.96
    Pabrai fair value$1.36
    ✗Pabrai-117.6% margin vs $2.96

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($266.7M)
Revenue: $0.00-100.0% YoY
Net Income: $13.3M+138.9% YoY

Financial Snapshot

Operating Margin--
Return on Equity8.8%
Debt / Equity0.02
Current Ratio9.46
EPS (Diluted)$-0.79

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: net income, operating income, ebit, interest expense, 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 · 2026-03-09
FY 2024
Sources
  • 10-K · 2025-03-31
FY 2023
Sources
  • 10-K · 2024-03-29
FY 2022
Sources
  • 10-K · 2023-04-14
FY 2021
Sources
  • 10-K · 2023-04-14
Market Cap$266.7Mcurrent------$208.8Mest.$20.3Mest.$55.2Mest.$34.2Mest.$2.5Best.
Revenue--------$0↓100%$1.3M↓41%$2.2M↓91%$23.9M↓61%$60.9M
Operating Income-$85.0M↓97%-$25.9M↓104%-$23.4M↓140%-$20.0M↓86%-$49.0M↓14%-$42.9M↓13%-$38.1M↓32%-$28.9M↓116%-$13.4M
Net Income-$80.5M↓530%-$22.3M↓149%-$22.5M↓122%-$18.9M↓263%$13.3M↑139%-$34.1M↑19%-$42.2M↓125%-$18.7M↓9%-$17.1M
EPS (Diluted)--$-0.24↓14%$-0.28↑74%$-0.35↑38%$-0.79↑79%$-3.68↑52%$-7.64↓77%$-4.31↓584%$-0.63
Gross Margin—————————
Operating Margin—————-3244.9%↓91%-1700.6%↓1306%-121.0%↓450%-22.0%
ROE-38.2%↓436%———8.8%↑107%-131.3%↓78%-73.6%↓22%-60.3%↓36%-44.5%
Total Debt$3.2M$3.2M$3.2M$3.2M↓4%$3.1M↑1032%$275.8K↓74%$1.1M↓20%$1.3M↓27%$1.8M
Shareholders' Equity$210.9M↑28%$210.9M↑28%$214.8M↑1687%$227.2M↑962%$151.5M↑483%$26.0M↓55%$57.3M↑84%$31.1M↓19%$38.5M
Current Ratio7.28↓31%7.28↓31%9.22↑958%11.45↑578%9.46↑217%2.98↓45%5.45↑270%1.47↓22%1.90
Debt / Equity0.01↓22%0.01↓22%0.01↓94%0.01↓91%0.02↑94%0.01↓42%0.02↓57%0.04↓9%0.05
Operating Cash Flow-$53.9M↓44%-$13.0M-$9.8M↓38%-$14.3M↓83%-$44.8M↓31%-$34.3M↓37%-$25.1M↓7%-$23.5M↓1281%$2.0M
Free Cash Flow---$14.4M-$11.4M-$15.3M-$45.7M↓32%-$34.6M↓37%-$25.3M↑1%-$25.6M↓186%-$9.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

SABS vs Peers — Financial Grading

Revenue$0.00Bottom 25%
Net Income$13.3MMedian
ROE8.8%Median
D/E0.02Top 25%
Op. Margin—
Curr. Ratio9.46Top 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