Scilex Holding Co

SCLX
About the company

Scilex Holding Company focuses on acquiring, developing, and commercializing non-opioid pain management products for the treatment of acute and chronic pain.

Country: United StatesPrice: $1.43Market Cap: $10.1M

Investment snapshot

12%positive consensus
Scored 1d ago

Positive

2

BUY / PASS

Neutral / negative

2 / 12

NEUTRAL / FAIL

Median fair value

$14.15

+889.5% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

SCLX undervalued: all 2 models price fair value above $1.43 (median $14.15)

Key risk

No clean pass — all 16 investors flag at least one profitability 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 rankedPASSFAILFAILFAILFAILFAILPASSFAILFAILNEUTRALFAILFAILNEUTRAL
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/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/A+85.0%N/AN/AN/A+92.4%N/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Annual history · FY 2025

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30 · TTM ended 2026-06-30 vs 2025-06-30 · TTM ended 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-10

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-10

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-10

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Qualitative assessment

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Market data at 2026-11-01

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-10

Score computed: 2026-11-14

TTM ended 2026-06-30 · Balance sheet at 2026-06-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-10

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-06-30

Latest source filing: 2026-08-14

Score computed: 2026-11-14

TTM ended 2026-06-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-08-14

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 2▾

    SCLX undervalued: all 2 models price fair value above $1.43 (median $14.15)

    Munger fair value$9.54
    ✓Munger+85.0% margin vs $1.43
    Ackman fair value$18.76
    ✓Ackman+92.4% margin vs $1.43
  • Cash Flow60% pass✓ 8✗ 4▾

    6 of 10 pass — Buffett, Lynch, Marks +1 more object

    Free Cash Flow Proxy$-369.6M
    ✗BuffettPositive and growing
    FCF Positive and Growing$3.7M
    ✗LynchPositive and growing
    Operating Cash Flow$3.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=1.05%, ROA=-102.49%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)2.6x
    ✓Dreman< 8x
    P/E or FCF YieldFCF Yield=36.6%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive2/6 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap36.6%
    ✓Ackman>= 4%
    Price / FCF per Share2.7x
    ✓Ackman<= 25
    Positive Operating Cash Flow frequency2/6 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$3.7M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization+36.61%; #151/4519 (top 3.3%)
    ✓OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Profitability0% pass✓ 2✗ 33▾

    No clean pass — all 16 investors flag at least one profitability criterion

    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)0/7 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-126925.5%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-1143.7% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-369.6M
    ✗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)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROEN/A (negative equity)
    ✗Lynch> 15%
    EBIT / Enterprise Value-1055.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-1055.1%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-102.49%
    ✗PiotroskiROA > 0
    ROA Change YoY-78.33% -> -102.49% (delta: -24.16%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=1.05%, ROA=-102.49%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY295.8% -> 415.8%
    ✓PiotroskiImproved YoY
    Pre-Tax Income / Revenue-1469.7%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-126925.5% (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-1136.4%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-225.6% (2023) -> -1143.7% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 66.5% -> 415.8%, operating margin -225.6% -> -1143.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-4618.05%; #6208/6340 (top 97.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+34.47%; #1191/3702 (top 32.2%)
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.3251; #4653/5884 (top 79.1%)
    ✗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)
  • 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 GrowthInv: 65.6% vs Rev: -28.5%
    ✗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 Growth21.1%
    ✓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 trendgross margin 66.5% -> 415.8%, operating margin -225.6% -> -1143.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR5.1%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✗ 11▾

    All 8 investors flag SCLX's efficiency

    Current Ratio0.07
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-12360.2%
    ✗Buffett> 10%
    ROIC - WACC-12370.2%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)
    ✗Greenblatt> 25%
    Current Ratio Change YoY0.16 -> 0.08
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.61x -> 0.08x
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities0.07
    ✗Dreman> 1.5
    Return on Invested CapitalN/A (non-positive invested capital)
    ✗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)0/1 years above 12% (latest -110.4%)
    ✗SleepROIC > 12% in a majority of years
  • Debt & Leverage8% pass✓ 1✗ 14▾

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

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: N/A (negative equity), IC: -22.2x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / EquityN/A (negative equity)
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities0.07
    ✗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 LevelsN/A (non-positive equity)
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-22.2x, D/EBITDA=N/A
    ✗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
  • Verdicts14% pass✓ 2✗ 12▾

    Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (0/9)✗BuffettFAIL (0/9)✗LynchFAIL (0/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (1/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation15% pass✓ 5✗ 23▾

    11 of 13 flag SCLX's valuation — Graham, Lynch, Greenblatt +8 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio
    ✗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-1055.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-1055.1%, ROC=N/A (invested capital <= 0)
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)2.6x
    ✓Dreman< 8x
    Price / Book Value per ShareN/A (negative BVPS)
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-3674.6%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=36.6%
    ✓PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical Average
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share2.7x
    ✓Ackman<= 25
    Price vs. Trailing Low100% of trailing low ($1.43)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-4618.05%; #6208/6340 (top 97.9%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization-30.6493; #6343/6449 (top 98.4%)
    ✗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 ShareN/A (non-positive TBVPS)
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-20968336.4%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+3.1421; #779/5247 (top 14.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+36.61%; #151/4519 (top 3.3%)
    ✓OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-74.20%; #5739/6202 (top 92.5%)
    ✗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($10.1M)
Revenue: $30.3M-46.5% YoY
Net Income: $374.1M-413.8% YoY

Financial Snapshot

Operating Margin-1143.7%
Return on Equity180.0%
Debt / Equity-0.13
Current Ratio0.08
EPS (Diluted)$-36.48

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 · 2026-06-30

2025-07-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, revenue, net income, operating income, ebit, pre tax income, interest expense.

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 · 2026-04-10
FY 2024
Sources
  • 10-K · 2025-03-31
FY 2023
Sources
  • 10-K · 2024-03-12
FY 2022
Sources
  • 10-K · 2023-03-07
FY 2021
Sources
  • 10-K · 2023-03-07
Market Cap$10.1Mcurrent----$59.9Mest.$75.5Mest.$3.6Best.$24.3Best.--
Revenue$31.6M↓29%$7.6M↓23%$8.6M↑72%$30.3M↓47%$56.6M↑21%$46.7M↑23%$38.0M↑21%$31.3M
Operating Income-$359.2M↓271%-$29.4M↓43%-$32.2M↓15%-$346.0M↓315%-$83.4M↑21%-$105.4M↓108%-$50.6M↓41%-$35.8M
Net Income-$464.6M↓474%-$115.0M↓161%-$45.6M↓75%-$374.1M↓414%-$72.8M↑36%-$114.3M↓389%-$23.4M↑74%-$88.4M
EPS (Diluted)--$-16.65↓124%$-6.28↓178%$-36.48↓5880%$-0.61↑52%$-1.28↓653%$-0.17↓440%$0.05
Gross Margin—206.8%298.4%415.8%↑41%295.8%↑345%66.5%↓7%71.6%↓19%88.4%
Operating Margin-1136.4%↓420%-385.0%↓86%-373.5%↑33%-1143.7%↓676%-147.4%↑35%-225.6%↓69%-133.1%↓16%-114.4%
ROE150.7%↑363%——180.0%↑376%37.8%↓43%66.1%↑203%-64.5%↓263%39.5%
Total Debt$28.8M↑56%$28.8M↑56%$28.9M↑93%$27.7M↑128%$12.2M↓88%$104.1M$0↓100%$72.0M
Shareholders' Equity-$308.3M↓24%-$308.3M↓24%-$249.2M↓18%-$207.8M↓8%-$192.6M↓11%-$172.9M↓577%$36.2M↑116%-$223.9M
Current Ratio0.07↓36%0.07↓36%0.08↓20%0.08↓50%0.16↓14%0.19↓72%0.66↑386%0.14
Debt / Equity-0.09↓26%-0.09↓26%-0.12↓64%-0.13↓111%-0.06↑90%-0.600.00↑100%-0.32
Operating Cash Flow-$17.1M↓183%-$6.7M↓196%-$1.1M↓118%$3.8M↓80%$19.3M↑193%-$20.7M↑3%-$21.3M↑26%-$28.7M
Free Cash Flow------$3.7M↓81%$19.3M↑193%-$20.7M↑2%-$21.3M↑26%-$28.7M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

SCLX vs Peers — Financial Grading

Revenue$30.3MBottom 25%
Net Income$374.1MBottom 25%
ROE180.0%Top 25%
D/E-0.13Top 25%
Op. Margin-1143.7%Bottom 25%
Curr. Ratio0.08Bottom 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