Septerna, Inc.

SEPN

Septerna, Inc., a clinical-stage biotechnology company, discovers and develops G protein-coupled receptor (GPCR) oral small molecule products for the treatment of endocrinology, immunology and inflammation, and metabolic diseases. It develops PTH1R Program, oral small molecule Parathyroid Hormone 1 Receptor agonists for the treatment of hypoparathyroidism; SEP-631, an oral small molecule MRGPRX2 negative allosteric modulator (NAM) for chronic spontaneous urticaria and other mast cell diseases; and TSHR Program, an oral small molecule TSHR NAM for graves' disease and thyroid eye disease.

About the company

Country: United StatesPrice: $42.60Market Cap: $2.0B

Investment snapshot

6%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 13

NEUTRAL / FAIL

Median fair value

$65.99

+54.9% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

SEPN undervalued: all 2 models price fair value above $42.60 (median $65.99)

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 #2147 (Top 69.3%)	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL	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
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	+4.2%	N/A	N/A	N/A	+51.3%	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-09 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 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-09 Score computed: 2026-11-14	Annual history · FY 2025 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: 2026-11-09 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-09 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 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 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 · Market data at 2026-11-01 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-09 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: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-09 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-09 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: 2026-11-09 Score computed: 2026-11-14

Where It Passes

Valuation models100% pass✓ 2▾
SEPN undervalued: all 2 models price fair value above $42.60 (median $65.99)
Munger fair value$44.49
✓Munger+4.2% margin vs $42.60
Ackman fair value$87.49
✓Ackman+51.3% margin vs $42.60

Where It Falls Short

Profitability0% pass✓ 2✗ 33▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)1/4 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)1/4 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-14.9%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-47.8M
✗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-13.8%
✗Lynch> 15%
EBIT / Enterprise Value-3.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-3.6%, ROC=-32.9%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-8.20%
✗PiotroskiROA > 0
ROA Change YoY-15.73% -> -8.20% (delta: +7.53%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=18.48%, ROA=-8.20%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue-55.1%
✗Dreman>= 8%
Net Income / Shareholders' Equity-13.8%
✗Dreman> 12%
Margin of SafetyP/B=5.0x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-14.9% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency1/3 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-76.2%
✗Ackman>= 15%
Net Income / Shareholders Equity-13.8%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend1374.2% (2023) -> -148.6% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendrevenue up, operating margin 1374.2% -> -148.6%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-2.91%; #3668/6340 (top 57.9%)
✗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-13.79%; #3536/5226 (top 67.7%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0778; #3163/5884 (top 53.8%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Growth0% pass✓ 2✗ 11▾
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$0.29 (2023) -> $-1.10 (2025)
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency1/3 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth2393.2%
✓Ackman>= 5%
Positive EPS Growth Frequency1/2 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 trendrevenue up, operating margin 1374.2% -> -148.6%
✗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
Verdicts7% pass✓ 1✗ 14▾
Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS
Overall verdict
✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #2147✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (2/9)✗TempletonFAIL (1/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
Debt & Leverage8% pass✓ 3✗ 12▾
11 of 12 flag SEPN'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 Liabilities4.84
✓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
Valuation8% pass✓ 2✗ 26▾
12 of 13 flag SEPN's valuation — Graham, Lynch, Greenblatt +9 more
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio5.0x
✗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-3.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-3.6%, ROC=-32.9%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)17.4x
✗Dreman< 8x
Price / Book Value per Share5.0x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-2.5%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=5.4%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=5.0x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share17.4x
✓Ackman<= 25
Price vs. Trailing Low736% of trailing low ($5.79)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-2.91%; #3668/6340 (top 57.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.2113; #4134/6449 (top 64.1%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share5.01x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.0475; #4589/5247 (top 87.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-3.83%; #2886/4519 (top 63.9%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+84.50%; #405/6202 (top 6.5%)
✓OshaughnessyTop 10% of eligible cross-section
Cash Flow10% pass✓ 3✗ 9▾
9 of 10 flag SEPN's cash flow — Buffett, Lynch, Dreman +6 more
Free Cash Flow Proxy$-47.8M
✗BuffettPositive and growing
FCF Positive and Growing$-77.6M
✗LynchPositive and growing
Operating Cash Flow$110.2M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=18.48%, ROA=-8.20%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)17.4x
✗Dreman< 8x
P/E or FCF YieldFCF Yield=5.4%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive1/3 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-4.1%
✗Ackman>= 4%
Price / FCF per Share17.4x
✓Ackman<= 25
Positive Operating Cash Flow frequency1/3 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-77.6M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-3.83%; #2886/4519 (top 63.9%)
✗OshaughnessyTop 10% of eligible cross-section
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag SEPN's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio4.84
✓Graham>= 2.0
ROIC (3-5 yr avg)
✗Buffett> 10%
ROIC - WACC
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-32.9%
✗Greenblatt> 25%
Current Ratio Change YoY27.77 -> 4.73
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.00x -> 0.08x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities4.84
✓Dreman> 1.5
Return on 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)
✗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: Mid Cap($2.0B)

Revenue: $46.0M+4174.5% YoY

Net Income: $48.9M+31.9% YoY

Financial Snapshot

Operating Margin-148.6%

Return on Equity-12.8%

Debt / Equity--

Current Ratio4.73

EPS (Diluted)$-1.10

Buybacks (1y)$1.0K

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

Share retirement not available for this company.

Buybacks: $1.0K
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 · 2026-03-09 10-Q · 2026-05-11 10-Q · 2026-08-10 10-Q · 2026-11-09 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 · 2026-11-09 Derived from cumulative filings: operating cash flow, capex.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-10 Derived from cumulative filings: operating cash flow, capex.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-11	FY 2025 Sources 10-K · 2026-03-09	FY 2024 Sources 10-K · 2025-03-27	FY 2023 Sources 10-K · 2025-03-27	FY 2022 Sources 10-K · 2025-03-27
Market Cap	$2.0Bcurrent	--	--	--	$1.0Best.	$167.3Mest.	--	--
Revenue	$96.3M↑337%	$18.9M↓12%	$26.7M↑22376%	$26.5M↑12011%	$46.0M↑4175%	$1.1M↑612%	$151.0K	--
Operating Income	-$73.4M↑5%	-$27.2M↓1142%	-$16.8M↑42%	-$13.3M↑49%	-$68.3M↑15%	-$80.8M↓3995%	$2.1M	--
Net Income	-$59.0M	-$26.6M↓425%	-$13.0M↑48%	-$8.6M↑60%	-$48.9M↑32%	-$71.8M↓1818%	$4.2M	--
EPS (Diluted)	--	$-0.57↓417%	$-0.29↑48%	$-0.19↑61%	$-1.10↑85%	$-7.26↓2603%	$0.29	--
Gross Margin	—	—	—	—	—	—	—	—
Operating Margin	-76.2%↑78%	-144.2%↓1286%	-62.9%↑100%	-50.1%↑100%	-148.6%↑98%	-7518.4%↓647%	1374.2%	—
ROE	-13.8%↑9%	—	—	—	-12.8%↑25%	-17.1%↓57%	-10.9%	—
Total Debt	--	--	--	--	--	--	--	--
Shareholders' Equity	$427.9M↑10%	$427.9M↑10%	$386.7M↑2%	$378.5M↓5%	$381.9M↓9%	$420.0M↑1195%	-$38.4M↑13%	-$44.2M
Current Ratio	4.84↓26%	4.84↓26%	4.99↓77%	4.71↓85%	4.73↓83%	27.77↑70%	16.30	—
Debt / Equity	—	—	—	—	—	—	—	—
Operating Cash Flow	-$76.6M↓173%	-$13.8M↓108%	-$22.2M↓9%	-$25.6M↓10%	$110.2M↑263%	-$67.5M↓74%	-$38.7M	--
Free Cash Flow	-$77.6M↓175%	-$13.9M↓108%	-$22.2M↓9%	-$26.5M↓12%	$109.7M↑258%	-$69.6M↓67%	-$41.6M	--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

SEPN vs Peers — Financial Grading

Revenue$46.0MBottom 25%

Net Income$48.9MBottom 25%

ROE-12.8%Bottom 25%

D/E—

Op. Margin-148.6%Bottom 25%

Curr. Ratio4.73Top 25%

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