SOLENO THERAPEUTICS INC

SLNO

Country: United StatesPrice: $52.63Market Cap: $2.8B

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

2 / 11

NEUTRAL / FAIL

Median fair value

$6.92

-86.8% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

11 of 12 pass — Asness objects

Key risk

No clean pass — all 13 investors flag at least one valuation 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 #980 (Top 31.6%)	PASS	PASS	FAIL	FAIL	FAIL	FAIL	PASS	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
Margin of Safety	-505.6%	-920.0%	N/A	N/A	N/A	N/A	-353.3%	-1504.6%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Annual history · FY 2025 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-03-31 · TTM ended 2026-03-31 vs 2025-03-31 · TTM ended 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	TTM ended 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-25 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-04-10 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-25 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Qualitative assessment Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Market data at 2026-04-10 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-04-10 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-25 Score computed: 2026-11-14	TTM ended 2026-03-31 · Balance sheet at 2026-03-31 · Price history 2025-01-01–2026-04-10 · Annual history · FY 2025 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-03-31 Latest source filing: 2026-05-07 Score computed: 2026-11-14	TTM ended 2026-03-31 · Annual history · FY 2025 · Price history 2025-01-01–2026-04-10 Latest source filing: 2026-05-07 Score computed: 2026-11-14

Where It Passes

Debt & Leverage92% pass✓ 14✗ 1▾
11 of 12 pass — Asness objects
LT Debt vs Net Current AssetsLT Debt $49.9M vs NCA $268.3M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.10, IC: 16.0x
✓BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.10
✓Lynch< 0.33
Cash - Long-term Debt$83.2M
✓LynchPositive preferred
LT Debt / Total Assets Change15.06% -> 8.84%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities5.62
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.10
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.10
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=16.0x, D/EBITDA=0.6x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.10
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.1006; #1284/4210 (top 30.5%)
✗AsnessTop 30% of eligible cross-section

Where It Falls Short

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 Ratio6.0x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)P/E 134.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value3.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=3.2%, ROC=63.8%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS134.9x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)58.1x
✗Dreman< 8x
Price / Book Value per Share6.0x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=134.9x, OE Yield=0.8%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=134.9x, FCF Yield=1.7%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=134.9x, P/B=6.0x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Price / FCF per Share58.1x
✗Ackman<= 25
Price vs. Trailing Low
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+3.49%; #2213/6340 (top 34.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.1802; #4291/6449 (top 66.5%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS134.9x
✗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 Share6.10x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+1426.1%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.1036; #4320/5247 (top 82.3%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+3.83%; #1838/4519 (top 40.7%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date
✗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)P/E 134.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue Growth
✗LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency1/13 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth
✗Ackman>= 5%
Positive EPS Growth Frequency3/5 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 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
Valuation models0% pass✗ 4▾
SLNO overvalued: all 4 models price fair value below $52.63 (median $6.92)
Graham fair value$8.69
✗Graham-505.6% margin vs $52.63
Buffett fair value$5.16
✗Buffett-920.0% margin vs $52.63
Munger fair value$11.61
✗Munger-353.3% margin vs $52.63
Pabrai fair value$3.28
✗Pabrai-1504.6% margin vs $52.63
Profitability13% pass✓ 11✗ 24▾
14 of 16 flag SLNO's profitability — Graham, Buffett, Lynch +11 more
Positive EPS (10 years)1/14 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)1/14 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-99.6%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)4.9% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$22.8M
✓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)P/E 134.9x (growth N/A)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE19.4%
✓Lynch> 15%
EBIT / Enterprise Value3.2%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=3.2%, ROC=63.8%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets3.71%
✓PiotroskiROA > 0
ROA Change YoY-53.13% -> 3.71% (delta: +56.84%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=8.30%, ROA=3.71%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue11.0%
✓Dreman>= 8%
Net Income / Shareholders' Equity19.4%
✓Dreman> 12%
Margin of SafetyP/E=134.9x, P/B=6.0x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-30.6% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic ValueN/A (negative normalized EPS)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency1/13 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue30.3%
✓Ackman>= 15%
Net Income / Shareholders Equity19.4%
✓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+3.49%; #2213/6340 (top 34.9%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+33.29%; #1262/3702 (top 34.1%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+19.37%; #825/5226 (top 15.8%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.3670; #4750/5884 (top 80.7%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years1/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts20% pass✓ 3✗ 12▾
Split decision: 11 FAIL · 3 PASS · 2 NEUTRAL
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (3/9)✗LynchFAIL (4/7)✗GreenblattRank #980✓PiotroskiPASS (F-Score 5)✓DremanPASS (5/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✓AckmanPASS (5/9)✗TempletonFAIL (2/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency38% pass✓ 3✗ 8▾
5 of 8 flag SLNO's efficiency — Buffett, Piotroski, Munger +2 more
Current Ratio5.62
✓Graham>= 2.0
ROIC (3-5 yr avg)-34.9%
✗Buffett> 10%
ROIC - WACC-44.9%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)63.8%
✓Greenblatt> 25%
Current Ratio Change YoY15.68 -> 5.80
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY
✗PiotroskiImproved YoY
Current Assets / Current Liabilities5.62
✓Dreman> 1.5
Return on Invested Capital12.5%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=-50.3%; FY2025: ROIC=1.5%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC1.5% (RR=100% x ROIC=1.5%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/3 years above 12% (latest 1.5%)
✗SleepROIC > 12% in a majority of years
Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag SLNO's cash flow — Dreman, Pabrai, Marks +3 more
Free Cash Flow Proxy$22.8M
✓BuffettPositive and growing
FCF Positive and Growing$105.4M
✓LynchPositive and growing
Operating Cash Flow$46.8M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=8.30%, ROA=3.71%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)58.1x
✗Dreman< 8x
P/E or FCF YieldP/E=134.9x, FCF Yield=1.7%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive1/13 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap3.9%
✗Ackman>= 4%
Price / FCF per Share58.1x
✗Ackman<= 25
Positive Operating Cash Flow frequency1/13 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$105.4M
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+3.83%; #1838/4519 (top 40.7%)
✗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: Mid Cap($2.8B)

Revenue: $190.4M

Net Income: $20.9M+111.9% YoY

Financial Snapshot

Operating Margin4.9%

Return on Equity4.6%

Debt / Equity0.11

Current Ratio5.80

EPS (Diluted)$0.39

Buybacks (1y)$100.1M

Buybacks (2y)$100.1M

Shares Retired−12.6% / −63.0% 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 12.6% of shares last year, 63.0% issued over two.

Buybacks: $100.1M
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 · 2026-03-31 2025-04-01 – 2026-03-31 Sources · derived quarter values 10-Q · 2025-08-06 10-Q · 2025-11-04 10-K · 2026-02-25 10-Q · 2026-05-07 Derived from cumulative filings: operating cash flow, capex, revenue, net income, operating income, ebit, interest expense, depreciation amortization.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-07	FY 2025 Sources 10-K · 2026-02-25	FY 2024 Sources 10-K · 2025-02-28	FY 2023 Sources 10-K · 2024-03-07	FY 2022 Sources 10-K · 2023-03-22	FY 2021 Sources 10-K · 2022-03-31
Market Cap	$2.8Bcurrent	--	$2.0Best.	$2.3Best.	$1.5Best.	$23.8Mest.	$28.4Mest.
Revenue	$285.0M	$94.6M	$190.4M	--	--	--	--
Operating Income	$86.4M↑141%	$31.3M↑168%	$9.4M↑105%	-$187.7M↓353%	-$41.4M↓70%	-$24.4M↑23%	-$31.5M
Net Income	$96.0M↑148%	$31.4M↑172%	$20.9M↑112%	-$175.8M↓351%	-$39.0M↓62%	-$24.1M↑22%	-$30.9M
EPS (Diluted)	--	$0.59↑162%	$0.39↑109%	$-4.38↓86%	$-2.36↑18%	$-2.87↑51%	$-5.81
Gross Margin	—	—	98.6%	—	—	—	—
Operating Margin	30.3%	33.1%	4.9%	—	—	—	—
ROE	19.4%↑123%	—	4.6%↑106%	-71.7%↓190%	-24.8%↑89%	-232.6%↓34%	-173.7%
Total Debt	$49.9M	$49.9M	$49.9M	$49.8M	--	--	$0
Shareholders' Equity	$495.8M↑113%	$495.8M↑113%	$450.1M↑84%	$245.1M↑56%	$157.5M↑1422%	$10.3M↓42%	$17.8M
Current Ratio	5.62↓71%	5.62↓71%	5.80↓63%	15.68↑5%	14.89↑596%	2.14↓24%	2.80
Debt / Equity	0.10↓53%	0.10↓53%	0.11↓46%	0.20	—	—	0.00
Operating Cash Flow	$105.5M↑218%	$26.0M↑179%	$46.8M↑168%	-$69.1M↓177%	-$24.9M↓20%	-$20.8M↑25%	-$27.8M
Free Cash Flow	$105.4M↑218%	$25.9M↑179%	$46.7M↑167%	-$69.3M↓178%	-$24.9M↓20%	-$20.8M↑25%	-$27.8M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Pharmaceutical Products

SLNO vs Peers — Financial Grading

Revenue$190.4MBottom 25%

Net Income$20.9MMedian

ROE4.6%Median

D/E0.11Top 25%

Op. Margin4.9%Median

Curr. Ratio5.80Top 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