Vera Therapeutics, Inc.
VERAAbout the company
Vera Therapeutics, Inc., a clinical stage biotechnology company, focuses on the development and commercialization of transformative treatments for patients with immunological diseases. The company offers atacicept, a fully humanized TACI-Fc fusion protein that binds B-cell activating factor (BAFF) and A proliferation-inducing ligand (APRIL), which is self-administered at home as a subcutaneous injection being evaluated for the treatment of immunoglobulin A nephropathy (IgAN) and other autoimmune kidney diseases.
Investment snapshot
Positive
0
BUY / PASS
Neutral / negative
2 / 14
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 17
Positive margin of safety
Strongest signal
7 of 12 pass — Buffett, Lynch, Piotroski +2 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 #2599 (Top 83.9%) | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
| Analysis | 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… | Checking access… |
| 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 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-26 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: 2026-02-26 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 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-05 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: 2026-02-26 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 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 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 & Leverage58% pass✓ 10✗ 5▾
7 of 12 pass — Buffett, Lynch, Piotroski +2 more object
LT Debt vs Net Current AssetsLT Debt $75.4M vs NCA $385.5M✓GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.23, IC: -57.4x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.23✓Lynch< 0.33Cash - Long-term Debt$-20.1M✗LynchPositive preferredLT Debt / Total Assets Change7.73% -> 10.19%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities7.91✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.23✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xDebt Levels0.23✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3Interest Coverage & Debt/EBITDAIC=-57.4x, D/EBITDA=N/A✗MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.23✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.2264; #1777/4210 (top 42.2%)✗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 yearsEPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthNet Income Positive (10+ years)0/7 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-66.6%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$-299.6M✗BuffettPositive and growingEarnings Variance (10-yr CoV)N/A (negative mean EPS)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE-124.6%✗Lynch> 15%EBIT / Enterprise Value-18.0%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-18.0%, ROC=-97.9%✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets-40.78%✗PiotroskiROA > 0ROA Change YoY-23.20% -> -40.78% (delta: -17.57%)✗PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-32.82%, ROA=-40.78%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue✗Dreman>= 8%Net Income / Shareholders' Equity-124.6%✗Dreman> 12%Margin of SafetyP/B=3.0x✗PabraiP/B < 1.5 or P/E < 15Return on Equity-56.8% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePositive Net Income Frequency0/6 years positive✗MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue✗Ackman>= 15%Net Income / Shareholders Equity-124.6%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trend✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization-20.44%; #4574/6340 (top 72.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity-124.65%; #4691/5226 (top 89.8%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.1511; #3945/5884 (top 67.0%)✗AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years0/6 years positive✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation0% pass✗ 28▾
All 13 investors flag VERA's valuation
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio3.0x✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value-18.0%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=-18.0%, ROC=-97.9%✗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< 8xPrice / Book Value per Share3.0x✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation ReasonablenessOE Yield=-16.6%✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=-11.9%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical AverageP/B=3.0x✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic ValueN/A (negative normalized EPS)✗Marks>= 20% below intrinsic valuePrice / FCF per ShareN/A (negative FCF)✗Ackman<= 25Price vs. Trailing Low148% of trailing low ($18.95)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization-20.44%; #4574/6340 (top 72.1%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.1640; #4392/6449 (top 68.1%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share2.99x✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization-18.51%; #3489/4519 (top 77.2%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date-21.09%; #4027/6202 (top 64.9%)✗OshaughnessyTop 10% of eligible cross-section - Cash Flow0% pass✓ 1✗ 11▾
No clean pass — all 10 investors flag at least one cash flow criterion
Free Cash Flow Proxy$-299.6M✗BuffettPositive and growingFCF Positive and Growing$-376.0M✗LynchPositive and growingOperating Cash Flow$-241.1M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-32.82%, ROA=-40.78%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)N/A (negative CFPS)✗Dreman< 8xP/E or FCF YieldFCF Yield=-11.9%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive0/6 years FCF positive✗MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap-20.8%✗Ackman>= 4%Price / FCF per ShareN/A (negative FCF)✗Ackman<= 25Positive Operating Cash Flow frequency0/6 years positive✗SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$-376.0M✗Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization-18.51%; #3489/4519 (top 77.2%)✗OshaughnessyTop 10% of eligible cross-section - Growth0% pass✓ 1✗ 12▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)N/A (negative base EPS)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthN/A (no inventory)✓LynchInventory growth < Revenue growthEPS Growth Direction$-166.93 (2020) -> $-4.66 (2025)✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency0/6 years positive✗MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth✗Ackman>= 5%Positive EPS Growth Frequency2/5 years with positive EPS growth✗AckmanPositive EPS growth in >= 3 of last 5 years5-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 holding5-year Revenue CAGR✗SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Verdicts0% pass✗ 15▾
Split decision: 14 FAIL · 2 NEUTRAL
Overall verdict✗GrahamFAIL (2/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2599✗PiotroskiFAIL (F-Score 1)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (1/9)✗TempletonFAIL (2/8)✗SleepFAIL (0/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Efficiency25% pass✓ 2✗ 9▾
6 of 8 flag VERA's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio7.91✓Graham>= 2.0ROIC (3-5 yr avg)-75.2%✗Buffett> 10%ROIC - WACC-85.2%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)-97.9%✗Greenblatt> 25%Current Ratio Change YoY25.67 -> 13.64✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY✗PiotroskiImproved YoYCurrent Assets / Current Liabilities7.91✓Dreman> 1.5Return on Invested Capital-82.7%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=-53.2%; FY2024: ROIC=-21.0%; FY2025: ROIC=-36.7%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROICN/A (non-positive net income)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest -36.7%)✗SleepROIC > 12% in a majority of years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 16.1% of shares last year, 50.4% issued over two.
- Buybacks
- $0
- 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 valuesDerived from cumulative filings: net income, operating income, ebit, interest expense, operating cash flow, depreciation amortization, capex, buybacks. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, depreciation amortization, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0Bcurrent | -- | -- | -- | $2.8Best. | $2.1Best. | $1.6Best. | $225.3Mest. | $267.8Mest. |
| Revenue | -- | $10.3M | -- | -- | -- | -- | -- | -- | -- |
| Operating Income | -$427.5M↓58% | -$95.7M↓14% | -$112.5M↓40% | -$125.1M↓119% | -$315.5M↓89% | -$167.2M↓64% | -$102.0M↓12% | -$90.9M↓164% | -$34.4M |
| Net Income | -$415.3M↓65% | -$93.7M↓17% | -$109.5M↓43% | -$121.0M↓134% | -$299.6M↓97% | -$152.1M↓59% | -$96.0M↓8% | -$89.1M↓173% | -$32.6M |
| EPS (Diluted) | -- | $-1.30↓3% | $-1.52↓27% | $-1.69↓109% | $-4.66↓69% | $-2.75↓22% | $-2.25↑33% | $-3.35↓38% | $-2.43 |
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | — | -931.2% | — | — | — | — | — | — | — |
| ROE | -124.6%↓97% | — | — | — | -49.6%↓88% | -26.4%↑72% | -94.4%↑18% | -115.8%↓147% | -46.9% |
| Total Debt | $75.4M↑1% | $75.4M↑1% | $75.2M↑1% | $75.0M↑47% | $74.8M↑48% | $50.7M↑2% | $49.9M↑101% | $24.8M↑404% | $4.9M |
| Shareholders' Equity | $333.2M↓16% | $333.2M↓16% | $407.8M↓13% | $499.7M↓7% | $604.5M↑5% | $577.2M↑468% | $101.7M↑32% | $76.9M↑11% | $69.6M |
| Current Ratio | 7.91↓35% | 7.91↓35% | 10.92↓36% | 13.64↓51% | 13.64↓47% | 25.67↑233% | 7.71↑57% | 4.91↓54% | 10.73 |
| Debt / Equity | 0.23↑21% | 0.23↑21% | 0.18↑16% | 0.15↑58% | 0.12↑41% | 0.09↓82% | 0.49↑52% | 0.32↑356% | 0.07 |
| Operating Cash Flow | -$375.9M↓79% | -$99.2M↓60% | -$100.3M↓83% | -$106.5M↓96% | -$241.1M↓79% | -$134.7M↓46% | -$92.2M↓36% | -$67.6M↓185% | -$23.7M |
| Free Cash Flow | -$376.0M↓78% | -$99.2M↓60% | -$100.3M↓82% | -$106.5M↓95% | -$241.7M↓78% | -$135.7M↓47% | -$92.2M↓36% | -$67.7M↓185% | -$23.7M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Pharmaceutical Products
VERA vs Peers — Financial Grading
| 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 |