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ZYBERNO

Stock Report

Updated Sep 1, 2026

Arbutus Biopharma Corp (ABUS)

Healthcare • NASDAQ

$5.07

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

44.0/100

WEAK BUSINESS

Arbutus Biopharma Corp (ABUS) scores 44/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ABUS quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

+7.9%

Market Underestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ABUS valuation analysis · → View full ABUS Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):EXCELLENT (91.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.01x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):EXCELLENT (61.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Arbutus Biopharma Corp (ABUS) stock report — Zyberno Score 44/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Arbutus Biopharma Corp (ABUS) shows a Brina Gap of +7.9%, which strengthens the case: based on the company's ROIC (61.5%) and reinvestment rate (-0.2%), the business can fundamentally grow at -0.2% — but the current enterprise value implies the market expects -8.1%.

Over the trailing twelve months, ABUS generated -$39.64M in Owner Earnings. Reinvestment rate: -0.2%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:5.07

Market Cap:$1.00B

Valuation Multiples (2)

P/B Ratio:3.87x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$984.86M

Ev Ebitda Ratio:6.59x

Price Action & Momentum (3)

12-1 Momentum:

+36.7% (83th pctile)

📈 Click to view full ABUS Momentum analysis →

Momentum Percentile:83 / 100

% of 52-Week High:93.0%

B. Profitability Assessment

Return Metrics (7)

ROE:

91.0%

📊 Click to view full ABUS ROE analysis →

ROA:82.3%

Roic:

61.5%

📊 Click to view full ABUS ROIC analysis →

Reinvestment Rate:-0.2%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:-8.1%

Brina Gap:

7.9%

☷ Click to view full ABUS Brina Gap analysis →

Margin Analysis (1)

Ebitda Margin:1,060.6%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-50.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:81.42x

Quick Ratio:81.42x

Cash Ratio:5.70x

Leverage Analysis (3)

Debt To Equity Ttm:0.01x

Debt-to-Equity Ratio:0.01x

Debt To Ebitda:0.02x

Coverage Ratios (2)

Interest Coverage Ratio:-502.11x

Times Interest Earned:-502.11

Capital Structure (4)

Working Capital:270,519,000.00

Cash And Cash Equivalents:19,171,000.00

Long Term Debt:$0.00

Net Debt:-$16.32M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $14.08M

Linear Growth: -50.0%

📊 Click to view full ABUS Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00$149.00M

Bottom Line Performance (3)

$153.05M

Income Before Tax:$11.95M

Ebitda Ttm:149,358,000.00

Operating Expenses (5)

Operating Expenses:32,725,000.00

R And D Expense:17,802,000.00

Sga Expense:16,489,000.00

Income Tax Expense:$0.00

Interest Expense:76,000.00

Expense Ratios (3)

R And D To Revenue Percentage:1,755.6%

Sga To Revenue Percentage:1,626.1%

Ebitda Margin:1,060.6%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$274.03M

Current Assets:$273.88M

Ppe Net:10,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:15,292,000.00

Current Liabilities:3,364,000.00

Long Term Debt:$0.00

Short Term Debt:$2.85M

Equity & Capital (3)

Equity:$258.73M

Retained Earnings:-$1.22B

Common Stock:1,448,177,000.00

Working Capital Items (3)

Accounts Receivable:369,000.00

Inventory:0.00

Accounts Payable:2,850,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,595,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$34.36M-$39.64M

Investment Activities (2)

Investing Cash Flow:$2.20M

Capital Expenditures Ttm:0.00

Financing Activities (3)

Financing Cash Flow:$11.62M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:2,734,744.51

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:$0.78

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.07

Operating Cash Flow Per Share:-$0.20

Book Value & Capital (2)

Book Value Per Share:$1.31

Cash Per Share:0.10

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.08x

Working Capital Turnover Ttm:0.05x

Receivables Management (2)

Receivables Turnover Ttm:38.17x

Days Sales Outstanding Ttm:9.56

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:73.87

Cash Conversion Cycle:-1,063.30

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$39.64M

Damodaran Growth Analysis (4)

Reinvestment Rate:-0.2%

Fundamental Growth Rate (g):-0.2%

Market-Implied Growth Rate:-8.1%

Brina Gap:

7.9%

☷ Click to view full ABUS Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Revenue Growth Rate (Linear):-50.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-3.6%

C. Company Profile & Context

Corporate Information (6)

Symbol:ABUS

Company Name:Arbutus Biopharma Corp

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:197.47M

Shares Outstanding Basic:197.47M

Shares Outstanding Diluted:197.47M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 09:01:42 UTC

Data Timestamp:2026-09-01T09:01:42.375846