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ZYBERNO

Stock Report

Updated Sep 1, 2026

ADAGIO MEDICAL HOLDINGS, INC. (ADGM)

Healthcare • NASDAQ

$0.53

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

21.0/100

POOR BUSINESS

ADAGIO MEDICAL HOLDINGS, INC. (ADGM) scores 21/100 — concerning metrics indicating significant structural or financial risks.

📊 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 ADGM quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 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 ADGM valuation analysis · → View full ADGM 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):CRITICAL (-661.9%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):EXCELLENT (7,110.7%)

Return on Capital (Capital Efficiency):CRITICAL (-88.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

ADAGIO MEDICAL HOLDINGS, INC. (ADGM) stock report — Zyberno Score 21/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, ADGM generated -$16.37M in Owner Earnings. Capital was deployed as follows: $41.00K invested in capital expenditures. Reinvestment rate: 4.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.53

Market Cap:$11.74M

Valuation Multiples (1)

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$29.06M

Price Action & Momentum (3)

12-1 Momentum:

-59.7% (8th pctile)

📈 Click to view full ADGM Momentum analysis →

Momentum Percentile:8 / 100

% of 52-Week High:20.5%

B. Profitability Assessment

Return Metrics (5)

ROE:

-661.9%

📊 Click to view full ADGM ROE analysis →

ROA:-73.3%

Roic:

-88.3%

📊 Click to view full ADGM ROIC analysis →

Reinvestment Rate:4.0%

Fundamental Growth Rate (g):-3.5%

Margin Analysis (3)

Operating Margin Ttm:7,110.7%

Net Margin Ttm:9,691.4%

Ebitda Margin:0.0%

TTM Performance (2)

Operating Margin Ttm:7,110.7%

Net Margin Ttm:9,691.4%

Yield Metrics (2)

Earnings Yield:-$306.27

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.41x

Quick Ratio:1.15x

Cash Ratio:1.02x

Leverage Analysis (1)

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-7.05x

Times Interest Earned:-7.05

Capital Structure (4)

Working Capital:3,127,000.00

Cash And Cash Equivalents:7,740,000.00

Long Term Debt:$24.84M

Net Debt:$17.33M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

-$280.00K

Cost Of Revenue Ttm:$684.00K

Profitability Breakdown (2)

-$684.00K-$19.91M

Bottom Line Performance (3)

-$27.14M

Income Before Tax:-$25.32M

Ebitda Ttm:-19,072,000.00

Operating Expenses (5)

Operating Expenses:19,910,000.00

R And D Expense:10,200,000.00

Sga Expense:9,621,000.00

Income Tax Expense:$0.00

Interest Expense:3,107,000.00

Expense Ratios (1)

Ebitda Margin:0.0%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$33.88M

Current Assets:$10.69M

Ppe Net:4,145,000.00

Goodwill:13,967,000.00

Intangible Assets:$6.97M

Liability Structure (4)

Total Liabilities:34,299,000.00

Current Liabilities:7,562,000.00

Long Term Debt:$24.84M

Short Term Debt:$229.00K

Equity & Capital (3)

Equity:-$415.00K

Retained Earnings:-$109.40M

Common Stock:210,000,000.00

Working Capital Items (3)

Accounts Receivable:1,000.00

Inventory:1,986,000.00

Accounts Payable:6,634,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:479,000.00

C. Cash Flow Analysis

Operating Activities (2)

-$15.93M-$15.97M

Investment Activities (2)

Investing Cash Flow:-$2.00K

Capital Expenditures Ttm:41,000.00

Financing Activities (3)

Financing Cash Flow:$501.00K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:16,134,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:838,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-1.36

-$2.12

Earnings Per Share Ttm:-$1.22

Revenue & Cash Per Share (1)

Operating Cash Flow Per Share:-$0.86

Book Value & Capital (2)

Book Value Per Share:-$0.02

Cash Per Share:0.35

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (1)

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:0.34x

Days Inventory Outstanding Ttm:1,059.78

Payables & Cash Cycle (2)

Days Payable Outstanding:3,540.07

Cash Conversion Cycle:-3,479.29

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:10.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$16.37M

Damodaran Growth Analysis (2)

Reinvestment Rate:4.0%

Fundamental Growth Rate (g):-3.5%

B. Log-Linear Regression Growth Analysis

Other Growth Rates (1)

Book Value Growth Rate (Linear):-50.0%

C. Company Profile & Context

Corporate Information (6)

Symbol:ADGM

Company Name:ADAGIO MEDICAL HOLDINGS, INC.

Sector:Healthcare

Industry:Medical Devices

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:22.21M

Shares Outstanding Basic:22.21M

Shares Outstanding Diluted:22.21M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 13:23:55 UTC

Data Timestamp:2026-08-21T08:35:07.896865