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ZYBERNO

Stock Report

Updated Aug 25, 2026

Fortress Biotech, Inc. (FBIOP)

Healthcare • NASDAQ

$18.39

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

47.0/100

WEAK BUSINESS

Fortress Biotech, Inc. (FBIOP) scores 47/100 — 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 FBIOP 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 FBIOP valuation analysis · → View full FBIOP 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 (87.1%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.26x)

Operating Margin (Operational Efficiency):CRITICAL (-42.6%)

Return on Capital (Capital Efficiency):CRITICAL (-20.3%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Fortress Biotech, Inc. (FBIOP) stock report — Zyberno Score 47/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, FBIOP generated $157.57M in Owner Earnings. Capital was deployed as follows: $498.00K paid as dividends, $63.00K invested in capital expenditures. Reinvestment rate: 69.4%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:18.39

Market Cap:$96.00M

Valuation Multiples (4)

P/E Ratio:

6.81x

📊 Click to view full FBIOP P/E analysis →

P/B Ratio:0.47x

P/S Ratio:1.40x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:-$16.25M

Price Action & Momentum (2)

12-1 Momentum:

+175.0% (96th pctile)

📈 Click to view full FBIOP Momentum analysis →

Momentum Percentile:96 / 100

B. Profitability Assessment

Return Metrics (5)

ROE:

87.1%

📊 Click to view full FBIOP ROE analysis →

ROA:44.9%

Roic:

-20.3%

📊 Click to view full FBIOP ROIC analysis →

Reinvestment Rate:69.4%

Fundamental Growth Rate (g):-14.1%

Margin Analysis (3)

Operating Margin Ttm:-42.6%

Net Margin Ttm:170.5%

Ebitda Margin:-31.2%

TTM Performance (3)

Gross Margin Ttm:65.6%

Operating Margin Ttm:-42.6%

Net Margin Ttm:170.5%

Yield Metrics (3)

Earnings Yield:$14.68

Owner Earnings Yield:$164.13

Dividend Yield:0.5%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.18

📊 Click to view full FBIOP Earnings Surprise analysis →

EPS Surprise vs Expected:-129.5%

Latest Earnings Filed:2026-08-13

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-1.4%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.96x

Quick Ratio:3.83x

Cash Ratio:3.17x

Leverage Analysis (3)

Debt To Equity Ttm:0.26x

Debt-to-Equity Ratio:0.26x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-7.29x

Times Interest Earned:-7.29

Capital Structure (4)

Working Capital:183,488,000.00

Cash And Cash Equivalents:196,576,000.00

Long Term Debt:$35.00M

Net Debt:-$112.25M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $68.45M

Linear Growth: -1.4%

📊 Click to view full FBIOP Revenue analysis & methodology →

Cost Of Revenue Ttm:$23.56M

Profitability Breakdown (2)

Gross profit TTM: $44.90M

Linear Growth: 4.7%

📊 Click to view full FBIOP Gross Profit analysis & methodology →

-$29.18M

Bottom Line Performance (3)

Net income TTM: $116.72M

Linear Growth: 100.0%

📊 Click to view full FBIOP Net Income analysis & methodology →

Income Before Tax:$125.44M

Ebitda Ttm:-21,389,000.00

Operating Expenses (5)

Operating Expenses:97,642,000.00

R And D Expense:13,246,000.00

Sga Expense:68,680,000.00

Income Tax Expense:$4.83M

Interest Expense:9,627,000.00

Expense Ratios (3)

R And D To Revenue Percentage:70.8%

Sga To Revenue Percentage:366.9%

Ebitda Margin:-31.2%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$316.72M

Current Assets:$245.51M

Ppe Net:2,412,000.00

Goodwill:0.00

Intangible Assets:$25.51M

Liability Structure (4)

Total Liabilities:110,629,000.00

Current Liabilities:62,018,000.00

Long Term Debt:$35.00M

Short Term Debt:$49.33M

Equity & Capital (3)

Equity:$206.09M

Retained Earnings:-$624.15M

Common Stock:200,000,000.00

Working Capital Items (3)

Accounts Receivable:36,246,000.00

Inventory:8,156,000.00

Accounts Payable:49,325,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:2,878,000.00

C. Cash Flow Analysis

Operating Activities (2)

$157.64M$157.57M

Investment Activities (2)

Investing Cash Flow:$0.00

Capital Expenditures Ttm:63,000.00

Financing Activities (3)

Financing Cash Flow:-$27.39M

Dividends Paid Ttm:498,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:7,787,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):3.27

$2.70

Earnings Per Share Ttm:$22.36

Revenue & Cash Per Share (2)

Sales Per Share Ttm:13.11

Operating Cash Flow Per Share:-$12.60

Book Value & Capital (2)

Book Value Per Share:$39.48

Cash Per Share:37.66

Dividend Policy (1)

Dividend Payout Ratio:0.62x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.26x

Working Capital Turnover Ttm:0.37x

Receivables Management (2)

Receivables Turnover Ttm:1.89x

Days Sales Outstanding Ttm:193.27

Inventory Management (2)

Inventory Turnover Ttm:2.89x

Days Inventory Outstanding Ttm:126.38

Payables & Cash Cycle (2)

Days Payable Outstanding:764.29

Cash Conversion Cycle:-444.65

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:70.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $157.57M

Linear Growth: 0.0%

📊 Click to view full FBIOP Owner Earnings analysis & methodology →

Owner Earnings Per Share:$30.18

Owner Earnings Yield:$164.13

Damodaran Growth Analysis (2)

Reinvestment Rate:69.4%

Fundamental Growth Rate (g):-14.1%

Return Scenarios (1)

Forward Expected Return (Yield + Growth):

150.1%

📊 Click to view full FBIOP expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-1.4%

Net Income Growth Rate (Linear):100.0%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):4.7%

Book Value Growth Rate (Linear):14.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:FBIOP

Company Name:Fortress Biotech, Inc.

Sector:Healthcare

Industry:Pharmaceuticals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:5.22M

Shares Outstanding Basic:31.79M

Shares Outstanding Diluted:31.79M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-25 17:42:07 UTC

Data Timestamp:2026-08-25T17:42:07.568041