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ZYBERNO

Stock Report

Updated Sep 1, 2026

Theravance Biopharma, Inc. (TBPH)

Healthcare • NASDAQ

$17.05

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

73.0/100

GOOD BUSINESS

Theravance Biopharma, Inc. (TBPH) scores 73/100 — strong fundamentals with solid profitability and healthy cash flow generation.

📊 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 TBPH 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?

-8.1%

Market Overestimates

💰 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 TBPH valuation analysis · → View full TBPH 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):GOOD (19.4%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.23x)

Operating Margin (Operational Efficiency):EXCELLENT (46.8%)

Return on Capital (Capital Efficiency):EXCELLENT (33.8%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Theravance Biopharma, Inc. (TBPH) stock report — Zyberno Score 73/100 (GOOD BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, Theravance Biopharma, Inc. (TBPH) shows a Brina Gap of -8.1%, which weakens the case: based on the company's ROIC (33.8%) and reinvestment rate (-4.0%), the business can fundamentally grow at -1.3% — but the current enterprise value implies the market expects 6.8%.

Over the trailing twelve months, TBPH generated $194.35M in Owner Earnings. Reinvestment rate: -4.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:17.05

Market Cap:$880.92M

Valuation Multiples (4)

P/E Ratio:

16.88x

📊 Click to view full TBPH P/E analysis →

P/B Ratio:3.04x

P/S Ratio:8.45x

Peg Ratio:0.05x

Enterprise Metrics (3)

Enterprise Value:$699.73M

Ev Ebitda Ratio:13.87x

Pfcf Ratio:4.53x

Price Action & Momentum (3)

12-1 Momentum:

+22.8% (83th pctile)

📈 Click to view full TBPH Momentum analysis →

Momentum Percentile:83 / 100

% of 52-Week High:81.1%

B. Profitability Assessment

Return Metrics (7)

ROE:

19.4%

📊 Click to view full TBPH ROE analysis →

ROA:11.7%

Roic:

33.8%

📊 Click to view full TBPH ROIC analysis →

Reinvestment Rate:-4.0%

Fundamental Growth Rate (g):-1.3%

Market-Implied Growth Rate:6.8%

Brina Gap:

-8.1%

☷ Click to view full TBPH Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:46.8%

Net Margin Ttm:51.6%

Ebitda Margin:48.4%

TTM Performance (2)

Operating Margin Ttm:46.8%

Net Margin Ttm:51.6%

Yield Metrics (3)

Earnings Yield:$5.92

Owner Earnings Yield:$22.06

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-0.33

📊 Click to view full TBPH Earnings Surprise analysis →

EPS Surprise vs Expected:-108.1%

Latest Earnings Filed:2026-08-11

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):21.9%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-50.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:13.54x

Quick Ratio:13.54x

Cash Ratio:7.14x

Leverage Analysis (3)

Debt To Equity Ttm:0.23x

Debt-to-Equity Ratio:0.23x

Debt To Ebitda:0.76x

Coverage Ratios (2)

Interest Coverage Ratio:-1.46x

Times Interest Earned:-1.46

Capital Structure (4)

Working Capital:385,896,000.00

Cash And Cash Equivalents:219,766,000.00

Long Term Debt:$27.77M

Net Debt:-$181.20M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $104.31M

Linear Growth: 21.9%

📊 Click to view full TBPH Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00$48.85M

Bottom Line Performance (3)

Net income TTM: $53.81M

Linear Growth: -50.0%

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

Income Before Tax:$58.92M

Ebitda Ttm:50,447,000.00

Operating Expenses (5)

Operating Expenses:108,514,000.00

R And D Expense:26,013,000.00

Sga Expense:68,748,000.00

Income Tax Expense:$5.11M

Interest Expense:2,461,000.00

Expense Ratios (3)

R And D To Revenue Percentage:125.5%

Sga To Revenue Percentage:331.6%

Ebitda Margin:48.4%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$469.77M

Current Assets:$416.66M

Ppe Net:5,169,000.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:180,065,000.00

Current Liabilities:30,766,000.00

Long Term Debt:$27.77M

Short Term Debt:$10.80M

Equity & Capital (3)

Equity:$289.71M

Retained Earnings:-$870.46M

Common Stock:200,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:652,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:5,990,000.00

C. Cash Flow Analysis

Operating Activities (2)

$268.78M$194.35M

Investment Activities (1)

Investing Cash Flow:$52.59M

Financing Activities (3)

Financing Cash Flow:-$5.58M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:20,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:1,594,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):1.06

Eps diluted TTM: $1.01

Linear Growth: -50.0%

📊 Click to view full TBPH EPS analysis & methodology →

Earnings Per Share Ttm:$1.04

Revenue & Cash Per Share (3)

Sales Per Share Ttm:2.02

Operating Cash Flow Per Share:$4.62

Fcf Per Share Ttm:3.76

Book Value & Capital (2)

Book Value Per Share:$5.61

Cash Per Share:4.25

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.23x

Working Capital Turnover Ttm:0.27x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:2.28

Cash Conversion Cycle:-2,000.28

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:100.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $194.35M

Linear Growth: 0.0%

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

Owner Earnings Per Share:$3.76

Owner Earnings Yield:$22.06

Damodaran Growth Analysis (4)

Reinvestment Rate:-4.0%

Fundamental Growth Rate (g):-1.3%

Market-Implied Growth Rate:6.8%

Brina Gap:

-8.1%

☷ Click to view full TBPH Brina Gap analysis →

Return Scenarios (1)

Forward Expected Return (Yield + Growth):

20.7%

📊 Click to view full TBPH 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):21.9%

Net Income Growth Rate (Linear):-50.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-7.8%

C. Company Profile & Context

Corporate Information (6)

Symbol:TBPH

Company Name:Theravance Biopharma, 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:51.67M

Shares Outstanding Basic:51.67M

Shares Outstanding Diluted:51.67M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 08:40:20 UTC

Data Timestamp:2026-09-01T08:40:20.577377