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ZYBERNO

Stock Report

Updated Sep 1, 2026

XERIS BIOPHARMA HOLDINGS, INC. (XERS)

Healthcare • NASDAQ

$8.48

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

22.0/100

POOR BUSINESS

XERIS BIOPHARMA HOLDINGS, INC. (XERS) scores 22/100 — 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 XERS 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?

-26.9%

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 XERS valuation analysis · → View full XERS 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 (-426.3%)

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

Operating Margin (Operational Efficiency):AVERAGE (10.9%)

Return on Capital (Capital Efficiency):EXCELLENT (30.2%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

XERIS BIOPHARMA HOLDINGS, INC. (XERS) stock report — Zyberno Score 22/100 (POOR BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, XERIS BIOPHARMA HOLDINGS, INC. (XERS) shows a Brina Gap of -26.9%, which weakens the case: based on the company's ROIC (30.2%) and reinvestment rate (-29.6%), the business can fundamentally grow at -9.0% — but the current enterprise value implies the market expects 17.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:8.48

Market Cap:$1.47B

Valuation Multiples (2)

P/S Ratio:4.37x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$1.60B

Ev Ebitda Ratio:33.65x

Price Action & Momentum (3)

12-1 Momentum:

+8.3% (87th pctile)

📈 Click to view full XERS Momentum analysis →

Momentum Percentile:87 / 100

% of 52-Week High:84.1%

B. Profitability Assessment

Return Metrics (7)

ROE:

-426.3%

📊 Click to view full XERS ROE analysis →

ROA:-4.4%

Roic:

30.2%

📊 Click to view full XERS ROIC analysis →

Reinvestment Rate:-29.6%

Fundamental Growth Rate (g):-9.0%

Market-Implied Growth Rate:17.9%

Brina Gap:

-26.9%

☷ Click to view full XERS Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:10.9%

Net Margin Ttm:-5.1%

Ebitda Margin:14.1%

TTM Performance (2)

Operating Margin Ttm:10.9%

Net Margin Ttm:-5.1%

Yield Metrics (2)

Earnings Yield:-$1.18

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-3.53

📊 Click to view full XERS Earnings Surprise analysis →

EPS Surprise vs Expected:-311.8%

Latest Earnings Filed:2026-08-06

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):38.6%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):100.0%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):20.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.45x

Quick Ratio:1.02x

Cash Ratio:0.64x

Leverage Analysis (1)

Debt To Ebitda:5.32x

Coverage Ratios (2)

Interest Coverage Ratio:0.88x

Times Interest Earned:0.88

Capital Structure (4)

Working Capital:85,189,000.00

Cash And Cash Equivalents:121,747,000.00

Long Term Debt:$188.81M

Net Debt:$130.84M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $335.41M

Linear Growth: 38.6%

📊 Click to view full XERS Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: $36.59M

Linear Growth: 20.3%

📊 Click to view full XERS Operating Income analysis & methodology →

Bottom Line Performance (3)

-$17.17M

Income Before Tax:$46.46M

Ebitda Ttm:47,436,000.00

Operating Expenses (5)

Operating Expenses:298,821,000.00

R And D Expense:34,809,000.00

Sga Expense:208,140,000.00

Income Tax Expense:$0.00

Interest Expense:28,252,000.00

Expense Ratios (3)

R And D To Revenue Percentage:37.8%

Sga To Revenue Percentage:226.0%

Ebitda Margin:14.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$411.91M

Current Assets:$274.76M

Ppe Net:4,834,000.00

Goodwill:22,859,000.00

Intangible Assets:$82.66M

Liability Structure (4)

Total Liabilities:421,639,000.00

Current Liabilities:189,568,000.00

Long Term Debt:$188.81M

Short Term Debt:$63.78M

Equity & Capital (3)

Equity:-$9.73M

Retained Earnings:-$700.17M

Common Stock:350,000,000.00

Working Capital Items (3)

Accounts Receivable:58,105,000.00

Inventory:80,930,000.00

Accounts Payable:39,706,000.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:11,066,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $48.53M

Linear Growth: 100.0%

$0.00

Investment Activities (1)

Investing Cash Flow:-$325.00K

Financing Activities (3)

Financing Cash Flow:-$8.84M

Dividends Paid Ttm:0.00

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:10,843,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.10

-$0.10

Earnings Per Share Ttm:-$0.10

Revenue & Cash Per Share (2)

Sales Per Share Ttm:1.94

Operating Cash Flow Per Share:$0.17

Book Value & Capital (2)

Book Value Per Share:-$0.06

Cash Per Share:0.70

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.86x

Working Capital Turnover Ttm:3.94x

Receivables Management (2)

Receivables Turnover Ttm:5.77x

Days Sales Outstanding Ttm:63.23

Inventory Management (2)

Inventory Turnover Ttm:4.14x

Days Inventory Outstanding Ttm:88.07

Payables & Cash Cycle (2)

Days Payable Outstanding:43.21

Cash Conversion Cycle:108.09

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:70.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-29.6%

Fundamental Growth Rate (g):-9.0%

Market-Implied Growth Rate:17.9%

Brina Gap:

-26.9%

☷ Click to view full XERS Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):38.6%

Operating Income Growth Rate (Linear):20.3%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):100.0%

Other Growth Rates (1)

Book Value Growth Rate (Linear):-36.2%

C. Company Profile & Context

Corporate Information (6)

Symbol:XERS

Company Name:XERIS BIOPHARMA HOLDINGS, INC.

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:172.82M

Shares Outstanding Basic:172.82M

Shares Outstanding Diluted:172.82M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 00:35:14 UTC

Data Timestamp:2026-09-01T00:35:14.870060