Xeris Biopharma Holdings
XERS on Nasdaq. Xeris Biopharma sells medicines for hormone and nerve diseases to patients in the United States. Market value $1.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 53.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns -30 cents a year. Above 10 is good.
Quality score: 30 of 100. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$10.07 a share, 92% above its 1-year low
Over the past year the price has ranged from $5.25 to $11.33.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $50m | $110m | $164m | $203m | $292m |
| Operating margin | |||||
| Operating margin | -232.2% | -74.3% | -26.8% | -16.6% | 8.5% |
| Debt to equity | |||||
| Debt to equity | 0.92 | 4.14 | n/a | n/a | 16.10 |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.14bn | 0.15bn | 0.17bn | 0.18bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)8 of 9
- Profit backed by cash (accruals)Yes
- Debt16.10× equity
- Revenue growth, five yearsStrong, 55.8% a year
- Buying back its own sharesNo, 34% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $92 million last quarter, up 29% on a year ago.
- A loss of $31 million, compared with a loss of $2 million a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, after losing 4 cents a year earlier.
- 8% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $131 million more than cash, down from $159 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $54m |
| December 2024 | $60m |
| March 2025 | $60m |
| June 2025 | $72m |
| September 2025 | $74m |
| December 2025 | $86m |
| March 2026 | $83m |
| June 2026 | $92m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$16m |
| December 2024 | -$5m |
| March 2025 | -$9m |
| June 2025 | -$2m |
| September 2025 | $621,000 |
| December 2025 | $11m |
| March 2026 | $2m |
| June 2026 | -$31m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 241 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $4m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $981,399 | <0.1% | Added |
Sold out this quarter
- Voss CapitalTravis CockeSold out
Largest holders overall
- BlackRock$115mAdded
- D. E. Shaw$62m
- Vanguard Capital Management$58mAdded
- State Street$38mAdded
- Geode Capital Management$37mAdded
- Nuveen$35mAdded
- Rosalind Advisors$23mCut
- Qube Research & Technologies$23mCut
- Vanguard Portfolio Management$21m
- Wellington Management Group LLP$19mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor5.0%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 5.0% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $5m, $4m of it under preset trading plans.
- Pieper StevenSee RemarksSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 5,000
- Price
- $9.41
- Value
- $47,037
- McCulloch KevinSee RemarksSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 15,000
- Price
- $9.41
- Value
- $141,120
- Hecht BethSee RemarksSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 16,666
- Price
- $9.41
- Value
- $156,792
- McCulloch KevinSee RemarksSoldunder a preset trading plan
- Date
- 28 September 2026
- Shares
- 25,000
- Price
- $10.00
- Value
- $250,000
- McCulloch KevinSee RemarksSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 15,000
- Price
- $8.49
- Value
- $127,308
- Pieper StevenSee RemarksSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 5,000
- Price
- $8.50
- Value
- $42,500
- Hecht BethSee RemarksSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 16,666
- Price
- $8.49
- Value
- $141,434
- Pieper StevenSee RemarksSoldunder a preset trading plan
- Date
- 12 August 2026
- Shares
- 5,000
- Price
- $8.50
- Value
- $42,500
- McCulloch KevinSee RemarksSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 15,000
- Price
- $8.02
- Value
- $120,240
- Hecht BethSee RemarksSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 16,666
- Price
- $8.01
- Value
- $133,553
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Pieper Steven See Remarks | Sold under a preset trading plan | 5,000 | $9.41 | $47,037 |
| 1 October 2026 | McCulloch Kevin See Remarks | Sold under a preset trading plan | 15,000 | $9.41 | $141,120 |
| 1 October 2026 | Hecht Beth See Remarks | Sold under a preset trading plan | 16,666 | $9.41 | $156,792 |
| 28 September 2026 | McCulloch Kevin See Remarks | Sold under a preset trading plan | 25,000 | $10.00 | $250,000 |
| 1 September 2026 | McCulloch Kevin See Remarks | Sold under a preset trading plan | 15,000 | $8.49 | $127,308 |
| 1 September 2026 | Pieper Steven See Remarks | Sold under a preset trading plan | 5,000 | $8.50 | $42,500 |
| 1 September 2026 | Hecht Beth See Remarks | Sold under a preset trading plan | 16,666 | $8.49 | $141,434 |
| 12 August 2026 | Pieper Steven See Remarks | Sold under a preset trading plan | 5,000 | $8.50 | $42,500 |
| 3 August 2026 | McCulloch Kevin See Remarks | Sold under a preset trading plan | 15,000 | $8.02 | $120,240 |
| 3 August 2026 | Hecht Beth See Remarks | Sold under a preset trading plan | 16,666 | $8.01 | $133,553 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It carries a lot of debt: 16.1× its equity.
- It isn't cheap on profits: 53.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.