MeritValue

Xeris Biopharma Holdings, Inc.

XERSdata completeness 88%6 fiscal years on file
The thesis, from the filings

Xeris Biopharma Holdings, Inc. earns about -32% on invested capital, but has diluted owners by 119% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$49.6M1$110.2M2$163.9M3$203.1M3$291.8M3
Net income−$122.7M4−$94.7M5−$62.3M6−$54.8M6$554,0006
Operating cash flow−$95.5M7−$102.9M8−$47M9−$37M9$28.6M9
Capital expenditure$1.09M10————
Free cash flow (derived)−$96.6M7————
Total debt$88.1M11$187.1M12$381.9M13$464.2M14$440.7M14
Cash & equivalents$67.3M15$122M16$67.4M17$71.6M17$111M17
Diluted shares79.0M135.6M137.7M146.8M172.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.79
your share of equity
Profit it earned you last year
$0.03
Free cash flow it threw off
—
Debt you’d be carrying
$25.51

10 shares is a claim on $0.79 of net worth that earned you $0.03 last year, against $25.51 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-32% avg · 5y
FY21 -79%FY22 -59%FY23 -9%FY24 -12%FY25 0%

It earned an average -32% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+119% shares · 5y

Share count is up 119% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 400% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001867096-24-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001867096-25-000039 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001867096-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001867096-24-000031 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001867096-25-000039 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001867096-26-000016 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001867096-24-000031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001867096-25-000039 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001867096-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001867096-22-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001867096-23-000031 (LongTermDebt)
  12. 10-K · period ending 2022-12-31 · accession 0001867096-24-000031 (LongTermDebt)
  13. 10-K · period ending 2023-12-31 · accession 0001867096-25-000039 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001867096-26-000016 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001867096-23-000031 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001867096-24-000031 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001867096-26-000016 (CashAndCashEquivalentsAtCarryingValue)