Seres Therapeutics, Inc. (MCRB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-266.7%

-$3.05

vs $1.83 price

Levered DCF

-$3.57

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-14.74

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.25×	-0.88×	-1.58×	-2.42×	-11.65×	-21.93×	-2.78×	-1.86×
P/B	2.98×	9.37×	-4×	56.13×	5.81×	11.19×	-4.04×	-3.83×
P/S	167.07×	0×	0×	0×	5.27×	58.85×	5.66×	6.52×
EV / EBITDA	17.2×	-1.58×	-1.38×	-3.54×	-11.16×	-23.61×	-2.82×	-1.16×
Gross margin	-423.8%	0.0%	0.0%	0.0%	100.0%	-172.7%	100.0%	-239.5%
Operating margin	-11910.1%	0.0%	0.0%	0.0%	-44.5%	-265.3%	-208.3%	-354.8%
Net margin	721.9%	0.0%	0.0%	0.0%	-45.2%	-268.3%	-203.7%	-350.0%
Current ratio	2.56×	0.94×	1.78×	2.28×	3.69×	5.79×	2.18×	2.2×
Debt / equity	1.88×	6.65×	-4.43×	15.08×	0.37×	0.23×	-0.93×	-0.15×
Interest coverage	0×	0×	-14.81×	-29.89×	-22.16×	-30.14×	-143.18×	-85.57×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.9%	-1063.3%	253.5%	-2319.9%	-49.9%	-51.0%	145.4%	205.9%
Return on invested capital	-72.7%	-113.1%	-73.5%	-67.3%	-23.1%	-29.2%	-79.1%	-127.9%
Return on assets	4.1%	-104.8%	-31.7%	-71.7%	-18.5%	-26.0%	-53.1%	-82.1%
Free cash flow yield	0.7%	-115.4%	-69.9%	-39.4%	-0.4%	-4.8%	-39.7%	-35.2%
Earnings yield	4.3%	-113.5%	-63.5%	-41.3%	-8.6%	-4.6%	-36.0%	-53.7%
Enterprise value	$169M	$190M	$250M	$604.8M	$633.1M	$1.9B	$175.1M	$105.6M
Net debt / EBITDA	3.78×	-0.51×	-0.39×	0×	2.31×	0.95×	0.33×	0.86×
Cash conversion cycle (days)	18	-422	491	0	0	87	19	-24