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Savara Inc

SVRA · Health care (pharmaceutical preparations) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31

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On the accounting screens, it passes 2 of 7 Piotroski tests and its Altman Z'' of -1.13 is in the distress zone; 3 of the six cross-checks between its statements fire.

Revenue, fiscal 2025 —  
Operating margin — gross margin —
Return on invested capital -53.0% -52.6% on average over 2 years
Free cash flow after stock pay -115.5M  
Net debt ÷ EBITDA Net cash 3.3M more cash than debt
Piotroski F-score 2/7 tests of improvement passed

Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units: 2-for-1 before fiscal 2021; 10-for-1 before fiscal 2017.

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

RevenueOperating income
Compound growth a year
3 yrs5 yrs9 yrs
Shares+13.3%+15.5%+15.0%

Falling shares are buybacks: each remaining share owns more of the company.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

GrossOperatingNetFree cash flow

Return on invested capital

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-58.5%
Return on assets
-46.9%
Asset turnover
—

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt
Net debt ÷ EBITDA
0.0×
Interest coverage
— operating income ÷ interest
Current ratio
11.85 current assets ÷ current liabilities
Cash conversion cycle
—

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

2of 7 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before failed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell passed
  • More liquidCurrent ratio higher than a year before failed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before — not reported no data

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

-1.13distress zone
  • Working capital ÷ assets 0.87 × 6.56+5.73
  • Retained earnings ÷ assets -2.40 × 3.26-7.82
  • Operating income ÷ assets -0.49 × 6.72-3.28
  • Equity ÷ liabilities 4.04 × 1.05+4.24

Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

Reported profit comfortably exceeds the cash generated (-119M against -101M).

Benign

Growth consuming working capital, or the seasonality of the year-end.

Worrying

Profit held up by accounting entries that do not turn into money.

Capital spending (0M) is well below depreciation (0M).

Benign

Mature assets, or a business that has become less capital-intensive.

Worrying

Under-investing: today's profit is being held up by consuming tomorrow's capacity.

The effective tax rate is -0.0%.

Benign

A favourable geographic mix, or legitimate tax credits.

Worrying

Not sustainable; projecting it forward inflates the valuation.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

no revenue history: 3% assumed

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

no cash flow lines to measure it

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-28

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

effective rate in the last fiscal year, -0.0%, kept within 0–35%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Quarterly 2026-08-11
Quarterly report
Event 2026-06-08
Changed a director or officer; amended its bylaws or fiscal year; published the results of a shareholder vote
Quarterly 2026-05-12
Quarterly report
Event 2026-03-13
Signed a material agreement
Annual 2026-03-13
Annual report
Event 2026-01-27
Signed a material agreement; took on a financial obligation
Event 2026-01-09
Published information for investors
Quarterly 2025-11-12
Quarterly report
Estimatein 44d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$2.4M2 sale(s) by 2 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
Other lines271 awards · 13 option exercises · 13 tax withholdings
DateWhoWhatSharesPriceValueHolds after
24 Sep 2026 Parker Braden C.Chief Commercial Officer Shares withheld for taxes 29,323 $5.07 $148,668 75,677
15 Jul 2026 Lutz Robert MatthewChief Fin. & Operating Officer Received as an award 35,000 — — 328,977
22 Jun 2026 Lowrance David LChief Financial Officer Exercised options 75,000 $1.59 $119,250 611,032
22 Jun 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 21,682 $5.50 $119,251 589,350
22 Jun 2026 Lowrance David LChief Financial Officer Exercised options 129,350 $1.23 $159,100 718,700
22 Jun 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 28,928 $5.50 $159,104 689,772
22 Jun 2026 Lowrance David LChief Financial Officer Exercised options 56,937 $1.11 $63,200 746,709
22 Jun 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 11,491 $5.50 $63,200 735,218
22 Jun 2026 Lowrance David LChief Financial Officer Exercised options 218,750 $1.51 $330,312 953,968
22 Jun 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 60,057 $5.50 $330,314 893,911
22 Jun 2026 Lowrance David LChief Financial Officer Exercised options 12,500 $4.45 $55,625 906,411
22 Jun 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 10,114 $5.50 $55,627 896,297
22 Jun 2026 Lowrance David LChief Financial Officer Exercised options 87,650 $3.35 $293,628 983,947
22 Jun 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 53,387 $5.50 $293,628 930,560
22 Jun 2026 Lowrance David LChief Financial Officer Sold on the open market 394,528 $5.68 $2.2M 536,032
18 Mar 2026 Lowrance David LChief Financial Officer Exercised options 80,684 $1.51 $121,833 366,729
18 Mar 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 24,174 $5.04 $121,837 342,555
18 Mar 2026 Lowrance David LChief Financial Officer Exercised options 75,000 $1.59 $119,250 417,555
18 Mar 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 23,661 $5.04 $119,251 393,894
18 Mar 2026 Lowrance David LChief Financial Officer Exercised options 130,650 $1.23 $160,700 524,544
18 Mar 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 31,885 $5.04 $160,700 492,659
18 Mar 2026 Lowrance David LChief Financial Officer Exercised options 43,063 $1.11 $47,800 535,722
18 Mar 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 9,485 $5.04 $47,804 526,237
18 Mar 2026 Lowrance David LChief Financial Officer Exercised options 12,500 $4.45 $55,625 538,737
18 Mar 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 11,037 $5.04 $55,626 527,700
18 Mar 2026 Lowrance David LChief Financial Officer Exercised options 24,850 $3.35 $83,248 552,550
18 Mar 2026 Lowrance David LChief Financial Officer Shares withheld for taxes 16,518 $5.04 $83,251 536,032
16 Feb 2026 Mccracken Joseph SDirector Exercised options 1,807 $1.76 $3,180 302,644
19 Dec 2025 Ramsay David ADirector Sold on the open market 20,000 $6.06 $121,220 2.5M

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Companies like this one

Same SEC industry (pharmaceutical preparations) first, then the rest of health care.

LLY ELI Lilly & CoJNJ Johnson & JohnsonABBV AbbVie Inc.MRK Merck & Co., Inc.ABT Abbott LaboratoriesPFE Pfizer IncVRTX Vertex Pharmaceuticals Inc / MABMY Bristol Myers Squibb Co

Every figure, year by year

10 fiscal years · 30 measures
2016201720182019202020212022202320242025
Size
Revenue400,0000—0257,000—————
Revenue growth——————————
Operating income-10.9M-30.0M-70.0M-79.0M-49.3M-41.5M-38.8M-60.0M-103.2M-123.5M
Net income-10.9M-29.8M-61.5M-78.2M-49.6M-43.0M-38.1M-54.7M-95.9M-118.8M
Margins
Gross margin——————————
Operating margin-2737.0%———-19182.9%—————
Net margin-2730.8%———-19305.4%—————
Free cash flow margin-2094.5%———-15518.7%—————
R&D ÷ revenue2045.5%———13633.5%—————
SG&A ÷ revenue2335.5%———5550.2%—————
Cash
Free cash flow-8.4M-28.7M-39.4M-45.3M-39.9M-40.1M-34.6M-51.4M-89.1M-101.1M
Stock-based pay209,000552,0003.7M4.4M5.1M3.3M2.0M4.2M9.9M14.4M
Free cash flow after stock pay-8.6M-29.3M-43.2M-49.7M-45.0M-43.4M-36.6M-55.5M-99.0M-115.5M
Free cash flow to the firm-11.2M-33.3M-76.9M—————-103.1M-123.5M
Free cash flow ÷ net income0.8×1.0×0.6×0.6×0.8×0.9×0.9×0.9×0.9×0.9×
Capex ÷ revenue2.0%———18.3%—————
Returns
Return on invested capital————————-52.1%-53.0%
Return on equity—-25.0%-56.8%-76.9%-77.1%-29.8%-35.4%-39.0%-55.9%-58.5%
Return on assets-37.8%-18.7%-40.4%-57.4%-50.8%-24.4%-27.3%-30.8%-45.0%-46.9%
Asset turnover0.0×0.0×—0.0×0.0×—————
Economic profit——————————
Per share
Earnings per share$-0.17$-0.49$-0.88$-0.77$-0.46$-0.32$-0.25$-0.33$-0.48$-0.53
Free cash flow per share$-0.13$-0.47$-0.56$-0.45$-0.37$-0.30$-0.23$-0.31$-0.45$-0.45
Dividend per share——————————
Payout ratio——————————
Book value per share$-0.57$1.96$1.54$1.00$0.59$1.27$0.95$1.02$0.99$0.99
Diluted shares63.3M61.0M70.3M101.6M108.3M133.9M152.8M165.2M198.2M222.4M
Balance sheet
Net debt————2.2M-8.4M-26.0M-237,00011.5M-3.3M
Net debt ÷ EBITDA————-0.0×0.2×0.7×0.0×-0.1×0.0×
Interest coverage-24.2×-25.8×————————
Current ratio4.2×16.3×15.6×11.4×10.4×11.3×22.0×15.7×13.7×11.8×
Cash conversion cycle (days)——————————
Scores
Piotroski F-score—411342222
Altman Z''-6.144.231.28-0.33-4.793.19-0.450.21-0.63-1.13
Beneish M——————————

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.