Keros Therapeutics, Inc. (KROS) intrinsic value & 10-year financials

Keros Therapeutics, Inc. (KROS) has a Graham intrinsic value of $76.40 per share. At $10.66 on Oct 17, 2026, the stock trades 86% below that value. Over the last 8 fiscal years revenue grew 70.3% a year to $244.1M, with an average return on invested capital of -546.5%.

Graham intrinsic value
$76.40
Share price (Oct 17, 2026)
$10.66
Price vs Graham value
86% below
Market cap
$403.6M
Revenue (FY2025)
$244.1M
Revenue growth (8-yr CAGR)
70.3%
ROIC (10-yr avg)
-546.5%
Free cash flow (FY2025)
$106.0M

KROS 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $244.1M $87.0M $2.30 $106.0M 27.7% 218.0%
FY2024 $3.5M -$187.4M -$5.00 -$162.8M -5939.0% -980.4%
FY2023 $151.0K -$153.0M -$5.20 -$127.0M -112543.7% -1323.0%
FY2022 $0 -$104.7M -$4.15 -$71.3M — -935.2%
FY2021 $20.1M -$58.7M -$2.52 -$63.2M -280.5% -1164.3%
FY2020 $0 -$45.4M -$2.93 -$37.2M — 317.9%
FY2019 $10.0M -$12.3M — -$16.3M -105.6% 41.3%
FY2018 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

Keros Therapeutics, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Keros Therapeutics, Inc. has historically struggled to out-earn its cost of capital, averaging just 0.4% ROIC.

Keros Therapeutics, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Keros Therapeutics, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $76.40 per share.

KROS stock: frequently asked questions

What is the intrinsic value of Keros Therapeutics, Inc. (KROS) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, KROS's intrinsic value is about $76.40 per share.

Is KROS stock undervalued?

At $10.66 (close on Oct 17, 2026), KROS trades 86% below its Graham value of $76.40. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Keros Therapeutics, Inc. generate free cash flow?

Keros Therapeutics, Inc. generated $106.0M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 1 of the last 7 reported years.

What is KROS's return on invested capital?

Average ROIC over the last 8 fiscal years was -546.5%, and average return on equity was -11.4%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this KROS data come from?

From Keros Therapeutics, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 3, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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