Pyxis Oncology, Inc. (PYXS) intrinsic value & 10-year financials

Pyxis Oncology, Inc. (PYXS) has a Graham intrinsic value of $21.91 per share. At $1.68 on Oct 17, 2026, the stock trades 92% below that value. Over the last 7 fiscal years revenue shrank 14.2% a year to $13.9M, with an average return on invested capital of -5385.1%.

Graham intrinsic value
$21.91
Share price (Oct 17, 2026)
$1.68
Price vs Graham value
92% below
Market cap
$104.4M
Revenue (FY2025)
$13.9M
Revenue growth (7-yr CAGR)
-14.2%
ROIC (10-yr avg)
-5385.1%
Free cash flow (FY2025)
-$63.5M

PYXS 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2025 $13.9M -$79.6M -$1.28 -$63.5M -609.2% -96.5%
FY2024 $16.1M -$77.3M -$1.32 -$57.9M -554.1% -67.9%
FY2023 — -$73.8M -$1.85 -$77.4M — -108.0%
FY2022 — -$120.7M -$3.65 -$95.7M — -26707.3%
FY2021 — -$76.0M -$2.24 -$35.9M — —
FY2020 — -$12.8M — -$11.6M — 54.4%
FY2019 — — — — — —

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

Executive summary

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

Pyxis Oncology, Inc. has historically struggled to out-earn its cost of capital, averaging just -97.0% ROIC.

Pyxis Oncology, 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, Pyxis Oncology, Inc. is modeled at -14.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $21.91 per share.

PYXS stock: frequently asked questions

What is the intrinsic value of Pyxis Oncology, Inc. (PYXS) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a -14.2% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, PYXS's intrinsic value is about $21.91 per share.

Is PYXS stock undervalued?

At $1.68 (close on Oct 17, 2026), PYXS trades 92% below its Graham value of $21.91. On Graham's terms that leaves a margin of safety. A formula is a starting point for research, not a recommendation.

Does Pyxis Oncology, Inc. generate free cash flow?

Pyxis Oncology, Inc. generated -$63.5M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2025. Free cash flow was positive in 0 of the last 6 reported years.

What is PYXS's return on invested capital?

Average ROIC over the last 7 fiscal years was -5385.1%, and average return on equity was -31.0%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this PYXS data come from?

From Pyxis Oncology, Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Aug 13, 2026. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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