Zenas BioPharma, Inc. (ZBIO) intrinsic value & 10-year financials
Zenas BioPharma, Inc. (ZBIO) has a Graham intrinsic value of $743.16 per share. At $24.84 on Oct 17, 2026, the stock trades 97% below that value. Over the last 4 fiscal years revenue shrank 55.3% a year to $10.0M, with an average return on invested capital of -83.5%.
- Graham intrinsic value
- $743.16
- Share price (Oct 17, 2026)
- $24.84
- Price vs Graham value
- 97% below
- Market cap
- $1.1B
- Revenue (FY2025)
- $10.0M
- Revenue growth (4-yr CAGR)
- -55.3%
- ROIC (10-yr avg)
- -83.5%
- Free cash flow (FY2025)
- -$172.4M
ZBIO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $10.0M | -$377.7M | -$8.44 | -$172.4M | -3830.6% | -376.8% |
| FY2024 | $5.0M | -$157.0M | -$11.89 | -$119.8M | -3277.8% | 113.3% |
| FY2023 | $50.0M | -$37.1M | -$2.69 | -$30.5M | -74.3% | 13.2% |
| FY2022 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Zenas BioPharma, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Zenas BioPharma, Inc. has earned high returns on invested capital, averaging 40.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Zenas BioPharma, 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, Zenas BioPharma, Inc. is modeled at -55.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $743.16 per share.