ABUS Analysis — TradeApes

Arbutus Biopharma Corp (ABUS)

Healthcare Pharmaceuticals

$4.25 close · Jun 06, 2026

Below 50 & 200 SMA ✦ Death Cross

52W -14.1% from High

Methodology Breakdown

Pre-revenue clinical-stage biotech. The appropriate methodology — risk-adjusted pipeline NPV — is shipping in a future sprint. The Cash Floor below is shown as a structural reference, not a fair-value target. Investors aren't pricing this stock for the cash; they're pricing optionality on the pipeline.

Method	Value	Role
Peer Multiples	$0.38	REFERENCE
Book Value Anchor	$2.66	REFERENCE
Earnings Anchor	$7.04	REFERENCE
Cash Floor	$0.09	REFERENCE
NAV Anchor	$2.66	REFERENCE

Verdict basis:


              cash_floor_only

⚠️

Multiple stretched z = +2.04

EV/EBITDA (5.2×) is 2.04 std deviations above its 2-year average

Jun 05

Health Score

Out of 100

Healthy

Pillar Scores

Financial Strength 55

Operating Trend 60

Valuation 70

Capital Allocation 55

Risk Management 80

Positives

↑ Historically cheap — EV/EBITDA in bottom 25% of its 5-year range +5.0

↑ Net cash position — more cash on hand than total debt +3.8

↑ High ROIC — above 20%, excellent return on invested capital +2.5

Concerns

↓ Large FCF burn — cash consumption exceeds 10% of revenue -2.5

↓ Low FCF yield — below 1%, price implies exceptional future growth -2.5

↓ Piotroski F-Score 0–3 — multiple financial weakness signals -1.3

Signal contribution: +15.9 from strengths -6.3 from concerns

Health Score Trend 7 snapshots

Financials

TTM Financials

Revenue ?Total sales generated from the company's primary business activities over the trailing twelve months.	191.4M
Gross Profit ?Revenue minus cost of goods sold. What remains before operating expenses — reflects pricing power and production efficiency.	—
Operating Income ?Profit from core business operations after all operating expenses (EBIT). Excludes interest and taxes.	156.4M
Net Income ?Bottom-line profit after all expenses, interest, and taxes are deducted from revenue.	160.7M
Free Cash Flow ?Operating cash flow minus capital expenditures. The actual cash the business generates after maintaining its assets — the truest measure of profitability.	-34.4M
EBITDA ?Earnings before interest, taxes, depreciation & amortization. A proxy for operating cash earnings that strips out accounting and financing differences.	156.5M
Total Debt ?Combined short-term and long-term interest-bearing debt obligations. Compare against cash and earnings to gauge leverage risk.	$0
Cash & Equivalents ?Highly liquid assets on hand — cash, money market funds, and short-term securities. The company's immediate financial cushion.	23.7M

Valuation

Market Cap	829.7M
Enterprise Value	806.6M
EV / Revenue	4.2x
EV / EBITDA	5.2x
P/E (TTM)	5.2x
Forward P/E	—
PEG	—
P/FCF	-24.1x
FCF Yield	-4.1%

EV/EBITDA vs history — 15% percentile (historically cheap)

CheapMidExpensive

EV/Sales vs history — 2% percentile (historically cheap)

CheapMidExpensive

P/Book vs history — 2% percentile (historically cheap)

CheapMidExpensive

Relative Valuation

Negative FCF (-34.4M TTM) — using relative multiples instead of DCF

EV / Revenue

4.2x

Book Value / Share

$1.33

Price / Book

3.2x

P/E (TTM)

5.2x

Price / Sales

4.3x

Key Metrics

Gross Margin ?Gross profit as a % of revenue. Measures how efficiently the company produces its goods or services — higher is better.	—
EBITDA Margin ?EBITDA as a % of revenue. Shows core operating profitability before accounting adjustments — useful for comparing across industries.	81.7%
Net Margin ?Net income as a % of revenue. The ultimate measure of overall profitability after every expense, interest payment, and tax is accounted for.	84.0%
FCF Margin ?Free cash flow as a % of revenue. Shows how much of each dollar of revenue converts into real, spendable cash.	-17.9%
Revenue Growth (YoY) ?Year-over-year change in total revenue. Measures business momentum — sustained growth above 15% is typically considered strong.	2889.9%
Net Income Growth (YoY) ?Year-over-year change in net income. Shows whether profits are growing faster or slower than revenue — a key indicator of improving or deteriorating quality.	309.9%
Piotroski F-Score ?Score from 0–9 measuring financial strength across profitability, leverage, and efficiency signals. 8–9 = strong, 0–2 = distressed.	5 / 9
Altman Z-Score ?Bankruptcy risk model. Above 2.99 = safe zone, 1.81–2.99 = grey zone, below 1.81 = distress signal. Most useful for manufacturing companies.	14.23

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Quarterly Financials

Metric	Q1 '26	Q4 '25	Q3 '25	Q2 '25	Q1 '25	Q4 '25	Q3 '25	Q2 '24	Q1 '24	Q4 '23	Q3 '23	Q2 '24
Revenue ?Total quarterly sales from primary business operations.	179.1M	1.1M	$529,000	10.7M	1.8M	1.6M	1.3M	1.7M	1.5M	2.1M	4.7M	4.7M
Gross Profit ?Quarterly revenue minus cost of goods sold.	—	—	—	—	—	—	—	—	—	—	—	—
Operating Income ?Quarterly profit from core operations before interest and taxes (EBIT).	168.9M	-5.3M	-8.7M	1.5M	-25.7M	-13.9M	-21.4M	-21.6M	-19.4M	-20.7M	-21.6M	-18.4M
Net Income ?Quarterly bottom-line profit after all expenses and taxes.	169.7M	-3.8M	-7.7M	2.5M	-24.5M	-12.5M	-19.7M	-19.8M	-17.9M	-19.3M	-20.1M	-17.1M
FCF ?Quarterly free cash flow: operating cash minus capital expenditures.	-8.1M	-4.7M	-5.8M	-15.7M	-13.4M	-10.4M	-20.7M	-14.5M	-19.4M	-17.3M	-21.8M	-20.4M

Revenue & Free Cash Flow

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Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Scores and valuations are derived from SEC filings and publicly available data. Always do your own research before making investment decisions.