Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 25, 2026
Xeris Biopharma Holdings, Inc. (XERS)
A forensic read on Xeris Biopharma Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
1.4
Distress distance
Clean
Earnings quality
3
Forensic signals
$1.6B
Market cap
43.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Xeris Biopharma Holdings, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.4, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+12.0%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +25% over the last 2 years to FY2025 (+12.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~20%.
8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 8% of revenue in FY2025 — about $0.13 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 12.2% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
13.8%
FY2025
Return on invested capital.Return on invested capital is 13.8% in the latest fiscal year and rising across FY2023–FY2025 from -21.7%. After-tax operating profit was ($35M) in FY2023 and $22M in FY2025, with operating income at -26.8% of revenue in FY2023, -16.6% in FY2024 and 8.5% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($160M to $163M, +2%), so there has been little new capital for that return to be earned on.
Key fundamentals
Latest Revenue$291.8M
Revenue Growth YoY+43.7%
Revenue CAGR (2yr)+33.4%
Net Margin0.2%
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