# Pharvaris BV (PHVS.US)

Canonical: https://gigainvestors.com/s/PHVS

Analysis as of: 2026-10-16T07:31:11.624Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $29.64 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 8

Chart: Net income; fiscal year observations.

- FY2018: EUR -4.3M

- FY2019: EUR -9.0M

- FY2020: EUR -30M

- FY2021: EUR -43M

- FY2022: EUR -76M

- FY2023: EUR -101M

- FY2024: EUR -134M

- FY2025: EUR -176M

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -40.4%

- ROIC, second-lowest year: -49.3%

- Years with nonpositive capital: 8

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -68.8%

- FY2019: -37.9%

- FY2020: -23.5%

- FY2021: -20.8%

- FY2022: -45.8%

- FY2023: -19.9%

- FY2024: -42.8%

- FY2025: -49.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -530M

- Net income, five-year total: EUR -530M

- Return on incremental invested capital: 0.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -43M

- FY2022: EUR -76M

- FY2023: EUR -101M

- FY2024: EUR -134M

- FY2025: EUR -175M

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -37.9% vs -42.8%

- Per-share earnings: -0.28 to -2.63 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 45.4%

- Diluted shares, 5-year annual growth: 45.4%

- Per-share value change: EUR -2.35

- Per-share value, starting three-year median: EUR -0.28

- Per-share value, ending three-year median: EUR -2.63

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -37.9%

- ROIC, last three-year median: -42.8%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR -0.14

- FY2019: EUR -0.28

- FY2020: EUR -3.25

- FY2021: EUR -1.29

- FY2022: EUR -2.27

- FY2023: EUR -2.63

- FY2024: EUR -2.48

- FY2025: EUR -2.97

### accounting: pass

- Sloan accruals: -12.8%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -7.3%

- FY2019: -11.2%

- FY2020: -8.0%

- FY2021: 0.9%

- FY2022: -5.5%

- FY2023: -2.0%

- FY2024: -4.8%

- FY2025: -12.8%

## Holders

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Up 74% since Oct 2023 · net income EUR -175.7M

Story as of 2026-10-16T09:59:24.110Z; price observation 2026-10-15.

- 2025-08-12: Pharvaris NV (NASDAQ:PHVS) Reports Wider Q2 2025 Loss, Highlights Clinical Trial Progress ([chartmill.com](https://www.chartmill.com/news/PHVS/Chartmill-33023-Pharvaris-NV-NASDAQPHVS-Reports-Wider-Q2-2025-Loss-Highlights-Clinical-Trial-Progress))

### Net income · FY2025

net income EUR -175.7M; source https://www.sec.gov/Archives/edgar/data/1830487/000183048726000013/phvs-20251231.htm; observed 2026-04-02.

- FY2018: EUR -4.3M 

- FY2019: EUR -9.0M 

- FY2020: EUR -30M 

- FY2021: EUR -43M 

- FY2022: EUR -76M 

- FY2023: EUR -101M 

- FY2024: EUR -134M 

- FY2025: EUR -176M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### Why customers stay

It lost 40.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-02); 8-year return on capital observations [[2018,-0.688000485358781],[2019,-0.37929277499915925],[2020,-0.23511234892585206],[2021,-0.208425128287683],[2022,-0.45762483999890663],[2023,-0.19923051895328273],[2024,-0.42845917879069206],[2025,-0.4931430179823696]]; median -0.40387597689492566. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-02); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 5.8 times net assets; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-02); Closing price 29.64 USD; reporting-to-trading FX 1.12128; FY2025 net assets per share 4.585493354910349; price multiple 5.764717838737893. FY2025 cash earnings/share -2.9656507122208637. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-02: $37.99 per share

- 2021-03: $27.98 per share

- 2021-04: $24.10 per share

- 2021-05: $20.50 per share

- 2021-06: $18.63 per share

- 2021-07: $17.77 per share

- 2021-08: $20.19 per share

- 2021-09: $17.73 per share

- 2021-10: $17.43 per share

- 2021-11: $14.71 per share

- 2021-12: $14.39 per share

- 2022-01: $17.19 per share

- 2022-02: $17.10 per share

- 2022-03: $18.14 per share

- 2022-04: $17.09 per share

- 2022-05: $17.99 per share

- 2022-06: $22.10 per share

- 2022-07: $21.85 per share

- 2022-08: $9.09 per share

- 2022-09: $7.67 per share

- 2022-10: $4.65 per share

- 2022-11: $2.11 per share

- 2022-12: $11.25 per share

- 2023-01: $9.00 per share

- 2023-02: $8.10 per share

- 2023-03: $8.06 per share

- 2023-04: $9.35 per share

- 2023-05: $8.60 per share

- 2023-06: $15.14 per share

- 2023-07: $17.00 per share

- 2023-08: $20.50 per share

- 2023-09: $20.87 per share

- 2023-10: $17.01 per share

- 2023-11: $17.21 per share

- 2023-12: $28.05 per share

- 2024-01: $29.90 per share

- 2024-02: $22.94 per share

- 2024-03: $23.11 per share

- 2024-04: $24.59 per share

- 2024-05: $18.96 per share

- 2024-06: $18.80 per share

- 2024-07: $17.14 per share

- 2024-08: $18.00 per share

- 2024-09: $18.52 per share

- 2024-10: $24.87 per share

- 2024-11: $21.90 per share

- 2024-12: $19.17 per share

- 2025-01: $17.60 per share

- 2025-02: $15.90 per share

- 2025-03: $15.70 per share

- 2025-04: $18.48 per share

- 2025-05: $16.60 per share

- 2025-06: $17.60 per share

- 2025-07: $19.88 per share

- 2025-08: $21.65 per share

- 2025-09: $24.95 per share

- 2025-10: $22.22 per share

- 2025-11: $28.38 per share

- 2025-12: $27.75 per share

- 2026-01: $27.05 per share

- 2026-02: $28.39 per share

- 2026-03: $28.25 per share

- 2026-04: $31.01 per share

- 2026-05: $30.16 per share

- 2026-06: $34.58 per share

- 2026-07: $32.62 per share

- 2026-08: $34.61 per share

- 2026-09: $31.72 per share

- 2026-10: $29.64 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1830487/000183048726000013/phvs-20251231.htm); period 2025-12-31, filed 2026-04-02.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Andreas Halvorsen](https://gigainvestors.com/vg): 3,653,310 PHVS shares; USD 126,331,000 reported position value; 0.36% of portfolio; hold; quarter 2026 Q2.

# PHVS — Pharvaris NV

Held by 1 investor · USD 126,331,000 total · 2026 Q2 · reported price USD 34.58 (split-adjusted).
Page: https://gigainvestors.com/s/PHVS

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 126,331,000 | 0.4% | hold |

## Total held by quarter

- 2021 Q1: USD 67,909,549 · 1 holder · USD 28.06
- 2021 Q2: USD 43,453,864 · 1 holder · USD 18.17
- 2021 Q3: USD 41,253,668 · 1 holder · USD 17.25
- 2021 Q4: USD 38,846,580 · 1 holder · USD 15.82
- 2022 Q1: USD 46,381,965 · 1 holder · USD 18.70
- 2022 Q2: USD 55,071,498 · 1 holder · USD 22.10
- 2022 Q3: USD 20,050,292 · 1 holder · USD 8.03
- 2022 Q4: USD 36,359,134 · 1 holder · USD 11.25
- 2023 Q1: USD 25,273,638 · 1 holder · USD 7.82
- 2023 Q2: USD 50,773,510 · 1 holder · USD 15.71
- 2023 Q3: USD 67,450,233 · 1 holder · USD 20.87
- 2023 Q4: USD 102,576,690 · 1 holder · USD 28.05
- 2024 Q1: USD 84,427,994 · 1 holder · USD 23.11
- 2024 Q2: USD 68,682,228 · 1 holder · USD 18.80
- 2024 Q3: USD 67,659,301 · 1 holder · USD 18.52
- 2024 Q4: USD 70,033,953 · 1 holder · USD 19.17
- 2025 Q1: USD 57,356,967 · 1 holder · USD 15.70
- 2025 Q2: USD 64,298,256 · 1 holder · USD 17.60
- 2025 Q3: USD 91,150,085 · 1 holder · USD 24.95
- 2025 Q4: USD 101,379,353 · 1 holder · USD 27.75
- 2026 Q1: USD 103,206,008 · 1 holder · USD 28.25
- 2026 Q2: USD 126,331,000 · 1 holder · USD 34.58