# Xeris Pharmaceuticals (XERS.US)

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

Analysis as of: 2026-10-16T07:33:16.516Z. Financial observations: FY2018–FY2025.

Listing currency: USD. Reporting currency: USD.

## 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: $10.07 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

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 7

- Operating margin variation: 1.30×

Chart: Operating margin; fiscal year observations.

- FY2018: -24.07×

- FY2019: -44.96×

- FY2020: -44.96×

- FY2021: -2.32×

- FY2022: -0.74×

- FY2023: -0.27×

- FY2024: -0.17×

- FY2025: 0.09×

### 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: -99.3%

- ROIC, second-lowest year: -156.8%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 80.6%

- Recent gross margin (lower of latest and 3-year median): 81.7%

- Years with nonpositive capital: 3

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: -66.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -1629.5%

- FY2019: -132.9%

- FY2020: -132.9%

- FY2021: -156.8%

- FY2022: -65.8%

- FY2023: -27.4%

- FY2024: -18.0%

- FY2025: 48.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$287M

- Net income, five-year total: -$334M

- Return on incremental invested capital: 110.1%

- Working capital / revenue, annual change: -6.1 pp

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

- FY2021: -$122M

- FY2022: -$83M

- FY2023: -$51M

- FY2024: -$43M

- FY2025: $12M

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -132.9% vs -18.0%

- Per-share earnings: -4.81 to -0.37 (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: 32.3%

- Market cap gain: $1.2B

- Cumulative retained earnings: -$551M

- Diluted shares, 5-year annual growth: 32.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: $4.44

- Per-share value, starting three-year median: -$4.81

- Per-share value, ending three-year median: -$0.37

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 0.7%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -132.9%

- ROIC, last three-year median: -18.0%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$4.99

- FY2019: -$4.81

- FY2020: -$2.94

- FY2021: -$1.01

- FY2022: -$0.70

- FY2023: -$0.45

- FY2024: -$0.37

- FY2025: $0.00

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 78.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 51.67×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 8.10×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -3.2%

- FY2019: -19.5%

- FY2020: -41.3%

- FY2021: -8.9%

- FY2022: 2.4%

- FY2023: -4.7%

- FY2024: -5.5%

- FY2025: -7.3%

## Holders

## Price story

Up 450% since Oct 2023 · "Xeris raises 2025 revenue guidance to $280M–$290M following 49% Q2 growth, led by Recorlev" (seekingalpha.com, Aug 2025) · sales +43.7%

Story as of 2026-10-16T09:59:54.113Z; price observation 2026-10-15.

- 2025-08-07: Xeris raises 2025 revenue guidance to $280M–$290M following 49% Q2 growth, led by Recorlev ([seekingalpha.com](https://seekingalpha.com/news/4482140-xeris-raises-2025-revenue-guidance-to-280m-290m-following-49-percent-q2-growth-led-by?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +43.7%; source https://www.sec.gov/Archives/edgar/data/1346302/000134630221000026/xers-20201231.htm; observed 2021-03-09.

- FY2018: $2.5M 

- FY2019: $2.7M 

- FY2020: $2.7M 

- FY2021: $50M 

- FY2022: $110M 

- FY2023: $164M 

- FY2024: $203M 

- FY2025: $292M 

### Gross margin · FY2025

gross margin 81.7%; source https://www.sec.gov/Archives/edgar/data/1346302/000134630221000026/xers-20201231.htm; observed 2021-03-09.

- FY2018: 98.3% 

- FY2019: 41.1% 

- FY2020: 41.1% 

- FY2021: 73.1% 

- FY2022: 79.5% 

- FY2023: 82.5% 

- FY2024: 81.9% 

- FY2025: 81.7% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are USD 291.8 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); FY2025: revenue 291845000; grossProfit 238433000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); XERS.US: Xeris Biopharma Holdings, Inc., a commercial-stage biopharmaceutical company, engages in developing and commercializing therapies for chronic endocrine and neurological diseases in Illinois. It offers Gvoke, a ready-to-use liquid-stable glucagon for the treatment of severe hypoglycemia in pediatric and adult patients; Keveyis, a therapy for the treatment of hyperkalemic, hypokalemic, and related variants of primary periodic paralysis; and Recorlev, a cortisol synthesis inhibitor for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome. It is also developing XP-8121, a once-weekly subcutaneous injection of levothyroxine that is in phase 3 clinical trial for the treatment of hypothyroidism. The company was incorporated in 2005 and is headquartered in Chicago, Illinois.

### Why customers stay

Margins ranged from 81.7% to 82.5% during 2023–25; it lost 99.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); FY2023: grossProfit / revenue = 82.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); FY2024: grossProfit / revenue = 81.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); FY2025: grossProfit / revenue = 81.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); 8-year return on capital observations [[2018,-16.295363225582204],[2019,-1.3291018820197689],[2020,-1.3291018820197689],[2021,-1.5683418956659656],[2022,-0.6577246263424745],[2023,-0.27354975255509484],[2024,-0.18038669308865846],[2025,0.4838684599238125]]; median -0.9934132541811217. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 8 years; bought back USD 10.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); FY2025: growth capex 0; upkeep 696000; owner earnings 12014000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); Dividend observations: [[2018,0],[2019,60684000],[2020,95643000],[2021,25089000],[2022,147050000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); FY2025: cash repurchases 10876000 USD.

### Are managers owners

Insiders own 3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); XERS.US SharesStats.PercentInsiders = 3.029 percentage points; cache date 2026-10-15.

### What the price says

The price is 6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-09); Closing price 10.07 USD; reporting-to-trading FX 1; FY2025 annual sales per share 1.689477854696279; price multiple 5.960421423700938. FY2025 cash earnings/share 0.06954851700841576. Closing-price date 2026-10-15.

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

- 2018-06: $18.98 per share

- 2018-07: $18.20 per share

- 2018-08: $25.70 per share

- 2018-09: $17.58 per share

- 2018-10: $21.92 per share

- 2018-11: $20.81 per share

- 2018-12: $17.00 per share

- 2019-01: $13.88 per share

- 2019-02: $10.01 per share

- 2019-03: $10.04 per share

- 2019-04: $10.20 per share

- 2019-05: $10.97 per share

- 2019-06: $11.44 per share

- 2019-07: $11.70 per share

- 2019-08: $11.59 per share

- 2019-09: $9.83 per share

- 2019-10: $8.18 per share

- 2019-11: $8.93 per share

- 2019-12: $7.05 per share

- 2020-01: $6.37 per share

- 2020-02: $3.56 per share

- 2020-03: $1.95 per share

- 2020-04: $2.70 per share

- 2020-05: $5.14 per share

- 2020-06: $2.66 per share

- 2020-07: $2.86 per share

- 2020-08: $4.71 per share

- 2020-09: $5.93 per share

- 2020-10: $4.73 per share

- 2020-11: $4.36 per share

- 2020-12: $4.92 per share

- 2021-01: $5.08 per share

- 2021-02: $5.45 per share

- 2021-03: $4.51 per share

- 2021-04: $3.83 per share

- 2021-05: $3.12 per share

- 2021-06: $4.07 per share

- 2021-07: $3.07 per share

- 2021-08: $2.76 per share

- 2021-09: $2.45 per share

- 2021-10: $1.86 per share

- 2021-11: $2.09 per share

- 2021-12: $2.93 per share

- 2022-01: $2.11 per share

- 2022-02: $2.38 per share

- 2022-03: $2.56 per share

- 2022-04: $2.44 per share

- 2022-05: $2.21 per share

- 2022-06: $1.54 per share

- 2022-07: $1.42 per share

- 2022-08: $1.67 per share

- 2022-09: $1.56 per share

- 2022-10: $1.60 per share

- 2022-11: $1.50 per share

- 2022-12: $1.33 per share

- 2023-01: $1.24 per share

- 2023-02: $1.38 per share

- 2023-03: $1.63 per share

- 2023-04: $2.26 per share

- 2023-05: $2.56 per share

- 2023-06: $2.62 per share

- 2023-07: $2.61 per share

- 2023-08: $2.27 per share

- 2023-09: $1.86 per share

- 2023-10: $1.83 per share

- 2023-11: $1.86 per share

- 2023-12: $2.35 per share

- 2024-01: $2.46 per share

- 2024-02: $3.08 per share

- 2024-03: $2.21 per share

- 2024-04: $1.75 per share

- 2024-05: $2.26 per share

- 2024-06: $2.25 per share

- 2024-07: $2.48 per share

- 2024-08: $2.81 per share

- 2024-09: $2.85 per share

- 2024-10: $3.22 per share

- 2024-11: $3.28 per share

- 2024-12: $3.39 per share

- 2025-01: $3.56 per share

- 2025-02: $3.83 per share

- 2025-03: $5.49 per share

- 2025-04: $4.57 per share

- 2025-05: $4.94 per share

- 2025-06: $4.67 per share

- 2025-07: $5.09 per share

- 2025-08: $7.83 per share

- 2025-09: $8.14 per share

- 2025-10: $9.70 per share

- 2025-11: $7.18 per share

- 2025-12: $7.85 per share

- 2026-01: $7.36 per share

- 2026-02: $6.12 per share

- 2026-03: $5.80 per share

- 2026-04: $6.13 per share

- 2026-05: $6.16 per share

- 2026-06: $7.92 per share

- 2026-07: $8.08 per share

- 2026-08: $8.44 per share

- 2026-09: $9.56 per share

- 2026-10: $10.07 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 10-K filing](https://www.sec.gov/Archives/edgar/data/1346302/000134630221000026/xers-20201231.htm); period 2020-12-31, filed 2021-03-09.

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



# XERS — Xeris Pharmaceuticals Inc.

Held by 1 investor · USD 472,142 total · 2024 Q4 · reported price USD 3.38 (split-adjusted).
Page: https://gigainvestors.com/s/XERS

## Holders (2024 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Prem Watsa (https://gigainvestors.com/FFH) | USD 472,142 | <0.1% | reduce -18.28% |

## Total held by quarter

- 2021 Q4: USD 440,559 · 1 holder · USD 2.91
- 2022 Q1: USD 387,571 · 1 holder · USD 2.56
- 2022 Q2: USD 231,634 · 1 holder · USD 1.53
- 2022 Q3: USD 236,176 · 1 holder · USD 1.56
- 2022 Q4: USD 199,841 · 1 holder · USD 1.32
- 2023 Q1: USD 245,260 · 1 holder · USD 1.62
- 2023 Q2: USD 395,141 · 1 holder · USD 2.61
- 2023 Q3: USD 281,595 · 1 holder · USD 1.86
- 2023 Q4: USD 355,778 · 1 holder · USD 2.35
- 2024 Q1: USD 333,069 · 1 holder · USD 2.20
- 2024 Q2: USD 382,899 · 1 holder · USD 2.24
- 2024 Q3: USD 485,461 · 1 holder · USD 2.84
- 2024 Q4: USD 472,142 · 1 holder · USD 3.38
- 2025 Q1: USD 0 · 0 holders