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Puma Biotechnology, Inc.

Rank #11Value

PBYI · Nasdaq · Healthcare

Puma Biotechnology, Inc. (PBYI) — Rank #11 by gross profitability (GP/assets 0.88) · ROE 22.5% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0001401667 · all metrics point-in-time as of the filing date.

About

Puma Biotechnology, Inc., a biopharmaceutical company, focuses on the development and commercialization of products to enhance cancer care in the United States and internationally.

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It offers NERLYNX, an oral version of neratinib that is used to treat adult patients with early stage HER2-overexpressed/amplified breast cancer; and advanced or metastatic HER2-positive breast cancer when combined with capecitabine. The company also develops alisertib, a small molecule inhibitor of aurora kinase A for the treatment of hormone receptor positive breast cancer, triple negative breast cancer, small cell lung cancer, and head and neck cancer. It sells its products through specialty pharmacy and distributor networks. The company has license agreements with Pfizer Inc. for the development, manufacture, and commercialization of neratinib (oral), neratinib (intravenous), PB357, and related compounds, as well as sub-license agreements with Specialised Therapeutics Asia Pte Ltd., Medison Pharma Ltd., Pint Pharma International SA, Knight Therapeutics, Inc., Pierre Fabre Medicament SAS, and Bixink Therapeutics Co., Ltd. Puma Biotechnology, Inc.

was founded in 2010 and is headquartered in Los Angeles, California.

Industry
Biotechnology
Sector
Healthcare
State
DE
Filer Category
Accelerated filerSmaller reporting company
Fiscal Year End
December 31

Price History

PBYI+23.4% · +4.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$480.58M

P/E (annual)

15.3

P/S (annual)

2.1

P/B

3.5

P/OCF (annual)

11.5

Shareholder Yield

-3.2%

Employees

179

Industry

Biotechnology

Exchange

Nasdaq

Signal Flags

3 green1 yellow1 red
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.88
Return on equity
22.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.39
Current ratio
2.91×
Net cash
$93.90M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
3.0%

Growth

0/2 pass
Revenue growth
-0.9%
Piotroski F-Score
7 / 9
Share dilution
3.2%

Terry Smith quality gate

Passes 3/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-0.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 3.2% — per-share value needs a total required return of 3.0% once share-count change is priced in.

vs. own 6-year median revenue growth: -2.2%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-4.0%

r = 10% (base)

-0.1%

r = 12%

3.2%

Net debt / market cap: -19.9%

Base FCF: $41.7M3Y mean FCF: -$35.7M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

0.6xCheap
0.4xmed 1.4x109.7x

P / B

Price / book value per share

1.6xCheap
1.6xmed 16.2x57.0x

P / GP

Price / gross profit per share

0.9xCheap
0.5xmed 1.4x137.3x

P / FCF

Price / free cash flow per share

3.8xCheap
3.8xmed 4.5x11.0x

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.88

Primary signal (Novy-Marx).

2nd of 9 SIC 2834 peers

Return on equity

22.5%

Gross margin

74.5%

5th of 9 SIC 2834 peers

Revenue growth (YoY)

-0.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2021202220232024
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

0.0%

Revenue CAGR (5Y)

0.3%

Earnings CAGR (3Y)

2396.3%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.39

3rd of 9 SIC 2834 peers (best = lowest)

Current ratio

2.91×

4th of 9 SIC 2834 peers

Quick ratio

2.57×

Net cash

$93.90M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$41.73M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.34

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.0%

Stock-based comp intensity.

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20172024
Startup
Decline
Value
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