Overall Score

Growth Runway

Xeris has a large gross margin base (83.3%) and positive operating cash flow, supporting reinvestment capacity.

Revenue per share is $1.94 with a price-to-sales ratio of 4.43, implying the market still prices in meaningful growth.

However, the company remains unprofitable on a net basis with a -5.1% net margin and negative earnings yield, limiting the quality of the growth story.

Profitability And Cash Generation

Operating margin is positive at 10.9% and operating cash flow margin is 16.9%, showing the core business can generate cash.

Free cash flow is positive, but conversion is still modest relative to valuation with a 26.8x price-to-free-cash-flow ratio.

Net income remains negative and return on equity is deeply negative, indicating profitability is not yet durable.

Balance Sheet And Dilution Risk

Current ratio of 1.45 and quick ratio of 1.02 suggest near-term liquidity is adequate.

Debt remains meaningful, with debt-to-capital above 1.0 and interest coverage only 1.3x, which keeps leverage risk elevated.

Negative book value and weak solvency metrics indicate the capital structure still carries risk.

Execution And Reinvestment Efficiency

Return on invested capital is 12.5% and return on capital employed is 16.5%, showing some efficiency in deployed capital.

Capex is light relative to operating cash flow, leaving room for commercial and product investment.

That said, inventory days are very high and the cash conversion cycle is long, which reduces reinvestment efficiency.