Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Seres Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
21.8
32.1
28.3
34.5
33.2
145
7.13
0
0
0.79
Research and development
82
89.5
96
80.1
90.6
142
110
118
64.6
49.1
General and administrative
32.6
34
32.6
24.7
30.8
69.3
70.3
77.5
53.2
39.2
Operating expenses
115
123
129
106
121
209
180
195
121
94.8
Operating income
-92.8
-91.4
-100
-71.9
-88.1
-64.5
-180
-195
-121
-94
Interest expense
0.5
2.92
2.91
6.02
2.47
0
0
Interest income
2.23
1.59
1.17
1.03
0.95
2.87
3.06
7.3
3.97
2.23
Other non-operating income
1.26
2.02
1.34
1.6
-1
-1.09
-3.67
4.97
-4.46
99.7
Income tax
0
0
0
0
0
0
0
0
0
0
Income from continuing operations
-184
-190
-126
5.7
Net income
-91.6
-89.4
-98.9
-70.3
-89.1
-65.6
-250
-114
0.14
5.7
EBITDA
-88.6
-84.1
-92.4
-64.3
-81.6
-58.5
-173
-189
-116
-89.8
EPS, basic
-45.92
-44.13
-48.52
-24.76
-22.36
-14.38
-46.12
-17.77
0.00
0.64
EPS, diluted
-45.92
-44.13
-48.52
-24.76
-22.36
-14.38
-46.12
-17.77
0.00
0.64
Shares, basic (weighted)
2
2.03
2.04
2.84
4
4.59
5.41
6.4
7.77
8.86
Shares, diluted (weighted)
2
2.03
2.04
2.84
4
4.59
5.41
6.4
7.77
8.87
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
54.5
36.1
85.8
65.1
116
180
163
128
30.8
45.8
Short-term investments
139
114
0
29.7
138
111
18.3
0
Receivables
1.79
9.39
0
0.16
Inventory
0
29.6
Other current assets
5.13
5.1
6.85
3.59
5.77
12.9
13.4
8.05
5.81
3.09
Total current assets
198
155
92.7
100
269
304
195
175
38.7
49.4
Property, plant and equipment
36.1
32.9
26.3
19.5
13.9
17.9
23
17.6
11.5
7.64
Lease right-of-use assets
11.4
9.04
18.2
111
90.4
80.9
72.5
Long-term investments
36.8
49.8
0.5
0
Other non-current assets
5.19
10.5
2.19
0.03
0.03
Total assets
273
190
120
132
343
355
349
359
140
138
Accounts payable
7.59
7.03
6.42
4.86
4.02
13.7
17.4
3.64
4.08
1.68
Accrued liabilities
3.7
4.96
5.02
4.61
6.73
9.22
14.7
16.5
7.66
2.69
Deferred revenue
12.1
20.4
4.83
Total current liabilities
30.5
31.6
42
46
46.4
82.3
85.6
98.7
41.2
19.3
Long-term debt
24.6
24.6
24.6
50.6
102
0
Lease liabilities
15.7
10.6
18
108
91.7
83
72.6
Other non-current liabilities
1.13
0.64
0.5
1
11.5
1.44
1.63
1.84
2.08
Total liabilities
140
129
169
181
168
223
338
403
126
94
Total debt
25
25
24.1
50
110
Paid-in capital
307
324
341
411
723
746
875
933
992
1,017
Retained earnings
-174
-264
-389
-460
-549
-614
-865
-978
-978
-972
Other comprehensive income
-0.15
-0.15
-0.05
-0.06
-0.01
0
0
Shareholders' equity
133
60.7
-48
-48.3
175
132
10.8
-44.9
13.8
44.2
Total equity
133
60.7
-48
-48.3
175
132
10.8
-44.9
13.8
44.2
Total liabilities and equity
273
190
120
132
343
355
349
359
140
138
Shares outstanding
2.02
2.03
2.05
3.51
4.58
4.6
6.27
135
8.65
9.56
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-91.6
-89.4
-98.9
-70.3
-89.1
-65.6
-250
-114
0.14
5.7
Depreciation and amortization
4.21
7.26
7.86
7.6
6.58
5.95
6.63
6.24
5.47
4.13
Stock-based compensation
16.9
17.4
16.6
8.34
8.82
20.2
25.5
34.1
21
10.8
Change in receivables
-1.79
-7.6
9.39
0
0
0
-0.16
Change in inventory
0
0
-29.6
-33.8
0
Change in payables
3.58
-0.86
-0.35
-1.46
-1.16
9.36
2.2
-11.6
-2.94
-2.4
Cash from operations
43.9
-75.5
-62.9
-76.5
-93.6
6.69
-229
-117
-149
1.12
Capital expenditures
-21.5
-4.68
-1.94
-1
-0.59
-9.57
-9.82
-7.98
-0.38
-0.25
Acquisitions
-15
-15
Purchases of investments
-291
-97.9
-21.8
-46.4
-218
-96
-48.2
-4.43
0
0
Sales and maturities of investments
246
158
136
16.9
60
170
140
23
0
0
Cash from investing
-65.6
55.7
112
-30.5
-159
64.1
82.4
10.6
142
-0.04
Debt issued
25
0
0
27.6
103
0
0
Stock issued
2.14
0.12
0.15
60.5
244
0
96.7
0
0
0.5
Share buybacks
-0.03
Cash from financing
2.14
0.08
0.27
86.2
303
1.18
130
71.7
-90.4
13.9
Net change in cash
-19.5
-19.7
49.7
-20.8
50.9
72
-16.8
-35.1
-96.7
15
Free cash flow
22.4
-80.2
-64.8
-77.5
-94.2
-2.88
-239
-125
-149
0.87
Interest paid
0.11
0
0.22
2.45
2.45
4.93
12.5
10.9
0
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.52 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-4,463.0%
Operating income / revenue.
EBITDA margin
-4,280.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-1,193.0%
Net income / revenue.
FCF margin
-2,724.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-2,722.0%
Cash from operations / revenue.
Return on equity (ROE)
-65.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-22.1%
Net income / average total assets.
Return on invested capital (ROIC)
-350.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
2,477.0%
Research and development expense / revenue.
Stock-based pay / revenue
487.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.0%
Capital expenditures / revenue.
D&A / revenue
183.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue CAGR, 3y
-52.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-52.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y
4,088.0%
Net income vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
220.8%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
60.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-24.0%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-1.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-26.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-16.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
14.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
17.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
17.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.11x
Current assets / current liabilities.
Quick ratio
0.79x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.78x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.19
Revenue / diluted weighted shares.
FCF per share
-$5.26
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$5.26
Cash from operations / diluted weighted shares.
Book value per share
$3.51
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
18.8x
Market cap / revenue.
P/B
1.02x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.02x
Market cap / tangible book value, when positive.
EV/Sales
10.5x
Enterprise value / revenue.
FCF yield
-145.1%
Free cash flow / market cap.
Earnings yield
-63.5%
Net income / market cap (the inverse of P/E).
What was Seres Therapeutics, Inc.'s revenue in fiscal 2025?
Seres Therapeutics, Inc. reported revenue of $789.0K for fiscal 2025.
Was Seres Therapeutics, Inc. profitable in fiscal 2025?
Yes. Net income was $5.7M, a net margin of 721.9%.
How much free cash flow did Seres Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $1.1M minus capital expenditures of $252.0K left free cash flow of $865.0K.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.