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Seres Therapeutics, Inc. (MCRB) stock

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NASDAQ: MCRB Nasdaq Biotechnology Next results ~November 4, 2026

C Fundamentals grade

Seres Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Seres Therapeutics, Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: our cash-flow value ($35.46) was left out of our combined valuation (it is 18.14x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Seres Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 16 sales by directors and officers, last 12 monthsInsider trades
  • Funds15 adding, 17 cuttingOf 5 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Seres Therapeutics files

Where Seres Therapeutics stands after its latest 10-Q

Seres Therapeutics has little or no product revenue yet; it used $51m of cash in the twelve months to June 2026. The diluted share count is up 11.0% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 2 financial-health checks.

Our model value for Seres Therapeutics is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Seres Therapeutics, Inc.'s trailing-twelve-month revenue grew 100.0% year on year, with a free-cash-flow margin of -2724.1%. Where it stands out: change in growth rate of +200.0pp ranks 13 of 172 biotechnology companies we cover. Where it lags: stock pay as % of revenue of 487.8% ranks 165 of 179 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$35 per share in the base case (~$27–$47 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 149% in the quarter to 2026-06-30.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 100.0% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Growth speeding up. The growth rate is 200.0 points higher than a quarter earlier.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -4462.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 29569.5 points on a year ago.
  • Burning cash. Free cash flow was -2724.1% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 487.8% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 11.0% in a year.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.07 against an average estimate of -$2.19: beat by 148.8%
Revenue
$1m
Share reaction
-8.2% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$1.00

Seres Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.4%
  • 1 week-7.6%
  • 1 month-37.8%
  • This year-87.7%
  • 1 year-88.6%
  • 5 years-98.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.9M
Operating margin
-4462.8%
Net margin
-1192.9%
EPS (TTM, diluted)
$-2.41

Growth

Revenue growth
+100.0%
Change in growth rate
+200.0 pts
Share count change
+11.0%

Cash

Free cash flow (TTM)
-$51.3M
FCF margin
-2724.1%
Stock pay % of revenue
487.8%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Agreement
  4. Leadership
  5. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Seres Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($35.46) was left out of our combined valuation (it is 18.14x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Seres Therapeutics, Inc.'s free cash flow after stock-based pay ( $13M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Seres Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$35 ~$27–$47 Left out: out of range vs price (19.38x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Seres Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$701.80$198.00$202.80$90.40$69.00$490.00$166.60$112.00$28.00$16.62$14.88$1.83
Market value$826m$394m$410m$184m$195m$2.0bn$764m$605m$179m$129m$132m$17m
+ Net debt (− = net cash)−$72m−$55m−$36m−$86m−$40m−$91m−$155m−$112m−$18m−$31m−$46m−$16m
Enterprise value$754m$340m$374m$98m$155m$1.9bn$609m$493m$161m$98m$86m$1m
Multiples
Price / sales —18.1x12.8x6.5x5.7x58.9x5.3x84.9x——167.3x9.1x
Price / earnings —————————n/m23.2x—
Price / free cash flow —17.6x————————152.6x—
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

10 /100

Weak moat

How hard Seres Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -47.1% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -267.5%; its worst year was -4462.8%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -184.9% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 162.5% over five years; stock-based pay has been a median 38.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (15 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, before the open. Analysts expect revenue of $6m and EPS of −$1.00 (range −$1.34 to −$0.67) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.52 −649% $14m +1649%
Next −$4.95 −41% $273500 −98%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −61.8% on 90 days ago. In the last 30 days, 1 analyst raised Seres Therapeutics, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Seres Therapeutics, Inc., last 90 days
−$15.00 −$10.00 −$5.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$9.19 Current fiscal year, 60 days ago: −$9.19 Current fiscal year, 30 days ago: −$7.51 Current fiscal year, 7 days ago: −$7.51 Current fiscal year, Now: −$3.52 −$3.52 Next fiscal year, 90 days ago: −$10.28 Next fiscal year, 60 days ago: −$10.28 Next fiscal year, 30 days ago: −$6.58 Next fiscal year, 7 days ago: −$6.58 Next fiscal year, Now: −$4.95 −$4.95

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$9.19−$10.28
60 days ago −$9.19−$10.28
30 days ago −$7.51−$6.58
7 days ago −$7.51−$6.58
Now −$3.52−$4.95

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$2.19 $1.07 +148.8%
Mar 2026 −$1.88 −$2.08 −10.6%
Dec 2025 −$1.60 −$1.76 −10.0%
Sept 2025 $1.28 $0.94 −26.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Seres Therapeutics, Inc.'s latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

2 analysts, Oct 2026
Buy2100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202622
  2. Sep 202622

Counts of recommendations published by analysts covering Seres Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.0%
of tradable shares
Days to cover
4.16
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
23%
of shares
Held by insiders
11.5%
of shares
Employees
66
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 3 years −93.0%

$26.00 on November 3, 2023 to $1.83

ThenNowEffect
Revenue (last 12 months) $130m $2m −98.6%
P/S multiple 1.3x 9.1x +622.8%
Share count 6m 9m −32.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MCRB−66%−33%−75%−41%−11%−88%
Industry peers (median)−35%−57%−17%−28%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MCRB50%50%33%50%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MCRB−81%−70%−86%−65%−63%−89%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 100% from December 16, 2015 to October 30, 2026. Getting back needed a 49448% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.77 – $28.63
From 52-week high
−93.6%
vs 50-day average
−48.6%
vs 200-day average
−74.0%
Volatility (1 year)
91%
Beta vs S&P 500
1.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±6.4%
After a week
6 up, 6 down
typical move ±12.6%
After a month
5 up, 7 down
typical move ±18.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −8.2% −0.4% −10.1% +7.4%
May 5, 2026 +4.0% +2.2% +3.5% −10.9%
March 12, 2026 −3.4% −2.1% +1.7% −3.9%
November 5, 2025 +0.8% −0.7% +16.4% +21.2%
August 6, 2025 +7.1% +0.7% +11.8% +35.6%
May 7, 2025 −18.7% +1.1% −20.8% −3.7%
March 13, 2025 −0.4% +0.7% +5.6% −14.7%
January 10, 2025 −3.2% −1.4% −9.8% −6.0%
November 13, 2024 −10.8% −0.6% +22.6% +32.4%
August 13, 2024 +1.5% +2.0% −3.3% +7.9%
May 8, 2024 −7.2% +0.6% −13.7% −44.7%
March 5, 2024 −11.4% −0.5% −32.2% −33.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Seres Therapeutics, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Seres Therapeutics, Inc.
-$200M -$100M $0 $100M $200M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $127.2M Revenue (TTM), FY23 Q4: $0 Revenue (TTM), FY24 Q1: $522K Revenue (TTM), FY24 Q2: -$126M Revenue (TTM), FY24 Q3: -$126.3M Revenue (TTM), FY24 Q4: $0 Revenue (TTM), FY25 Q1: $0 Revenue (TTM), FY25 Q2: $0 Revenue (TTM), FY25 Q3: $351K Revenue (TTM), FY25 Q4: $789K Revenue (TTM), FY26 Q1: $1.1M Revenue (TTM), FY26 Q2: $1.9M $1.9M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $127.2M
FY23 Q4 $0
FY24 Q1 $522K
FY24 Q2 -$126M
FY24 Q3 -$126.3M
FY24 Q4 $0
FY25 Q1 $0
FY25 Q2 $0
FY25 Q3 $351K
FY25 Q4 $789K
FY26 Q1 $1.1M
FY26 Q2 $1.9M
Revenue growth, TTM YoY Seres Therapeutics, Inc.
-500% 0% 500% 1000% FY21 Q4 FY22 Q3 FY23 Q2 FY25 Q2 Revenue growth, TTM YoY, FY21 Q4: 336.3% Revenue growth, TTM YoY, FY22 Q1: 357.7% Revenue growth, TTM YoY, FY22 Q2: 356.1% Revenue growth, TTM YoY, FY22 Q3: -91.4% Revenue growth, TTM YoY, FY22 Q4: -95.1% Revenue growth, TTM YoY, FY23 Q1: -96.4% Revenue growth, TTM YoY, FY23 Q2: -4.6% Revenue growth, TTM YoY, FY23 Q3: 851.4% Revenue growth, TTM YoY, FY23 Q4: -100.0% Revenue growth, TTM YoY, FY24 Q1: -89.8% Revenue growth, TTM YoY, FY25 Q1: -100.0% Revenue growth, TTM YoY, FY25 Q2: 100.0% 100.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 336.3%
FY22 Q1 357.7%
FY22 Q2 356.1%
FY22 Q3 -91.4%
FY22 Q4 -95.1%
FY23 Q1 -96.4%
FY23 Q2 -4.6%
FY23 Q3 851.4%
FY23 Q4 -100.0%
FY24 Q1 -89.8%
FY25 Q1 -100.0%
FY25 Q2 100.0%
Operating margin (TTM) Seres Therapeutics, Inc.
-30000% -20000% -10000% 0% 10000% FY22 Q3 FY23 Q2 FY24 Q2 FY26 Q2 Operating margin (TTM), FY22 Q3: -1701.9% Operating margin (TTM), FY22 Q4: -2524.0% Operating margin (TTM), FY23 Q1: -3808.5% Operating margin (TTM), FY23 Q2: -62.8% Operating margin (TTM), FY23 Q3: -52.9% Operating margin (TTM), FY24 Q1: -12744.1% Operating margin (TTM), FY24 Q2: 115.1% Operating margin (TTM), FY24 Q3: 102.6% Operating margin (TTM), FY25 Q3: -29467.0% Operating margin (TTM), FY25 Q4: -11910.1% Operating margin (TTM), FY26 Q1: -7641.0% Operating margin (TTM), FY26 Q2: -4462.8% -4462.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q3 -1701.9%
FY22 Q4 -2524.0%
FY23 Q1 -3808.5%
FY23 Q2 -62.8%
FY23 Q3 -52.9%
FY24 Q1 -12744.1%
FY24 Q2 115.1%
FY24 Q3 102.6%
FY25 Q3 -29467.0%
FY25 Q4 -11910.1%
FY26 Q1 -7641.0%
FY26 Q2 -4462.8%
FCF margin (TTM) Seres Therapeutics, Inc.
-20000% -15000% -10000% -5000% 0% 5000% FY22 Q3 FY23 Q2 FY24 Q2 FY26 Q2 FCF margin (TTM), FY22 Q3: -1762.6% FCF margin (TTM), FY22 Q4: -3347.9% FCF margin (TTM), FY23 Q1: -4887.4% FCF margin (TTM), FY23 Q2: -102.1% FCF margin (TTM), FY23 Q3: -104.8% FCF margin (TTM), FY24 Q1: -15320.9% FCF margin (TTM), FY24 Q2: 146.6% FCF margin (TTM), FY24 Q3: 125.4% FCF margin (TTM), FY25 Q3: -6657.5% FCF margin (TTM), FY25 Q4: 109.6% FCF margin (TTM), FY26 Q1: -3694.1% FCF margin (TTM), FY26 Q2: -2724.1% -2724.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q3 -1762.6%
FY22 Q4 -3347.9%
FY23 Q1 -4887.4%
FY23 Q2 -102.1%
FY23 Q3 -104.8%
FY24 Q1 -15320.9%
FY24 Q2 146.6%
FY24 Q3 125.4%
FY25 Q3 -6657.5%
FY25 Q4 109.6%
FY26 Q1 -3694.1%
FY26 Q2 -2724.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 22 32 28 35 33 145 7 0 0 1 2
EBITDA −54 −89 −84 −92 −64 −82 −59 −173 −189 −116 −90 −81
Operating income −55 −93 −91 −100 −72 −88 −64 −180 −195 −121 −94 −84
Net income −55 −92 −89 −99 −70 −89 −66 −250 −114 0 6 −22
Diluted EPS −$46.60 −$46.00 −$44.20 −$48.60 −$24.80 −$22.40 −$14.40 −$46.20 −$17.77 $0.00 $0.64 −$2.41
Growth (year on year)
Revenue — — +47.5% −11.9% +22.1% −3.7% +336.3% −95.1% −100.0% — — —
Net income — — — — — — — — — — +>999% −126.1%
Diluted EPS — — — — — — — — — — — −123.5%
Margins
EBITDA margin — −407.2% −262.1% −327.0% −186.3% −245.5% −40.4% <−999% — — <−999% <−999%
Operating margin — −426.5% −284.7% −354.8% −208.3% −265.3% −44.5% <−999% — — <−999% <−999%
Net margin — −420.7% −278.4% −350.0% −203.7% −268.3% −45.2% <−999% — — 721.9% <−999%
Free-cash-flow margin — 103.0% −249.8% −229.2% −224.7% −283.6% −2.0% <−999% — — 109.6% <−999%
Cash flow
Cash from operations −41 44 −76 −63 −77 −94 7 −229 −117 −149 1 −51
Capital spending 4 21 5 2 1 1 10 10 8 0 0 0
Free cash flow −45 22 −80 −65 −78 −94 −3 −239 −125 −149 1 −51
Stock-based pay 10 17 17 17 8 9 20 25 34 21 11 9
Free cash flow after stock pay −55 6 −98 −81 −86 −103 −23 −264 −159 −170 −10 −60
Balance sheet
Cash 74 55 36 86 65 116 180 163 128 31 46 16
Total debt 2 0 0 0 25 25 25 51 110 0 0 0
Net debt (negative = net cash) −72 −55 −36 −86 −40 −91 −155 −112 −18 −31 −46 −16
Diluted shares 1m 2m 2m 2m 3m 4m 5m 5m 6m 8m 9m 9m
Returned to shareholders
Buybacks — — 0 — — — — — — — — —
Total returned — — 0 — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 2 checks passed · June 30, 2026
What it owns · $102m
Short-term assets $42mLonger-term assets $59m
What it owes, and who funded it · $102m
Short-term liabilities $20mLonger-term liabilities $47mShareholders' equity $35m
  • Short-term assets cover short-term liabilities $42m of assets due within a year against $20m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $42m short-term assets against $47m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Seres Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+11.0%
year over year
R&D spending
2476.7%
of revenue
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated MCRB KRSA OVID ABSI CLGN KRRO Median
Revenue, last 12 months $2m $2m $2m $2m $2m $2m $56m
Revenue growth, last 12 months 100.0% −12.6% −76.2% −62.3% 360.4% −62.1% 12.6%
Revenue growth, 3-year average −75.6% — 99.8% −43.3% — −53.7% 13.7%
Revenue growth, latest quarter 100.0% −100.0% −88.3% −46.4% — −100.0% 10.2%
Operating margin <−999% −359.2% <−999% <−999% −484.3% <−999% −189.4%
Operating margin, 3-year average <−999% <−999% <−999% <−999% — <−999% −363.5%
Net margin <−999% −353.0% <−999% <−999% −484.6% <−999% −169.8%
Cash from operations / revenue <−999% −234.3% <−999% <−999% −397.3% <−999% −168.0%
Free-cash-flow margin <−999% <−999% <−999% <−999% −398.4% <−999% −162.4%
Free-cash-flow margin, 3-year average −900.2% — <−999% <−999% — <−999% −310.0%
Stock pay / revenue 487.8% 16.9% 302.0% >999% 42.1% 391.7% 20.0%
Change in share count 11.0% 45.4% 0.5% 26.0% 6.5% 28.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 100.0% 12.6% 41 of 172
Change in growth rate Growth +200.0pp -0.1pp 13 of 172
Operating margin Profitability -4462.8% -189.4% 157 of 175
Net margin Profitability -1192.9% -157.3% 145 of 180
Free-cash-flow margin Cash generation -2724.1% -145.4% 156 of 176
Stock pay as % of revenue Cash generation 487.8% 19.2% 165 of 179
Change in share count Balance sheet 11.0% 7.9% 93 of 156
Days sales outstanding Balance sheet 53 days 75 days 33 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$17.9M
Institutions reporting
35
Shares held vs prior quarter
▼ 1.4%
Positions opened / closed
8 / 6

Top buyers and sellers, Q2 2026: 15 institutions bought and 17 sold ; the biggest buyer was Marshall Wace, LLP (+33K shares) and the biggest seller Susquehanna International Group, LLP (−47K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Flagship Pioneering, LLC $9.1M 1.2M 50.8% 0.0%
Vanguard Capital Management LLC $2.3M 288K 12.7% ▼ 2.2%
Marshall Wace, LLP $1.4M 172K 7.6% ▲ 23.4%
Vontobel Holding Ltd. $970,273 123K 5.4% ▼ 11.2%
Blackrock, Inc. $875,790 111K 4.9% ▲ 8.8%
Geode Capital Management, LLC $631,301 80K 3.5% ▲ 6.9%
Susquehanna International Group, LLP $460,208 58K 2.6% ▼ 44.6%
Vanguard Fiduciary Trust Co $384,125 49K 2.1% ▲ 22.8%
State Street Corp $267,479 34K 1.5% 0.0%
Lion Point Capital, LP $249,087 32K 1.4% 0.0%
Charles Schwab Investment Management Inc $244,977 31K 1.4% ▼ 1.8%
American Century Companies Inc $223,390 28K 1.2% ▼ 54.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Seres Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $54,884 16 trades by 5 insiders · 99% under pre-set plans
Net ▼ $54,884 net selling
Insider Date Trade Shares Price Value
Desrosier Thomas See Remarks August 17, 2026 Sell pre-set plan 82 $4.55 $373
Henn Matthew R See Remarks August 17, 2026 Sell pre-set plan 81 $4.55 $369
Shaff Eric D. Director August 17, 2026 Sell pre-set plan 263 $4.55 $1,197
Brady Kelly See Remarks August 17, 2026 Sell pre-set plan 64 $4.55 $291
Henn Matthew R See Remarks May 18, 2026 Sell pre-set plan 77 $7.53 $580
Desrosier Thomas See Remarks May 18, 2026 Sell pre-set plan 79 $7.53 $595
Brady Kelly See Remarks May 18, 2026 Sell 59 $7.53 $444
Shaff Eric D. Director May 18, 2026 Sell pre-set plan 259 $7.53 $1,950
Henn Matthew R See Remarks February 15, 2026 Sell pre-set plan 89 $8.47 $754
Desrosier Thomas See Remarks February 15, 2026 Sell pre-set plan 78 $8.47 $661
Shaff Eric D. Director February 15, 2026 Sell pre-set plan 259 $8.47 $2,194
Young Teresa L. See Remarks February 15, 2026 Sell pre-set plan 75 $8.47 $635

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 5, 2026
  • March 12, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Seres Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Seres Therapeutics, Inc. in brief

What does Seres Therapeutics, Inc. do?
Seres Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Seres Therapeutics, Inc.'s stock ticker?
Seres Therapeutics, Inc. trades under the ticker MCRB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Seres Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Seres Therapeutics, Inc. reported revenue of $1.9M, 100.0% higher than a year earlier, according to its SEC filings.
What is Seres Therapeutics, Inc.'s free cash flow?
Seres Therapeutics, Inc.'s free-cash-flow margin is -2724.1% of revenue over the trailing twelve months, ranking 156 of the 176 biotechnology companies we cover.
Who are Seres Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Flagship Pioneering, LLC, Vanguard Capital Management LLC and Marshall Wace, LLP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Seres Therapeutics, Inc.'s market cap?
On November 2, 2026, Seres Therapeutics, Inc.'s market capitalisation was about $17.1M and net debt of -$15.6M. Market figures come from third-party market data and may be delayed.
Who are Seres Therapeutics, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Seres Therapeutics, Inc. are Korsana Biosciences, Inc., Ovid Therapeutics Inc., Absci Corp, Collplant Biotechnologies Ltd and Korro Bio, Inc. The side-by-side comparison below sets their revenue, margins and growth against Seres Therapeutics, Inc.'s.
Are insiders buying or selling Seres Therapeutics, Inc. stock?
Over the last 12 months, Seres Therapeutics, Inc.'s directors and officers reported 0 open-market purchases and 16 sales on Form 4. The insider trading page charts every trade.
When is Seres Therapeutics, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Seres Therapeutics, Inc. announces its own schedule.