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Held by 195 of 5,944 reporting institutions (91th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $234.6M 100.0% | $91.3M 100.0% | $17.2M 100.0% | $10.3M 100.0% | $63.2M 100.0% | $75.0M 100.0% | $8.0M 100.0% | $5.0M 100.0% | $10.0M 100.0% | $16.7M 100.0% |
| Research & Development | — | — | — | $88.8M 863.2% | $98.5M 155.9% | $80.0M 106.7% | $99.3M 1241.7% | $56.2M 1123.9% | $29.4M 294.4% | $15.4M 92.4% |
| Selling, General & Admin | $50.7M 21.6% | $42.4M 46.4% | $41.9M 244.5% | $36.6M 356.2% | $21.5M 34.0% | $18.9M 25.1% | $16.1M 201.2% | $15.5M 310.5% | $9.3M 93.4% | $4.3M 25.7% |
| Total Operating Expenses | $186.7M 79.6% | $206.2M 225.9% | $181.6M 1058.3% | $125.4M 1219.4% | $120.0M 189.9% | $98.9M 131.8% | $115.4M 1442.9% | $71.7M 1434.4% | $38.8M 387.8% | $19.7M 118.1% |
| Operating Income | $47.9M 20.4% | -$114.9M -125.9% | -$164.4M -958.3% | -$115.2M -1119.4% | -$56.8M -89.9% | -$23.9M -31.8% | -$107.4M -1342.9% | -$66.7M -1334.4% | -$28.8M -287.8% | -$3.0M -18.1% |
| Interest Expense | — | — | — | — | $0 0.0% | $0 0.0% | $1.0M 13.0% | $1.7M 33.0% | $1.8M 17.8% | $458K 2.7% |
| Interest & Investment Income | $13.5M 5.8% | $19.8M 21.7% | $18.9M 110.0% | $7.5M 73.4% | $431K 0.7% | $4.0M 5.3% | $11.0M 137.3% | $6.7M 133.7% | $1.6M 16.2% | $127K 0.8% |
| Other Income (Expense), net | -$61.0M -26.0% | -$30.3M -33.2% | $788K 4.6% | -$13.5M -131.7% | -$982K -1.6% | $3.9M 5.3% | $9.9M 124.3% | $4.9M 97.5% | -$1.3M -12.9% | -$1.2M -7.4% |
| Pretax Income | -$13.1M -5.6% | -$145.2M -159.1% | -$163.6M -953.7% | -$128.7M -1251.1% | -$57.8M -91.5% | -$19.9M -26.6% | -$97.5M -1218.6% | -$61.8M -1237.0% | -$30.1M -300.7% | -$4.3M -25.5% |
| Income Tax Expense | $164K 0.1% | $3K 0.0% | -$4K -0.0% | $24K 0.2% | $0 0.0% | $0 0.0% | -$152K -1.9% | -$192K -3.8% | $0 0.0% | $0 0.0% |
| Net Income | -$13.2M -5.6% | -$145.2M -159.1% | -$163.6M -953.7% | -$128.7M -1251.3% | -$57.8M -91.5% | -$19.9M -26.6% | -$97.3M -1216.7% | -$61.7M -1233.1% | -$30.1M -300.7% | -$4.3M -25.5% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.46 | $-5.12 | $-6.08 | $-4.57 | $-2.11 | $-0.73 | $-3.60 | $-2.50 | $-1.52 | $-1.62 |
| EPS (Diluted) | $-0.46 | $-5.12 | $-6.08 | $-4.57 | $-2.11 | $-0.73 | $-3.60 | $-2.50 | $-1.52 | $-1.62 |
| Weighted Avg Shares (Basic) | 28.8M | 28.4M | 26.9M | 28.2M | 27.4M | 27.3M | 27.1M | — | — | — |
| Weighted Avg Shares (Diluted) | 28.8M | 28.4M | 26.9M | 28.2M | 27.4M | 27.3M | 27.1M | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $55.06 today, the market must believe free cash flow compounds 24.2%/yr for a decade (off $20M normalized FCF).
2-stage DCF · 0.03B shares · net debt -$238M
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $69M buybacks = $69M returned on $20M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: -36%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2019 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 9-yr range · 66th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 9-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| R&D | 1123.9 | 1241.7 | 106.7 | 155.9 | 863.2 | — | — | — |
| SG&A | 310.5 | 201.2 | 25.1 | 34.0 | 356.2 | 244.5 | 46.4 | 21.6 |
| Operating Income | -1334.4 | -1342.9 | -31.8 | -89.9 | -1119.4 | -958.3 | -125.9 | 20.4 |
| Income Tax | -3.8 | -1.9 | 0.0 | 0.0 | 0.2 | -0.0 | 0.0 | 0.1 |
| Net Income | -1233.1 | -1216.7 | -26.6 | -91.5 | -1251.3 | -953.7 | -159.1 | -5.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ANAB: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.20T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.02T | 49.6× | — | 15.7× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $916.2B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $643.4B | 24.2× | — | 6.8× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $464.4B | 111.2× | 33.2× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $362.6B | 19.9× | — | 5.6× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $340.0B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $252.6B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $244.5B | 36.5× | 31.5× | 5.5× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $202.8B | 26.4× | 17.4× | 5.5× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $183.3B | 21.8× | 20.0× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.2B | 27.5× | 19.3× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $156.1B | 20.2× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $147.3B | 41.3× | 30.5× | 6.0× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $135.8B | 48.6× | 37.3× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $130.4B | 33.5× | 28.6× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $129.4B | 18.4× | — | 2.7× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.5B | 24.8× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| LGVN | $117.4B | — | — | 97924.4× | -49.9% | 67.0% | -1894% | -400% | -400% | — | 31 |
| CVS | $116.6B | 66.0× | 11.7× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $108.8B | 33.9× | 18.7× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $103.4B | 23.1× | 16.3× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.7B | 15.2× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.1B | 16.4× | 15.4× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $81.0B | 18.7× | 19.4× | 5.7× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| ANAB | $1.5B | — | 26.5× | 6.5× | 157% | — | -5.6% | -35.6% | -35.6% | — | 195 |
Peers = companies sharing ANAB's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.