Biohaven Ltd. Common Shares (BHVN)

FairStock Score: 36/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

On the close of 2026-10-13, Biohaven's shares changed hands at $11.42, giving a $1.7 billion market value. I look first for a business that earns money and has a durable competitive advantage. Here, filed figures show no revenue and mounting losses: FY2023 net loss of $408.2M, FY2024 net loss of $846.4M, and FY2025 net loss of $738.8M, with FY2025 diluted EPS of -$6.86. In fiscal Q1 2026 ended 2026-03-31, the loss was $130.5M, or -$0.88 per diluted share; in fiscal Q2 2026 ended 2026-06-30, it was $137.3M, or -$0.91. Trailing free cash flow was -$511.9M and the FairStock-calculated FCF yield was -29.7%. The FairStock ratios—P/E -2.51, P/B 142.75, ROE -799.46%, ROCE -71.98%, Piotroski 0/9, Altman Z-Score -5.24, and FairStock Score 36/100—confirm a financial picture under stress. The Lynch category is none because Biohaven has lost money in each of the last four years. The pipeline—BHV-1300, BHV-1400, BHV-1600, and BHV-8000—offers optionality in immunology, neuroscience, and oncology, but clinical-stage biotech value depends on trial outcomes not present in the financials. There is no margin of safety in the Graham sense: P/B is 142.75, and price is not supported by earnings or book value. Losses did narrow from FY2024 to FY2025, which is something, but the business still consumes cash heavily. With a beta of 3.17, I would treat this as a speculative research bet, not a value investment.

In plain English: Biohaven is a biotech company that is testing medicines for immune, brain, and cancer diseases. The company is not yet producing meaningful reported revenue in the figures provided and is losing hundreds of millions of dollars a year while using cash. At $11.42, the stock looks expensive against today's numbers because there are no reported profits or sales to support it, so its value mostly depends on whether its drug trials succeed.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer