NUVB Healthcare

Nuvation Bio Inc.

$4.69+2.18%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 1.6B USD
Enterprise value: 1.2B USD
Full-time employees: 305

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.62 vs a peer median of 0.63) and more debt relative to equity (0.98× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.62 vs peers 0.63) and more debt vs equity (0.98× vs peers 0.22×)

Ranks #857 of 1,157 healthcare companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 61% from December 2022 to August 2026.
Nuvation Bio had 61% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Nuvation Bio had 61% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 57% of revenue in 2025.
Nuvation Bio paid employees $36M in stock in 2025, 57% of its $63M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Nuvation Bio looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -81%).

StockQuotient Score

38/ 100

Oct 5 39 → Nov 4 38 (-1)

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-9.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-11.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-7.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield15.4%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

95/100

Strong

2/3 inputs reported · Partial data

Since last quarter: ▲ Stronger

12-month revenue up 18.8%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.29Sector median: 0.0976 · MAD: 0.2991

3-year revenue growthUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.0584 · MAD: 0.0840

Revenue growth1083.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 10.15Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

18/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-81.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -7.23Sector median: 0.0706 · MAD: 0.1217

Return on assets-20.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -4.06Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-44.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -4.91Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin8.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-59.0%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 368%, still less than its cash

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.62

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.93Sector median: 0.6250 · MAD: 0.3380

Current ratio8.37×

SEC filings · latest balance sheetReported value33% base weight · Z-score 4.18Sector median: 2.5860 · MAD: 1.3850

Debt / equity0.98×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.71Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Nuvation Bio

Is Nuvation Bio getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes: debt up 368%, still less than its cash. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Nuvation Bio valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -9.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.1% vs peers 1.5% (weaker than 100% of peers).
Is Nuvation Bio growing?: Yes, faster than most of its peers. Growth scores 95/100 against 1,393 healthcare peers. Revenue growth 1083.6% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 1083.6% vs peers 6.1% (stronger than 95% of peers).
How profitable is Nuvation Bio?: Less profitable than most of its peers. Profitability scores 18/100 against 1,393 healthcare peers. Return on invested capital -44.6% vs a peer median of 4.7% (weaker than 87% of peers).Return on invested capital -44.6% vs peers 4.7% (weaker than 87% of peers).
How risky is Nuvation Bio?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 8.37× vs a peer median of 2.59× (stronger than 84% of peers).Current ratio 8.37× vs peers 2.59× (stronger than 84% of peers). Beta 1.62 vs a peer median of 0.63 (weaker than 89% of peers).Beta 1.62 vs peers 0.63 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Debt up 368%, still less than its cash

Worth watching: Nuvation Bio is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	143.0M USD	169.9M USD	+18.8%
Net income (12 months)	−146.0M USD	−149.8M USD	+2.6%
Operating margin	-105.0%	-81.0%	+24.0 pts
Debt	53.1M USD	248.5M USD	+367.9%
Cash	125.4M USD	258.6M USD	+106.2%
Shares outstanding	348.2M	351.1M	+0.8%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	—	—	10.1%	—	—
Operating margin	—	—	—	-7527.3%	-338.7%	▲ >999 pts
Net margin	—	—	—	-7213.8%	-325.3%	▲ >999 pts
Return on assets (ROA)	-11.2%	-15.5%	-12.2%	-105.1%	-34.4%	▲ 71 pts
Return on equity (ROE)	-11.6%	-15.9%	-12.5%	-122.5%	-66.9%	▲ 56 pts
Free cash flow margin	—	—	—	-1656.5%	-288.4%	▲ >999 pts
Current ratio	45.62×	50.70×	44.11×	9.04×	6.95×	▼ 23%
Quick ratio	—	—	—	9.04×	6.81×	▼ 25%
Debt to equity	—	—	0.00×	0.01×	0.17×	▲ >999%
Interest coverage	—	—	—	-1737.91×	-15.57×	▲ 99%

NUVB price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

BB Biotech AGBBZA.DE100/ 100

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.62 vs a peer median of 0.63) and more debt relative to equity (0.98× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.62 vs peers 0.63) and more debt vs equity (0.98× vs peers 0.22×)

Ranks #857 of 1,157 healthcare companies (bottom 27%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 61% from December 2022 to August 2026.

Nuvation Bio had 61% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Nuvation Bio had 61% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 57% of revenue in 2025.

Nuvation Bio paid employees $36M in stock in 2025, 57% of its $63M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Nuvation Bio looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss.

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -81%).

Questions investors ask about Nuvation Bio

Is Nuvation Bio getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes: debt up 368%, still less than its cash. Its overall score is unchanged at 38/100 since Oct 28, 2026.

How is Nuvation Bio valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -9.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -9.1% vs peers 1.5% (weaker than 100% of peers).

Is Nuvation Bio growing?

Yes, faster than most of its peers. Growth scores 95/100 against 1,393 healthcare peers. Revenue growth 1083.6% vs a peer median of 6.1% (stronger than 95% of peers).Revenue growth 1083.6% vs peers 6.1% (stronger than 95% of peers).

How profitable is Nuvation Bio?

Less profitable than most of its peers. Profitability scores 18/100 against 1,393 healthcare peers. Return on invested capital -44.6% vs a peer median of 4.7% (weaker than 87% of peers).Return on invested capital -44.6% vs peers 4.7% (weaker than 87% of peers).

How risky is Nuvation Bio?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 8.37× vs a peer median of 2.59× (stronger than 84% of peers).Current ratio 8.37× vs peers 2.59× (stronger than 84% of peers). Beta 1.62 vs a peer median of 0.63 (weaker than 89% of peers).Beta 1.62 vs peers 0.63 (weaker than 89% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

143.0M USD

169.9M USD

+18.8%

Net income (12 months)

−146.0M USD

−149.8M USD

+2.6%

Operating margin

-105.0%

-81.0%

+24.0 pts

Debt

53.1M USD

248.5M USD

+367.9%

Cash

125.4M USD

258.6M USD

+106.2%

Shares outstanding

348.2M

351.1M

+0.8%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

10.1%

—

Operating margin

—

-7527.3%

-338.7%

▲ >999 pts

Net margin

—

-7213.8%

-325.3%

▲ >999 pts

Return on assets (ROA)

-11.2%

-15.5%

-12.2%

-105.1%

-34.4%

▲ 71 pts

Return on equity (ROE)

-11.6%

-15.9%

-12.5%

-122.5%

-66.9%

▲ 56 pts

Free cash flow margin

—

-1656.5%

-288.4%

▲ >999 pts

Current ratio

45.62×

50.70×

44.11×

9.04×

6.95×

▼ 23%

Quick ratio

—

9.04×

6.81×

▼ 25%

Debt to equity

—

0.00×

0.01×

0.17×

▲ >999%

Interest coverage

—

-1737.91×

-15.57×

▲ 99%