Vera Therapeutics, Inc.

Worth knowing

• Paying shareholders without free cash flow. Paid out $0M over the 3 fiscal years to 2025 with -$470M of free cash flow.

  Vera Therapeutics returned $0M in buybacks and dividends over three fiscal years while its free cash flow totalled -$470M. The money came from its cash pile or from borrowing.

• Stock pay outran buybacks. Stock-based pay expense $70M vs $0M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years Vera Therapeutics recorded $70M of stock-based pay expense and spent $0M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Vera Therapeutics recorded $70M of stock-based pay expense and spent $0M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

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

  Relative to its free cash flow, Vera Therapeutics 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.

• Not profitable yet. Reported a loss in the 12 months to June 2026.

  Vera Therapeutics reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.