MeiraGTx Holdings plc (MGTX) stock analysis

MGTXNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 12, 2026Score 10/3064% below fair value

$8.79−0.89 (-9.19%)

Close on Nov 12, 2026Market cap $844.22MP/E 11.0Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Mixed10 of 30 checks passed

MeiraGTx passes 10 of the 30 checks behind our score; 18 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 4/6
Growth: 2/6
Past performance: 2/6
Financial health: 2/6
Dividend: 0/6

What stands out

Margin of safety over 20%
The price is 64.1% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $9.68 is below our fair value estimate of $26.95.
Revenue growing 10%+ a year
Revenue grew 72.3% a year over the last three fiscal years.
Low bankruptcy risk
The Altman Z-score is 3.25; above 3 is the safe zone and below 1.8 the distress zone.

What to watch

Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 1.1% of total debt; we look for at least 20%.
No dividend
MeiraGTx has not paid a dividend in the last twelve months.

Valuation4/6

P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
MeiraGTx's P/E of 12.1 is below the Drugs median of 25.1.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/S below the industry
MeiraGTx's price-to-sales of 2.31 is below the Drugs median of 4.80 (book value is negative, so we use sales).
Trading below fair value
The share price of $9.68 is below our fair value estimate of $26.95.
Margin of safety over 20%
The price is 64.1% below fair value, more than the 20% cushion we look for.

Growth2/6

Revenue growing 10%+ a year
Revenue grew 72.3% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 1366% over the last twelve months; the Drugs median is 8.0%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance2/6

Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 19.5% over the last twelve months, against a 5-year average of -442%.
Net margin above the industry
MeiraGTx's net margin of 19.5% is above the Drugs median of -53.0%.

Financial health2/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt not well covered by cash flow
Operating cash flow over the last twelve months equals 1.1% of total debt; we look for at least 20%.
Interest coverage
Interest expense is not reported separately.
Short-term assets cover short-term debts
Current assets are 4.62 times current liabilities.
Low bankruptcy risk
The Altman Z-score is 3.25; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
MeiraGTx has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$26.95

The share price is 64% below this estimate.

20%+ below

Near fair value

20%+ above

$9.68Price$26.95Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/E	25.1×	–	25.1×	$20.07	53%
EV/EBITDA	17.1×	–	17.1×	$34.80	47%
Fair value				$26.95	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

P/B at month end
Own 5-year median 3.2
Drugs median 2.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Medium risk

Average value traded per day: $7.47M
Value traded per 1% price move: $3.18M

Downside

Medium risk

Typical loss in a bad month: 24.4%
Volatility (annualized): 59%
Sharpe ratio, 1 year: 0.15
Beta to the S&P 500 (5Y): 1.59

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2016 to 2025

Operating margin

-130.2%+271.7 pts over 5 years

Net margin

-140.3%+232.3 pts over 5 years

Per year	1 year	3 years	5 years	10 years	Five-year pace
Revenue	+144.6%	+72.3%	+39.2%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	–	-27.0%	-368.2%
Return on assets	–	-16.9%	-44.4%
Current ratio	–	5.03	0.75
Debt to equity	–	–	-8.58
Net debt to EBITDA	–	–	0.17×
Interest coverage	–	-450.0×	-8.7×
Capex to revenue	–	134.4%	4.7%
Diluted shares	–	38M	80M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin-140.3%

Asset turnover0.32×

Equity multiplier8.29×

Return on equity, FY2025-368.2%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	-140.3%	0.32×	8.29×	-368.2%
FY2024	-444.1%	0.11×	2.90×	-143.5%
FY2023	-599.5%	0.04×	2.52×	-65.7%
FY2022	-814.2%	0.05×	2.11×	-85.5%
FY2021	-211.0%	0.11×	1.61×	-37.5%
FY2020	-372.6%	0.05×	1.60×	-27.0%
FY2019	-411.9%	0.06×	1.55×	-40.3%