SIGA Technologies (SIGA)
Market Price (9/20/2026): $3.12 | Market Cap: $223.9 MilSector: Health Care | Industry: Pharmaceuticals
SIGA Technologies (SIGA)
Market Price (9/20/2026): $3.12Market Cap: $223.9 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Antiviral Drug Development, and Biodefense & Pandemic Preparedness. | Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -75% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -70%, Rev Chg QQuarterly Revenue Change % is -49% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -38% Key risksSIGA key risks include [1] a substantial dependence on U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 18%, Dividend Yield is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 14% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics. Themes include Antiviral Drug Development, and Biodefense & Pandemic Preparedness. |
| Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -75% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -21% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -70%, Rev Chg QQuarterly Revenue Change % is -49% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -38% |
| Key risksSIGA key risks include [1] a substantial dependence on U.S. Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 9/15/2026
SIGA Technologies (SIGA) stock has lost about 35% since 5/31/2026 because of the following key factors:
1. Significant Decline in Fiscal Q2 2026 Financial Performance.
SIGA Technologies reported a substantial year-over-year decline in its financial results for fiscal Q2 2026, which ended June 30, 2026. Total revenues decreased by 49.5% to $41.0 million from $81.1 million in fiscal Q2 2025. Net income also fell by 64.9% to $12.5 million from $35.5 million in the prior year's fiscal Q2, with diluted earnings per share (EPS) declining by 65.0% to $0.17 from $0.49. This underperformance was primarily driven by lower TPOXX product sales, which totaled $37.9 million in fiscal Q2 2026, compared to $79.1 million in fiscal Q2 2025. This marked reduction in key financial metrics contributed directly to the stock's downward trend.
2. Uncertainty Regarding Future U.S. Government Procurement Contracts.
The completion of the last procurement order under the 19C contract, involving approximately $24 million of IV TPOXX delivered to the U.S. strategic national stockpile in fiscal Q2 2026, created significant uncertainty about future large-scale government orders. Management indicated that TPOXX sales are heavily reliant on a limited number of government buyers, characterized by "long and unpredictable procurement cycles." Delays in progress on a new multiyear U.S. contract, following the conclusion of the 19C agreement, fueled investor caution and revenue volatility, which was explicitly cited as a bearish factor.
Show more
SIGA Technologies (SIGA) stock has lost about 35% since 5/31/2026 because of the following key factors:
1. Significant Decline in Fiscal Q2 2026 Financial Performance.
SIGA Technologies reported a substantial year-over-year decline in its financial results for fiscal Q2 2026, which ended June 30, 2026. Total revenues decreased by 49.5% to $41.0 million from $81.1 million in fiscal Q2 2025. Net income also fell by 64.9% to $12.5 million from $35.5 million in the prior year's fiscal Q2, with diluted earnings per share (EPS) declining by 65.0% to $0.17 from $0.49. This underperformance was primarily driven by lower TPOXX product sales, which totaled $37.9 million in fiscal Q2 2026, compared to $79.1 million in fiscal Q2 2025. This marked reduction in key financial metrics contributed directly to the stock's downward trend.
2. Uncertainty Regarding Future U.S. Government Procurement Contracts.
The completion of the last procurement order under the 19C contract, involving approximately $24 million of IV TPOXX delivered to the U.S. strategic national stockpile in fiscal Q2 2026, created significant uncertainty about future large-scale government orders. Management indicated that TPOXX sales are heavily reliant on a limited number of government buyers, characterized by "long and unpredictable procurement cycles." Delays in progress on a new multiyear U.S. contract, following the conclusion of the 19C agreement, fueled investor caution and revenue volatility, which was explicitly cited as a bearish factor.
Show more
Updated on 9/15/2026
SIGA Technologies (SIGA) stock has lost about 35% since 5/31/2026 because of the following key factors:
1. Significant Decline in Fiscal Q2 2026 Financial Performance.
SIGA Technologies reported a substantial year-over-year decline in its financial results for fiscal Q2 2026, which ended June 30, 2026. Total revenues decreased by 49.5% to $41.0 million from $81.1 million in fiscal Q2 2025. Net income also fell by 64.9% to $12.5 million from $35.5 million in the prior year's fiscal Q2, with diluted earnings per share (EPS) declining by 65.0% to $0.17 from $0.49. This underperformance was primarily driven by lower TPOXX product sales, which totaled $37.9 million in fiscal Q2 2026, compared to $79.1 million in fiscal Q2 2025. This marked reduction in key financial metrics contributed directly to the stock's downward trend.
2. Uncertainty Regarding Future U.S. Government Procurement Contracts.
The completion of the last procurement order under the 19C contract, involving approximately $24 million of IV TPOXX delivered to the U.S. strategic national stockpile in fiscal Q2 2026, created significant uncertainty about future large-scale government orders. Management indicated that TPOXX sales are heavily reliant on a limited number of government buyers, characterized by "long and unpredictable procurement cycles." Delays in progress on a new multiyear U.S. contract, following the conclusion of the 19C agreement, fueled investor caution and revenue volatility, which was explicitly cited as a bearish factor.
3. Negative Analyst Sentiment.
During the specified period, analyst sentiment shifted negatively towards SIGA Technologies. Weiss Ratings downgraded the stock to a "sell (d)" rating. Furthermore, MarketBeat reported a consensus "Sell" rating for SIGA, based on the limited analyst coverage of one research report within the past 90 days. This negative outlook from market analysts likely contributed to the stock's decline.
Show less
SIGA Technologies (SIGA) stock has lost about 35% since 5/31/2026 because of the following key factors:
1. Significant Decline in Fiscal Q2 2026 Financial Performance.
SIGA Technologies reported a substantial year-over-year decline in its financial results for fiscal Q2 2026, which ended June 30, 2026. Total revenues decreased by 49.5% to $41.0 million from $81.1 million in fiscal Q2 2025. Net income also fell by 64.9% to $12.5 million from $35.5 million in the prior year's fiscal Q2, with diluted earnings per share (EPS) declining by 65.0% to $0.17 from $0.49. This underperformance was primarily driven by lower TPOXX product sales, which totaled $37.9 million in fiscal Q2 2026, compared to $79.1 million in fiscal Q2 2025. This marked reduction in key financial metrics contributed directly to the stock's downward trend.
2. Uncertainty Regarding Future U.S. Government Procurement Contracts.
The completion of the last procurement order under the 19C contract, involving approximately $24 million of IV TPOXX delivered to the U.S. strategic national stockpile in fiscal Q2 2026, created significant uncertainty about future large-scale government orders. Management indicated that TPOXX sales are heavily reliant on a limited number of government buyers, characterized by "long and unpredictable procurement cycles." Delays in progress on a new multiyear U.S. contract, following the conclusion of the 19C agreement, fueled investor caution and revenue volatility, which was explicitly cited as a bearish factor.
3. Negative Analyst Sentiment.
During the specified period, analyst sentiment shifted negatively towards SIGA Technologies. Weiss Ratings downgraded the stock to a "sell (d)" rating. Furthermore, MarketBeat reported a consensus "Sell" rating for SIGA, based on the limited analyst coverage of one research report within the past 90 days. This negative outlook from market analysts likely contributed to the stock's decline.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -32.9% change in SIGA stock from 5/31/2026 to 9/19/2026 was primarily driven by a -42.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.68 | 3.14 | -32.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 94 | 54 | -42.8% |
| P/S Multiple | 3.6 | 4.2 | 17.4% |
| Shares Outstanding (Mil) | 72 | 72 | -0.1% |
| Cumulative Contribution | -32.9% |
Market Drivers
5/31/2026 to 9/19/2026| Return | Correlation | |
|---|---|---|
| SIGA | -32.9% | |
| Market (SPY) | 0.9% | 6.4% |
| Sector (XLV) | 12.7% | 25.0% |
Fundamental Drivers
The -45.1% change in SIGA stock from 2/28/2026 to 9/19/2026 was primarily driven by a -68.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.72 | 3.14 | -45.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 172 | 54 | -68.8% |
| P/S Multiple | 2.4 | 4.2 | 76.5% |
| Shares Outstanding (Mil) | 72 | 72 | -0.2% |
| Cumulative Contribution | -45.1% |
Market Drivers
2/28/2026 to 9/19/2026| Return | Correlation | |
|---|---|---|
| SIGA | -45.1% | |
| Market (SPY) | 11.6% | 22.6% |
| Sector (XLV) | 5.5% | 26.6% |
Fundamental Drivers
The -57.7% change in SIGA stock from 8/31/2025 to 9/19/2026 was primarily driven by a -70.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.42 | 3.14 | -57.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 180 | 54 | -70.1% |
| P/S Multiple | 3.0 | 4.2 | 42.2% |
| Shares Outstanding (Mil) | 71 | 72 | -0.4% |
| Cumulative Contribution | -57.7% |
Market Drivers
8/31/2025 to 9/19/2026| Return | Correlation | |
|---|---|---|
| SIGA | -57.7% | |
| Market (SPY) | 19.4% | 22.7% |
| Sector (XLV) | 24.1% | 24.2% |
Fundamental Drivers
The -8.3% change in SIGA stock from 8/31/2023 to 9/19/2026 was primarily driven by a -45.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9192026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.42 | 3.14 | -8.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 98 | 54 | -45.1% |
| P/S Multiple | 2.5 | 4.2 | 68.6% |
| Shares Outstanding (Mil) | 71 | 72 | -0.9% |
| Cumulative Contribution | -8.3% |
Market Drivers
8/31/2023 to 9/19/2026| Return | Correlation | |
|---|---|---|
| SIGA | -8.3% | |
| Market (SPY) | 75.6% | 21.6% |
| Sector (XLV) | 32.3% | 15.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SIGA Return | 3% | 4% | -18% | 15% | 12% | -44% | -35% |
| Peers Return | 38% | -8% | -33% | 50% | 9% | 95% | 172% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| SIGA Win Rate | 50% | 33% | 50% | 58% | 58% | 22% | |
| Peers Win Rate | 53% | 43% | 30% | 47% | 55% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| SIGA Max Drawdown | -26% | -72% | -44% | -52% | -39% | -53% | |
| Peers Max Drawdown | -35% | -38% | -46% | -43% | -36% | -30% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: EBS, PFE, MRK, GILD, MRNA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | SIGA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -13.6% | -18.8% |
| % Gain to Breakeven | 15.7% | 23.1% |
| Time to Breakeven | 6 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.1% | -9.5% |
| % Gain to Breakeven | 16.4% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.7% | -6.7% |
| % Gain to Breakeven | 27.7% | 7.1% |
| Time to Breakeven | 155 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 31 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -20.2% | -33.7% |
| % Gain to Breakeven | 25.3% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -12.6% | -6.8% |
| % Gain to Breakeven | 14.4% | 7.3% |
| Time to Breakeven | 8 days | 15 days |
In The Past
SIGA Technologies's stock fell -13.6% during the 2025 US Tariff Shock. Such a loss loss requires a 15.7% gain to breakeven.
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| Event | SIGA | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.7% | -6.7% |
| % Gain to Breakeven | 27.7% | 7.1% |
| Time to Breakeven | 155 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 31 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -20.2% | -33.7% |
| % Gain to Breakeven | 25.3% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -67.3% | -17.9% |
| % Gain to Breakeven | 205.9% | 21.8% |
| Time to Breakeven | 2525 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -38.3% | -53.4% |
| % Gain to Breakeven | 62.2% | 114.4% |
| Time to Breakeven | 38 days | 1085 days |
In The Past
SIGA Technologies's stock fell -13.6% during the 2025 US Tariff Shock. Such a loss loss requires a 15.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About SIGA Technologies (SIGA)
SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the critical areas of health security and infectious diseases. The company's business revolves around developing and bringing to market medical countermeasures, primarily antiviral and antibacterial drugs, designed to address serious public health threats, including potential bioweapons and emerging infectious agents.
The company's flagship product is TPOXX, an oral antiviral drug. TPOXX is specifically formulated and approved for the treatment of human smallpox disease, caused by the variola virus. This positions SIGA as a key provider of a vital defense mechanism against one of the most serious historical and potential biological threats, making it a crucial component of national biodefense strategies.
Beyond TPOXX, SIGA Technologies also engages in strategic partnerships, such as with Cipla Therapeutics, to further develop and ensure access to antibacterial drugs. These collaborations are primarily aimed at addressing biothreats, expanding their portfolio in health security. The company's primary customers and markets include government entities, public health organizations, and military agencies responsible for national preparedness and response to biological threats and widespread infectious diseases.
AI Analysis | Feedback
Here are 1-2 brief analogies for SIGA Technologies:
- It's like Lockheed Martin for biodefense pharmaceuticals.
- It's like Gilead Sciences, but they only make one critical antiviral drug for biodefense, primarily for government stockpiles.
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- TPOXX: An oral formulation antiviral drug for the treatment of human smallpox disease caused by variola virus.
- Antibacterial Drugs: Provided through a strategic partnership, focusing on sustained innovation and access to drugs primarily against biothreats.
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Diem Nguyen, Ph.D., M.B.A. Chief Executive Officer
Diem Nguyen was appointed Chief Executive Officer and Director at SIGA in January 2024. Prior to SIGA, she served as CEO of Xalud Therapeutics, a clinical stage biotechnology company, and as Executive Vice President of Biopharma at PPD Inc., a global clinical research organization. From 2009 to 2018, Dr. Nguyen held several leadership roles at Pfizer, including global president, Americas, Pfizer Essential Health, where she was responsible for diverse commercial businesses representing more than $11 billion in annual revenue.
Daniel J. Luckshire, M.B.A. Executive Vice President and Chief Financial Officer
Daniel Luckshire was appointed Executive Vice President and Chief Financial Officer in 2011. Before joining SIGA, he served as a strategic advisor and private investor for a broad range of companies. From 1998 to 2008, Mr. Luckshire was an investment banker at Merrill Lynch & Co. Earlier in his career, he was part of the management team that developed USI Insurance Services into a national insurance brokerage.
Dennis E. Hruby, Ph.D. Executive Vice President and Chief Scientific Officer
Dennis Hruby has served as Executive Vice President and Chief Scientific Officer since 2000. He is recognized for publishing over 210 manuscripts and chapters and holding approximately 200 U.S. and international patents.
Larry Miller General Counsel
Larry Miller has served as General Counsel since March 2024. He previously held the role of General Counsel and Secretary at Phathom Pharmaceuticals, Inc. Notably, as General Counsel and Secretary at Blue Buffalo Company, he provided legal counsel during its $8 billion sale to General Mills.
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Here are the key risks to SIGA Technologies' business:
- Dependence on Government Contracts: A significant portion of SIGA Technologies' revenue is derived from government contracts, particularly with the U.S. Biomedical Advanced Research and Development Authority (BARDA), for the procurement and stockpiling of its lead product, TPOXX. The company's future financial performance is highly vulnerable to the renewal, modification, suspension, or non-exercise of options under these contracts, as well as to changes in government funding priorities and budgetary constraints. International sales are also largely government-driven and can be lumpy and unpredictable.
- Product Concentration: SIGA Technologies is heavily reliant on TPOXX (tecovirimat) as its primary revenue-generating product. Any adverse developments pertaining to TPOXX, whether regulatory, supply chain, or market-related, would have a disproportionate and significant impact on the company's business and financial results.
- Regulatory Risk: While TPOXX is approved for the treatment of smallpox, the company faces ongoing regulatory scrutiny, particularly in Europe. European and UK approvals for Tecovirimat-SIGA were granted under "exceptional circumstances" and are subject to annual reassessment. Following clinical trials for mpox that did not demonstrate statistically significant efficacy on primary endpoints, the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) is expected to recommend the withdrawal of the mpox indication for TPOXX, which could limit commercialization opportunities and impact revenue.
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SIGA Technologies' main product, TPOXX (tecovirimat), addresses the global market for smallpox and monkeypox/mpox treatment. The global monkeypox vaccine and treatment market was valued at approximately $103.5 million in 2024 and is projected to reach $225.12 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 10.2%. Another estimate for the global monkeypox treatment market valued it at $114.06 million in 2025, with a projection to reach $295.85 million by 2035 at a CAGR of 10%. Similarly, the global Tecovirimat (TPOXX) drugs market is projected to reach $108.1 million by 2025, with a robust CAGR of 18.2% from 2025 to 2033.
North America is a significant region within this market, holding over 40% of the revenue share in the monkeypox vaccine and treatment market in 2024 and dominating the regional market for tecovirimat drugs.
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Here are the expected drivers of future revenue growth for SIGA Technologies (SIGA) over the next 2-3 years:
- Continued U.S. Government Procurement Contracts: SIGA Technologies anticipates future revenue growth from new and ongoing contracts with the U.S. Biomedical Advanced Research and Development Authority (BARDA), including for the Strategic National Stockpile (SNS) and the U.S. Department of Defense. The company delivered approximately $79 million of TPOXX to the U.S. government in 2025 and has $26 million in outstanding U.S. government orders expected for delivery in 2026. Management is focused on securing new procurement contracts with the U.S. government as a foundational revenue stream.
- International Market Expansion: The company is actively expanding its global presence, serving over 30 countries and non-governmental organizations with TPOXX. A recent example is a $13 million oral TPOXX procurement order from an Asia Pacific country in January 2026, which is part of a multi-year contract with options for additional purchases and is expected to be delivered in 2026. SIGA expects multiple international sales in 2026, aiming to diversify revenue streams.
- Expansion of TPOXX Franchise (New Indications and Formulations): SIGA is investing in the development of TPOXX for additional indications and formulations. This includes targeting an FDA submission for a post-exposure prophylaxis (PEP) indication within 12 months (from March 2026 earnings call). Additionally, the company has secured $27 million in U.S. government funding for its TPOXX pediatric development program, with a Phase I pediatric study underway and results anticipated in the second half of 2026.
- Inorganic Growth and Diversification into Complementary Therapeutic Areas: Beyond TPOXX, SIGA's strategic priorities include leveraging its existing capabilities to move into complementary therapeutic areas. The company is exploring inorganic growth opportunities to expand into adjacent and complementary therapeutic areas, which could contribute to future revenue diversification.
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Share Repurchases
- SIGA Technologies has returned approximately $230 million to shareholders in the form of dividends and share buybacks since 2020.
Share Issuance
- The company reported an issuance of 107,741 common shares upon the vesting of Restricted Stock Units (RSUs) as of September 30, 2025.
Inbound Investments
- SIGA Technologies secured $27 million in additional U.S. government funding in 2025 to support the development of pediatric formulations and manufacturing activities under the BARDA 19C contract.
- The BARDA 19C contract, as of September 30, 2025, contemplates up to approximately $630 million in payments, with approximately $545.2 million related to exercised options.
- In April 2025, the BARDA 19C contract was modified to add $14.3 million for manufacturing support, and in June 2025, an additional $13.2 million was added for pediatric formulation development.
Capital Expenditures
- Capital expenditures for the year ended December 31, 2025, were approximately $355,009.
- Capital expenditures for the year ended December 31, 2024, were approximately $42,450.
- The company has increased capital investment to expand IV manufacturing capacity and advance pediatric formulation development.
Peer Outperformance in Pharmaceuticals
SIGA has outperformed 54% of its 61 Pharmaceuticals peers over 5Y. Among the peers that beat it are MRK, JNJ and JAZZ. Pharmaceuticals ranks 6th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Pharmaceuticals constituents that SIGA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
19%
of 73 industry peers · -59.6% return
3Y
46%
of 68 industry peers · -10.5% return
5Y
54%
of 61 industry peers · -26.4% return
Pharmaceuticals peers with revenue growth within 4pp of SIGA's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SIGA | SIGA Technologies | 3.5% | -80.9x | -59.6% | -10.5% | -26.4% | — |
| MRK | Merck | 4.5% | 114.3x | 85.5% | 50.0% | 137.9% | +164pp |
| JNJ | Johnson & Johnson | 6.0% | 30.9x | 56.7% | 80.5% | 89.5% | +116pp |
| JAZZ | Jazz Pharmaceuticals | 7.0% | 16.2x | 87.6% | 80.0% | 87.1% | +114pp |
| ALKS | Alkermes | 4.6% | 109.6x | 56.1% | 54.8% | 57.6% | +84pp |
| BMY | Bristol-Myers Squibb | 2.9% | 13.9x | 46.8% | 23.5% | 27.9% | +54pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Pharmaceuticals is SIGA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.2% | 43.6% | 89.3% | CAH 387% · MCK 344% · COR 167% |
| Health Care Services | 20 | 21.1% | 38.6% | 1.2% | HIMS 248% · RDNT 176% · DGX 76% |
| Managed Health Care | 8 | 40.4% | -3.7% | 0.8% | OSCR 87% · HQY 54% · ELV 17% |
| Health Care Facilities | 24 | 6.0% | 4.6% | -9.2% | NHC 272% · THC 265% · ENSG 129% |
| Health Care Equipment | 50 | -2.7% | -3.3% | -20.5% | POCI 11050% · UFPT 344% · GKOS 216% |
| Pharmaceuticals ← | 62 | -10.5% | 14.7% | -38.8% | LQDA 2512% · INDV 1092% · ETON 1040% |
| Health Care Supplies | 12 | 14.1% | -11.1% | -40.0% | LNTH 290% · HAE 57% · MMSI 19% |
| Life Sciences Tools & Services | 109 | 4.3% | -12.6% | -67.5% | SNWV 1757% · MEDP 235% · NTRA 209% |
| Health Care Technology | 21 | -25.8% | -52.4% | -79.1% | SPOK 69% · HSTM 3% · VEEV -12% |
| Biotechnology | 364 | 0.6% | -21.4% | -79.3% | CELZ 1280% · DNTH 1217% · ELVN 1080% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| SIGA Technologies Earnings Notes | 12/16/2025 | |
| With SIGA Technologies Stock Surging, Have You Considered The Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 87.27 |
| Mkt Cap | 109.5 |
| Rev LTM | 16,333 |
| Op Inc LTM | 3,561 |
| FCF LTM | 5,535 |
| FCF 3Y Avg | 4,752 |
| CFO LTM | 6,749 |
| CFO 3Y Avg | 5,205 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -4.4% |
| Rev Chg 3Y Avg | -0.9% |
| Rev Chg Q | 4.7% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | 0.4% |
| Op Inc Chg 3Y Avg | 32.8% |
| Op Mgn LTM | 14.5% |
| Op Mgn 3Y Avg | 20.6% |
| QoQ Delta Op Mgn LTM | -1.0% |
| CFO/Rev LTM | 17.1% |
| CFO/Rev 3Y Avg | 21.7% |
| FCF/Rev LTM | 14.4% |
| FCF/Rev 3Y Avg | 18.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Sale of the Company’s Oral and IV TPOXX® as well as research and development services | 95 | 139 | 140 | 111 | 134 |
| Total | 95 | 139 | 140 | 111 | 134 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Sale of the Company’s Oral and IV TPOXX® as well as research and development services | 23 | 59 | 68 |
| Total | 23 | 59 | 68 |
Price Behavior
Price Behavior
| Market Price | $3.14 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 09/10/1997 | |
| Distance from 52W High | -62.1% | |
| 50 Days | 200 Days | |
| DMA Price | $3.17 | $4.56 |
| DMA Trend | down | down |
| Distance from DMA | -1.0% | -31.1% |
| 3M | 1YR | |
| Volatility | 51.3% | 50.0% |
| Downside Capture | 146.26 | 116.34 |
| Upside Capture | -38.06 | -9.90 |
| Correlation (SPY) | 2.7% | 22.0% |
SIGA Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.62 | 0.82 | 0.27 | 0.95 | 0.91 | 0.86 |
| Up Beta | -1.44 | -1.81 | -1.22 | 1.98 | 1.85 | 0.85 |
| Down Beta | 1.11 | 1.64 | 1.01 | 0.78 | 0.63 | 0.74 |
| Up Capture | 111% | 83% | -40% | -12% | 1% | 53% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 17 | 28 | 59 | 111 | 367 |
| Down Capture | 288% | 254% | 144% | 132% | 118% | 101% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 22 | 33 | 64 | 132 | 358 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SIGA | |
|---|---|---|---|---|
| SIGA | -59.2% | 49.9% | -1.61 | - |
| Sector ETF (XLV) | 24.4% | 16.1% | 1.16 | 23.9% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 22.3% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 8.9% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | -18.7% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 20.4% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SIGA | |
|---|---|---|---|---|
| SIGA | -5.7% | 69.8% | 0.20 | - |
| Sector ETF (XLV) | 6.4% | 15.2% | 0.24 | 19.2% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 22.7% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 5.6% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 4.3% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 21.2% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SIGA | |
|---|---|---|---|---|
| SIGA | 9.0% | 80.3% | 0.36 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 16.0% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 18.0% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 4.9% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 15.7% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 5.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -2.2% | -7.7% | 5.4% |
| 5/7/2026 | 1.5% | -9.9% | -8.5% |
| 3/10/2026 | -3.1% | -11.2% | -12.0% |
| 11/6/2025 | -20.0% | -25.6% | -23.5% |
| 8/5/2025 | 10.0% | 40.9% | 28.6% |
| 5/8/2025 | 4.0% | 8.8% | 11.4% |
| 3/11/2025 | 7.0% | 2.9% | 8.7% |
| 11/7/2024 | -0.8% | -17.4% | -9.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 12 |
| # Negative | 10 | 12 | 12 |
| Median Positive | 3.3% | 8.6% | 11.7% |
| Median Negative | -4.7% | -10.5% | -10.5% |
| Max Positive | 21.2% | 56.8% | 85.8% |
| Max Negative | -28.3% | -25.6% | -27.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -2.2% | -7.7% | 5.4% |
| 5/7/2026 | 1.5% | -9.9% | -8.5% |
| 3/10/2026 | -3.1% | -11.2% | -12.0% |
| 11/6/2025 | -20.0% | -25.6% | -23.5% |
| 8/5/2025 | 10.0% | 40.9% | 28.6% |
| 5/8/2025 | 4.0% | 8.8% | 11.4% |
| 3/11/2025 | 7.0% | 2.9% | 8.7% |
| 11/7/2024 | -0.8% | -17.4% | -9.0% |
| 8/1/2024 | -5.8% | -0.6% | -2.3% |
| 5/7/2024 | -28.3% | -25.0% | -27.2% |
| 3/12/2024 | 21.2% | 56.8% | 85.8% |
| 11/7/2023 | -6.6% | -4.3% | 14.1% |
| 8/8/2023 | -6.2% | -12.1% | -23.9% |
| 5/4/2023 | 1.9% | 6.5% | 1.4% |
| 3/2/2023 | -3.6% | -17.6% | -13.3% |
| 11/3/2022 | 11.4% | 12.1% | 0.8% |
| 8/4/2022 | 19.7% | 27.3% | -25.8% |
| 5/5/2022 | 3.0% | 2.1% | 55.6% |
| 3/3/2022 | 3.5% | 11.1% | 23.0% |
| 11/4/2021 | 0.3% | 1.0% | -0.5% |
| 8/5/2021 | -0.5% | -1.0% | 11.9% |
| 5/6/2021 | 0.0% | -7.4% | -8.5% |
| 3/4/2021 | 1.5% | 8.4% | 5.0% |
| 11/5/2020 | 1.8% | 6.5% | -1.3% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 12 |
| # Negative | 10 | 12 | 12 |
| Median Positive | 3.3% | 8.6% | 11.7% |
| Median Negative | -4.7% | -10.5% | -10.5% |
| Max Positive | 21.2% | 56.8% | 85.8% |
| Max Negative | -28.3% | -25.6% | -27.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/12/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/10/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/12/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/02/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/03/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 03/05/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Investor Activity (13F)
Updated Sep 20, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/19/2026