Tearsheet

SIGA Technologies (SIGA)

Market Price (12/5/2025): $6.31 | Market Cap: $451.8 Mil
Sector: Health Care | Industry: Pharmaceuticals

SIGA Technologies (SIGA)

Market Price (12/5/2025): $6.31
Market Cap: $451.8 Mil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 18%	Weak multi-year price returns 2Y Excs Rtn is -12%, 3Y Excs Rtn is -85%	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -74%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 68%
4	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics. Themes include Antiviral Drug Development, and Biodefense & Pandemic Preparedness.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 7.2%, FCF Yield is 18%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 52%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 68%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 68%
4	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics. Themes include Antiviral Drug Development, and Biodefense & Pandemic Preparedness.
5	Weak multi-year price returns 2Y Excs Rtn is -12%, 3Y Excs Rtn is -85%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -74%

Valuation, Metrics & Events

	12/5/25	2024	2023	2022	2021
Share Price CYE	$6.31	$5.44	$4.72	$5.74	$5.51
Market Cap CYE ($ Mil)	451.8	388.8	335.8	418.4	406.5
Total Debt ($ Mil)	0.6	0.5	0.6	0.5	0.5
Total Cash ($ Mil)	172.0	155.4	150.1	98.8	103.1
Enterprise Value ($ Mil)	280.5	389.3	336.4	418.9	407.0
Valuation Ratios
P/S TTM	3.8	3.1	2.9	4.8	4.2
P/EBIT TTM	7.2	6.1	4.8	12.6	6.4
P/E TTM	8.8	7.2	5.9	15.8	8.2
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9	4.4	7.1
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.2	-2.6
P/E TTM (Sector)	-1.6	-1.5	-1.5	-1.3	-2.8

	12/5/25	2024	2023
Share Price CYE	$6.31	$5.44	$4.72
Market Cap CYE ($ Mil)	451.8	388.8	335.8
Total Debt ($ Mil)	0.6	0.5	0.6
Total Cash ($ Mil)	172.0	155.4	150.1
Enterprise Value ($ Mil)	280.5	389.3	336.4
Valuation Ratios
P/S TTM	3.8	3.1	2.9
P/EBIT TTM	7.2	6.1	4.8
P/E TTM	8.8	7.2	5.9
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3
P/E TTM (Sector)	-1.6	-1.5	-1.5

	SIGA	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.2
Rev Chg Q	-73.8%	7.1%
Rev Chg LTM	-0.9%	6.1%
Rev Chg 3Y Avg	104.9%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	52.4%	18.8%
CFO/Rev LTM	67.7%	20.5%
Net Inc Mgn	43.2%	13.1%
VALUATION	LOW
P/S	3.8	3.2
P/CFO	5.6	15.8
P/FCF	5.6	20.5
P/E	8.8	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.74	0.07

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Metric	Value	Date	Source
Outstanding Procurement Orders	approximately $26 million	9302025	Link
Number of Countries with Product Sales	30+	11062025	Link
Cumulative Procurement Contracts Value (last 10+ years)	>$1 billion	11062025	Link

Recent
11/06/2025	Earnings Release	Rev: $2.0 Mil (A) vs. $null (E) EPS: -0.09 (A) vs. $null (E)

SIGA Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the approximate -24.4% stock movement for SIGA Technologies (symbol: SIGA) from late August 2025 to December 5, 2025: **1. Poor Third-Quarter 2025 Financial Results.** SIGA Technologies reported a significant drop in quarterly revenue to US$2.62 million and a net loss of US$6.37 million for the third quarter of 2025, contrasting with a profit in the same period last year. This announcement, made on November 6, 2025, directly led to the company's share price falling by over 20%. **2. Sharp Decline in TPOXX Sales.** A major contributor to the poor financial results was a sharp decline in quarterly sales of TPOXX, SIGA's primary antiviral treatment. This intensified concerns about the company's dependence on government procurement contracts. **3. Increased Market Risk from Volatility in Government Procurement Cycles.** The significant drop in Q3 revenue highlighted the company's high reliance on procurement cycles, especially from U.S. government agencies. This volatility increased market perception of risk regarding future contract timing and revenue consistency. **4. Regulatory Scrutiny and Questions on TPOXX Effectiveness in Europe.** On December 1, 2025, the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use initiated a referral procedure for Tecovirimat-SIGA (TPOXX) due to questions about its effectiveness in treating mpox. This raised concerns about future international demand for the product. **5. Bearish Technical Signals and Negative Short-Term Forecasts.** Technical indicators and short-term stock forecasts around late November and early December 2025 showed a bearish sentiment for SIGA. Forecasts predicted further declines, including a potential drop of -5.05% by December 29, 2025, and a possible -32.66% fall over the subsequent three months, reflecting a generally negative outlook in the market.

Stock Movement Drivers

Fundamental Drivers

The -25.3% change in SIGA stock from 9/4/2025 to 12/4/2025 was primarily driven by a -17.4% change in the company's P/E Multiple.

	9042025	12042025	Change
Stock Price ($)	8.49	6.34	-25.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	179.64	172.25	-4.11%
Net Income Margin (%)	45.75%	43.23%	-5.49%
P/E Multiple	7.38	6.10	-17.43%
Shares Outstanding (Mil)	71.47	71.60	-0.20%
Cumulative Contribution			-25.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/4/2025 to 12/4/2025

	Return	Correlation
SIGA	-25.3%
Market (SPY)	5.4%	24.5%
Sector (XLV)	12.0%	17.5%

Fundamental Drivers

The 7.8% change in SIGA stock from 6/5/2025 to 12/4/2025 was primarily driven by a 43.1% change in the company's Total Revenues ($ Mil).

	6052025	12042025	Change
Stock Price ($)	5.88	6.34	7.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	120.33	172.25	43.15%
Net Income Margin (%)	40.33%	43.23%	7.20%
P/E Multiple	8.65	6.10	-29.56%
Shares Outstanding (Mil)	71.43	71.60	-0.25%
Cumulative Contribution			7.82%

LTM = Last Twelve Months as of date shown

Market Drivers

6/5/2025 to 12/4/2025

	Return	Correlation
SIGA	7.8%
Market (SPY)	15.7%	26.6%
Sector (XLV)	16.2%	8.6%

Fundamental Drivers

The 4.5% change in SIGA stock from 12/4/2024 to 12/4/2025 was primarily driven by a 20.7% change in the company's P/E Multiple.

	12042024	12042025	Change
Stock Price ($)	6.07	6.34	4.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	173.73	172.25	-0.85%
Net Income Margin (%)	49.33%	43.23%	-12.37%
P/E Multiple	5.05	6.10	20.67%
Shares Outstanding (Mil)	71.37	71.60	-0.33%
Cumulative Contribution			4.50%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2024 to 12/4/2025

	Return	Correlation
SIGA	4.5%
Market (SPY)	13.7%	26.9%
Sector (XLV)	6.3%	11.8%

Fundamental Drivers

The -2.4% change in SIGA stock from 12/5/2022 to 12/4/2025 was primarily driven by a -19.8% change in the company's Total Revenues ($ Mil).

	12052022	12042025	Change
Stock Price ($)	6.50	6.34	-2.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	214.77	172.25	-19.80%
Net Income Margin (%)	50.25%	43.23%	-13.96%
P/E Multiple	4.40	6.10	38.63%
Shares Outstanding (Mil)	73.02	71.60	1.94%
Cumulative Contribution			-2.48%

LTM = Last Twelve Months as of date shown

Market Drivers

12/5/2023 to 12/4/2025

	Return	Correlation
SIGA	34.0%
Market (SPY)	53.3%	22.4%
Sector (XLV)	20.1%	12.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SIGA Return	52%	3%	4%	-18%	15%	16%	82%
Peers Return	7%	30%	20%	-3%	7%	16%	100%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	112%
Monthly Win Rates [3]
SIGA Win Rate	58%	50%	33%	50%	58%	60%
Peers Win Rate	47%	55%	63%	38%	47%	54%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
SIGA Max Drawdown	-16%	-21%	-21%	-36%	-19%	-13%
Peers Max Drawdown	-22%	-7%	-11%	-23%	-10%	-17%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: LLY, JNJ, MRK, PFE, BMY.
[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] 2025 data is for the year up to 12/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	SIGA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-83.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	505.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-26.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	36.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	29 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-48.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	92.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	709 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-66.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	197.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	387 days	1480 days

Compare to LLY, JNJ, MRK, PFE, BMY

In The Past

SIGA Technologies's stock fell -83.5% during the 2022 Inflation Shock from a high on 8/15/2022. A -83.5% loss requires a 505.3% gain to breakeven.

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About SIGA Technologies (SIGA)

SIGA Technologies, Inc., a commercial-stage pharmaceutical company, focuses on the health security and infectious disease markets in the United States. Its lead product is TPOXX, an oral formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. SIGA Technologies, Inc. has a strategic partnership with Cipla Therapeutics to deliver sustained innovation and access to antibacterial drugs primarily against biothreats. The company was incorporated in 1995 and is headquartered in New York, New York.

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Here are 1-2 brief analogies for SIGA Technologies:

SIGA is like the Lockheed Martin for antiviral biodefense.
SIGA is like Moderna for government biodefense stockpiles.

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Here are SIGA Technologies' major products:

TPOXX (tecovirimat): An antiviral drug approved for the treatment of human smallpox disease caused by variola virus.
Medical Countermeasures: Investigational drug candidates and advanced research to develop treatments for other public health threats, including chemical, biological, radiological, and nuclear (CBRN) agents.

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SIGA Technologies (NASDAQ: SIGA) primarily sells its flagship product, TPOXX (tecovirimat), to governmental entities and healthcare providers, rather than to other publicly traded companies. Therefore, its major customers do not have public stock symbols.

SIGA's major customers include:

U.S. Government: Specifically, the Biomedical Advanced Research and Development Authority (BARDA), an agency within the U.S. Department of Health and Human Services (HHS). BARDA contracts for the procurement of TPOXX for the U.S. Strategic National Stockpile. This is a governmental entity and does not have a public stock symbol.
Canadian Government: Primarily the Department of National Defence, which procures TPOXX for its national preparedness programs. This is a governmental entity and does not have a public stock symbol.
European Union: Through the European Health Emergency Preparedness and Response Authority (HERA), which procures TPOXX for strategic stockpiles within EU member states. This is a governmental/supranational entity and does not have a public stock symbol.
Other International Governments: Various other sovereign nations that purchase TPOXX for their national medical countermeasure stockpiles. These are governmental entities and do not have public stock symbols.
Hospitals and Healthcare Providers: For commercial sales of TPOXX for the treatment of diseases like monkeypox (MPOX) in countries where the drug is approved and commercially available. These are typically private, public, or non-profit institutions and do not have public stock symbols.

In summary, SIGA's major customers are not publicly traded companies with stock symbols, but rather governmental bodies and healthcare institutions.

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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. She previously served as CEO of Xalud Therapeutics, a clinical-stage biotechnology company developing treatments for inflammatory diseases. Prior to Xalud, Dr. Nguyen was Executive Vice President of Biopharma at PPD Inc., a global clinical research organization. From 2009 to 2018, she held several leadership roles at Pfizer, including global president, Americas, Pfizer Essential Health, overseeing diverse commercial businesses with over $11 billion in annual revenue.

Daniel J. Luckshire, M.B.A. Executive Vice President and Chief Financial Officer

Daniel Luckshire has served as Executive Vice President and Chief Financial Officer since 2011. Before joining SIGA, he was a strategic advisor and private investor for various companies across specialized market segments. From 1998 to 2008, he held increasing positions of responsibility as an investment banker at Merrill Lynch & Co. Prior to Merrill Lynch, Mr. Luckshire was a member of the management team that built USI Insurance Services into a national insurance brokerage and was a CPA at Price Waterhouse LLP.

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. His earlier roles at SIGA included Vice President of Research from April 1997 to June 2000 and senior scientific advisor from January 1996 to March 1997. Dr. Hruby was also a faculty member at Oregon State University for 27 years, where he served as Director of the Molecular and Cellular Biology Program and Chairman of the Microbiology Department. He specializes in poxviruses, virology, and anti-infective research and holds approximately 200 U.S. and international patents.

Larry Miller General Counsel

Larry Miller has served as General Counsel for SIGA since March 2024. Before joining SIGA, Mr. Miller was General Counsel and Secretary at Phathom Pharmaceuticals, Inc. He previously served as General Counsel and Secretary at Blue Buffalo Company, where he advised the company through its $8 billion sale to General Mills.

Tove C. Bolken Senior Vice President, Operations and Chief Supply Chain Officer

Tove Bolken has served as Senior Vice President, Operations and Chief Supply Chain Officer since January 2020. She has been with SIGA since 1998, holding positions of increasing responsibility, including oversight of antiviral screening activities, drug development, and commercial manufacturing. Notably, she established an external manufacturing supply chain for SIGA’s smallpox antiviral product and has extensive government contracting experience, also serving as the company's corporate compliance officer.

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The primary emerging threat for SIGA Technologies is the anticipated slowdown in large-scale government procurement orders for TPOXX (tecovirimat).

SIGA's revenue is heavily reliant on government contracts for national stockpiles. Following a period of heightened demand driven by initial national stockpile build-up and increased awareness due to the global mpox outbreak, there is a clear risk that key customers may be nearing or reaching their desired inventory levels. This could lead to a sustained reduction in the frequency and/or size of new large contracts, transitioning from an accelerated procurement phase to a potentially slower, maintenance-driven market.

Evidence for this includes the company's own financial guidance, which often projects lower revenue in subsequent years compared to peak procurement periods, reflecting the inherent "lumpy" nature of government contracts and the potential for reduced demand post-initial stocking. For example, SIGA's 2024 revenue guidance of $100 million to $120 million is lower than its reported 2023 revenue of approximately $156 million, indicating an expected deceleration in procurement.

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SIGA Technologies' primary product, Tpoxx (tecovirimat), targets the treatment of human smallpox disease and other orthopoxvirus infections like monkeypox, cowpox, and vaccinia complications.

Addressable Market Sizes for SIGA Technologies' Main Products:

Tpoxx (Tecovirimat) for Smallpox Treatment

The global smallpox treatment market was valued at approximately USD 66.8 million in 2024 and is projected to reach about USD 78.27 million by 2032, growing at a Compound Annual Growth Rate (CAGR) of 2% during the forecast period.
Another estimate indicates the global market for smallpox treatment was US$66.8 million in 2024 and is expected to reach US$73.7 million by 2030, with a CAGR of 1.6%.
North America holds a significant share of this market, accounting for 47.6% of the global revenue in 2024. The U.S. market alone was valued at $18.1 million in 2024.
The medication segment, which includes Tpoxx (tecovirimat), is anticipated to experience the fastest growth within the smallpox treatment market.

Tecovirimat (Tpoxx) for Orthopoxvirus Infections (including Smallpox and Monkeypox)

The global Tecovirimat Monohydrate market, which encompasses treatments for orthopoxvirus infections, reached USD 428 million in 2024. It is projected to grow at a CAGR of 8.7% from 2025 to 2033, reaching an estimated value of USD 909 million by 2033.
North America is expected to be a dominant region in the tecovirimat drugs market, driven by significant government stockpiling and a notable incidence of monkeypox infections.

Tpoxx (Tecovirimat) for Monkeypox Treatment

The global monkeypox treatment market is forecast to reach approximately US$ 249 million by 2033, with demand increasing at a CAGR of 10.25% from 2023 to 2033.
Another report estimates the global monkeypox treatment market size to exceed USD 211 million by 2033, growing at a CAGR of 11.20% from 2023 to 2033.
Tecovirimat is projected to account for 61% of the market share by treatment type in the monkeypox treatment market by the end of the forecast period.
North America is expected to lead the global monkeypox treatment market, potentially reaching a market share of around 48% by the end of the forecast period.

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SIGA Technologies (SIGA) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives and market opportunities:

Continued U.S. Government Procurement and Contracts: A primary driver of SIGA's revenue growth is its ongoing partnership with the U.S. government, particularly through contracts for TPOXX with the Strategic National Stockpile (SNS). The company reported significant procurement orders in Q3 2024, with substantial revenue recognition anticipated in Q4 2024 and 2025. A new potential long-term agreement with the U.S. Strategic Preparedness and Response (formerly BARDA) is also expected to be a major growth catalyst.
International Market Expansion: SIGA is actively expanding the global reach of TPOXX through strategic partnerships. This includes successful sales in international markets, such as the first sale of oral TPOXX in Africa, and efforts to forge direct relationships with key international stakeholders. TPOXX is approved in various regions, including Europe, the UK, Canada, and Japan, providing a foundation for increased international sales.
Advancing Regulatory Approvals for New TPOXX Indications and Formulations: The company is focused on securing regulatory approvals for new indications and formulations of TPOXX. Key targets include submissions for smallpox post-exposure prophylaxis (PEP) and a pediatric formulation. SIGA has already received development funding for pediatric formulation and IV tech transfer activities, underscoring this area as a growth avenue.
Expansion into Complementary Therapeutic Areas and New Product Pipelines: SIGA plans to leverage its existing antiviral and government procurement capabilities to enter complementary therapeutic areas. Additionally, the company has broadened its product pipeline by acquiring an exclusive license for a portfolio of monoclonal antibodies from Vanderbilt University, aiming to develop new therapeutic options within the orthopox space. This diversification strategy is expected to contribute to future revenue growth.

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Capital Allocation Decisions (Last 3-5 Years) for SIGA Technologies (SIGA)

Share Repurchases

Since 2020, SIGA Technologies has returned approximately $230 million to shareholders through dividends and share buybacks.
The company is committed to deploying capital for maximum value, including share repurchases, to drive shareholder value.

Share Issuance

As of October 24, 2025, SIGA Technologies had 71,611,302 shares outstanding.
As of September 30, 2025, 71,611,302 shares were issued and outstanding, an increase from 71,404,669 shares at December 31, 2024.
In April 2025, the number of outstanding shares was 71,441,083.

Inbound Investments

In June 2025, the BARDA 19C contract was modified to add $13 million in funding for SIGA's TPOXX pediatric development program.
An additional $14 million in funding was added in April 2025 to support manufacturing activities under the BARDA 19C contract, bringing the total development funding added in Q2 2025 to $27 million.
On March 26, 2025, an option for the procurement of $25.6 million of IV TPOXX was exercised by BARDA, increasing cumulative exercised options to $545.2 million.

Outbound Investments

SIGA Technologies has made no investments or acquisitions to date.

Capital Expenditures

In the last 12 months, capital expenditures for SIGA Technologies were -$332,308.
For the nine months ended September 30, 2025, capital expenditures were ($314,470), compared to ($24,612) for the same period in 2024.
The company purchased manufacturing equipment during Q3 2025.

Better Bets than SIGA Technologies (SIGA)

	SIGA	Better Performance than SIGA
Metric	Value	INDUSTRY: Pharmaceuticals
Rev Chg LTM	-0.9%	LLY (36.8%), JNJ (5.1%), PFE (3.9%), MRK (1.7%), BMY (1.3%)
Rev Chg 3Y Avg	104.9%	SCYX (1361.6%), SBFM (1195.3%), TXMD (112.0%)
Op Mgn LTM	52.4%
CFO/Rev LTM	67.7%
FCF/Rev LTM	67.5%
Total Yield	11.4%	OGN (36.9%), EBS (29.2%), PFE (13.5%), MRK (13.0%), BMY (12.0%)
P/S	3.8	VTRS (0.8), BMY (1.9), ELAN (2.2), PFE (2.3), MRK (3.3)
P/Op Inc	7.3	BHC (1.3), OGN (1.9), EBS (4.5), INDV (6.9), COLL (7.2)

	SIGA	Better Performance than SIGA
Metric	Value	SECTOR: Health Care
Rev Chg LTM	-0.9%	LLY (36.8%), UNH (10.5%), ABBV (7.4%), JNJ (5.1%), MRK (1.7%)
Rev Chg 3Y Avg	104.9%	ARWR (908.8%), CYTK (818.6%), BBIO (727.6%), AXSM (296.0%), RYTM (136.1%)
Op Mgn LTM	52.4%	XOMA (74.7%), RPRX (65.2%), HALO (59.3%)
CFO/Rev LTM	67.7%	TBPH (317.4%), TVRD (133.3%), RPRX (102.4%), KURA (84.4%), GLUE (82.2%)
FCF/Rev LTM	67.5%	TBPH (317.1%), TVRD (133.3%), RPRX (102.4%), KURA (79.9%), GLUE (79.9%)
Total Yield	11.4%	PTCT (15.6%), PFE (13.5%), MRK (13.0%), BMY (12.0%), SOLV (12.0%)
P/S	3.8	UNH (0.7), HCA (1.4), PFE (2.3), MRK (3.3), MDT (3.3)
P/Op Inc	7.3	DVA (4.9), PTCT (5.2), THC (5.3), UHS (6.6), INDV (6.9)

	SIGA	Better Performance than SIGA
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-0.9%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	104.9%	QXO (2715.8%), NLY (143.3%), APO (129.8%), AGNC (108.3%), IONQ (107.6%)
Op Mgn LTM	52.4%	V (66.4%), CME (65.0%), MA (58.3%), NVDA (58.1%), APP (52.5%)
CFO/Rev LTM	67.7%	IBKR (162.0%), RY (135.4%), ARES (85.1%), FNV (84.7%), TPL (72.3%)
FCF/Rev LTM	67.5%	IBKR (161.3%), RY (131.7%), NLY (114.7%), ARES (83.9%), WPC (75.9%)
Total Yield	11.4%	CMCSA (23.8%), VZ (16.8%), TD (16.6%), MO (14.1%), ENB (12.9%)
P/S	3.8	WMT (1.1), XOM (1.4), BRK-B (2.7), AMZN (3.5), BAC (3.6)
P/Op Inc	7.3	CMCSA (5.2), VZ (5.9), SU (6.4), B (6.7), GM (7.1)

		Best Bets In Health Care Sector
	SIGA	RPRX	HALO	DOCS	UTHR	CPRX	HRMY	LGND	ISRG	GMED	MD
What You Pay
P/E	8.8	19.9	14.4	54.3	14.4	11.1	8.5	71.4	58.1	18.2	8.7
P/EBIT	7.3	9.6	11.3	55.6	10.9	9.3	6.5	51.9	56.6	17.8	5.9
What You Get
Rev Chg Q	-73.8%	7.9%	22.1%	23.2%	6.8%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%
Rev Chg LTM	-0.9%	3.7%	31.2%	20.2%	13.5%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%
Rev Chg 3Y Avg	104.9%	1.5%	29.0%	17.4%	19.0%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%
FCF/Rev 3Y Avg	43.6%	115.2%	45.0%	42.7%	34.3%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	With SIGA Technologies Stock Sliding, Have You Assessed The Risk?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to SIGA. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.0%	10.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.7%	-7.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.9%	6.9%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.9%	8.9%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	10.0%	10.0%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.7%	-7.7%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.9%	6.9%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	11.5%	11.5%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.9%	8.9%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.1%	25.7%
OLMA	Olema Pharmaceuticals	2.4	237.1%	374.1%
COGT	Cogent Biosciences	5.4	178.2%	404.0%
CDTX	Cidara Therapeutics	5.9	119.6%	720.3%
SGML	Sigma Lithium	1.1	113.2%	-11.1%
IRWD	Ironwood Pharmaceuticals	0.6	99.5%	-15.8%
ALMS	Alumis	0.6	82.4%	5.6%
NPCE	NeuroPace	0.6	80.5%	51.7%
BW	Babcock & Wilcox Enterprises	0.7	80.5%	311.6%
CBLL	CeriBell	0.7	75.4%	-26.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CCOI	Cogent Communications	0.9	-53.0%	-74.0%
UP	Wheels Up Experience	0.5	-48.0%	-60.0%
TLRY	Tilray Brands	7.7	-41.8%	-45.7%
AMSC	American Superconductor	1.4	-41.4%	34.0%
CTEV	Claritev	0.6	-41.2%
BTDR	Bitdeer Technologies	2.5	-40.7%	-41.6%
FRMI	Fermi	11.1	-40.2%
JANX	Janux Therapeutics	1.0	-39.3%	-69.4%
ARDT	Ardent Health	1.2	-39.1%	-48.1%
SMR	NuScale Power	3.4	-35.9%	27.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

Peer Comparisons for SIGA Technologies

Peers to compare with:

Financials

	SIGA	LLY	JNJ	MRK	PFE	BMY	Median
Name	SIGA Tec.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Mkt Price	6.34	1,014.49	202.48	100.89	25.70	51.95	76.42
Mkt Cap	0.5	910.9	487.6	251.7	146.1	105.8	198.9
Rev LTM	172	53,258	92,149	64,235	62,786	48,034	58,022
Op Inc LTM	90	22,882	24,146	22,391	15,417	11,420	18,904
FCF LTM	116	-50	18,679	13,049	10,376	15,302	11,712
FCF 3Y Avg	65	-156	17,814	13,685	8,927	13,598	11,262
CFO LTM	117	10,938	24,204	17,065	13,077	16,621	14,849
CFO 3Y Avg	65	7,230	23,209	17,506	12,127	14,846	13,487

Growth & Margins

	SIGA	LLY	JNJ	MRK	PFE	BMY	Median
Name	SIGA Tec.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Rev Chg LTM	-0.9%	36.8%	5.1%	1.7%	3.9%	1.3%	2.8%
Rev Chg 3Y Avg	104.9%	23.4%	6.1%	2.9%	-13.2%	1.0%	4.5%
Rev Chg Q	-73.8%	37.6%	6.8%	3.7%	-5.9%	2.8%	3.2%
QoQ Delta Rev Chg LTM	-4.1%	8.7%	1.7%	1.0%	-1.6%	0.7%	0.8%
Op Mgn LTM	52.4%	43.0%	26.2%	34.9%	24.6%	23.8%	30.5%
Op Mgn 3Y Avg	28.1%	35.6%	26.4%	23.7%	19.4%	19.0%	25.1%
QoQ Delta Op Mgn LTM	-3.8%	1.8%	1.7%	3.7%	-1.4%	2.9%	1.7%
CFO/Rev LTM	67.7%	20.5%	26.3%	26.6%	20.8%	34.6%	26.4%
CFO/Rev 3Y Avg	43.6%	17.8%	26.4%	28.2%	18.9%	31.7%	27.3%
FCF/Rev LTM	67.5%	-0.1%	20.3%	20.3%	16.5%	31.9%	20.3%
FCF/Rev 3Y Avg	43.6%	0.5%	20.3%	22.0%	13.9%	29.0%	21.1%

Valuation

	SIGA	LLY	JNJ	MRK	PFE	BMY	Median
Name	SIGA Tec.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
Mkt Cap	0.5	910.9	487.6	251.7	146.1	105.8	198.9
P/S	3.8	12.9	4.8	3.3	2.3	1.9	3.5
P/EBIT	7.3	38.6	13.8	9.1	12.2	9.2	10.7
P/E	8.8	49.6	17.8	11.0	14.7	15.2	15.0
P/CFO	5.6	62.6	18.4	12.3	11.1	5.5	11.7
Total Yield	11.4%	2.7%	8.4%	13.0%	13.5%	12.0%	11.7%
Dividend Yield	0.0%	0.7%	2.7%	3.9%	6.7%	5.4%	3.3%
FCF Yield 3Y Avg	11.5%	0.1%	4.4%	5.5%	5.5%	13.2%	5.5%
D/E	0.0	0.1	0.1	0.2	0.4	0.6	0.2
Net D/E	-0.3	0.1	0.1	0.1	0.3	0.4	0.1

Returns

	SIGA	LLY	JNJ	MRK	PFE	BMY	Median
Name	SIGA Tec.	Eli Lilly	Johnson .	Merck	Pfizer	Bristol-.
1M Rtn	-22.1%	12.0%	9.0%	20.3%	5.8%	14.0%	10.5%
3M Rtn	-25.3%	36.8%	14.0%	21.2%	6.6%	12.8%	13.4%
6M Rtn	7.8%	33.0%	33.6%	32.6%	15.1%	11.5%	23.8%
12M Rtn	4.5%	23.2%	38.7%	3.2%	9.2%	-6.6%	6.9%
3Y Rtn	-2.4%	181.3%	24.1%	0.3%	-39.7%	-26.5%	-1.1%
1M Excs Rtn	-23.4%	10.8%	7.8%	19.0%	4.5%	12.7%	9.3%
3M Excs Rtn	-30.5%	33.9%	8.4%	14.5%	-0.7%	5.9%	7.2%
6M Excs Rtn	-7.6%	17.5%	18.1%	17.1%	-0.4%	-3.9%	8.4%
12M Excs Rtn	-15.5%	14.4%	21.4%	-9.4%	-6.7%	-22.4%	-8.0%
3Y Excs Rtn	-84.6%	112.2%	-47.3%	-71.9%	-111.5%	-98.2%	-78.3%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	3/11/2025	3/12/2024	3/2/2023	3/3/2022	3/4/2021	3/5/2020
Key Financials
Total Revenue	172	139	140	111	134	125	27
EBITDA	91	71	84	43	90	77	6
Operating Income	90	70	84	43	89	85	-2
Net Income	74	59	68	34	69	56	-7
EPS	1.04	0.83	0.95	0.46	0.92	0.71	-0.09
Growth Rates
Total Revenue Growth	-0.9%	-0.9%	26.3%	-17.1%	7.0%	367.3%	-94.4%
EBITDA Growth	-13.6%	-16.2%	94.7%	-51.8%	16.3%	1159.4%	-98.6%
Operating Income Growth	-13.7%	-16.3%	95.8%	-52.1%	5.4%	3738.9%	-100.7%
Net Income Growth	-13.1%	-13.0%	100.8%	-51.2%	23.3%	878.1%	-101.7%
Margins
EBITDA Margin	52.7%	50.8%	60.1%	39.0%	67.0%	61.7%	22.9%
Operating Income Margin	52.4%	50.4%	59.8%	38.5%	66.7%	67.6%	-8.7%
Net Income Margin	43.2%	42.7%	48.6%	30.6%	52.0%	45.1%	-27.1%
Cash & Debt
Total Cash	172	155	150	99	103	118	65
Total Debt	1	1	1	1	0	0	80
Net Debt / (Cash)	-171	-155	-150	-98	-103	-117	15
Cash Flows
Net Cash from Operations	117	49	95	42	11	72	-18
Free Cash from Operations	116	49	95	42	11	72	-18
Returns to Shareholders
Dividends	0	43	32	33	-0	-0	-0
Share Repurchases	-0	-0	11	13	26	29	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/5/2025	5/8/2025	3/11/2025	11/7/2024	8/1/2024	5/7/2024	3/12/2024	11/7/2023	8/8/2023	5/4/2023	3/2/2023
Key Financials Quarterly
Total Revenue	3	81	7	81	10	22	25	116	9	6	8	11
Ebitda	-10	46	-2	57	1	1	11	92	-1	-5	-2	-2
Operating Income	-10	46	-2	57	1	1	11	92	-1	-5	-2	-2
Net Income	-6	35	-0	46	1	2	10	72	-0	-3	-1	-1
EPS	-0.09	0.50	-0.01	0.64	0.02	0.03	0.14	1.01	-0.01	-0.04	-0.01	-0.02
Key Financials TTM
Total Revenue TTM	172	180	120	139	174	173	157	140	35	98	109	111
Ebitda TTM	91	102	57	71	105	103	98	84	-9	35	43	43
Operating Income TTM	90	101	56	70	105	103	97	84	-10	34	42	43
Net Income TTM	74	82	49	59	86	84	79	68	-5	28	33	34
Growth Rates Quarterly
Total Revenue Growth	-73.8%	271.9%	-72.3%	-30.1%	8.4%	271.0%	205.5%	925.5%	-87.2%	-64.7%	-21.0%	-90.2%
EBITDA Growth	-1603.5%	3653.6%	-118.6%	-37.7%	157.1%	127.1%	677.3%	5586.4%	-102.7%	-240.8%	-50.8%	-101.8%
Operating Income Growth	-1985.8%	4130.2%	-120.0%	-37.7%	141.4%	123.3%	634.8%	5179.9%	-103.1%	-251.1%	-46.5%	-101.9%
Net Income Growth	-573.7%	1836.2%	-104.0%	-36.7%	441.9%	163.7%	1219.2%	9000.7%	-101.2%	-241.2%	-154.3%	-101.1%
Margins Quarterly
EBITDA Margin	-384.8%	56.5%	-30.1%	70.2%	6.7%	5.6%	44.9%	78.8%	-12.7%	-76.6%	-23.8%	-14.7%
Operating Income Margin	-390.2%	56.3%	-32.0%	70.1%	5.4%	5.0%	44.3%	78.7%	-14.2%	-78.9%	-25.3%	-15.9%
Net Income Margin	-243.0%	43.7%	-5.8%	56.2%	13.4%	8.4%	40.4%	62.0%	-4.3%	-48.9%	-11.0%	-7.1%
Cash & Debt
Total Cash	172	182	162	155	99	107	144	150	71	76	116	99
Total Debt	1	1	1	1	1	1	1	1	1	1	1	1
Net Debt / (Cash)	-171	-182	-162	-155	-99	-106	-143	-150	-71	-76	-115	-98
Cash Flows Quarterly
FCF from Operations	-10	63	7	56	-7	6	-6	79	-5	-4	24	-8
Cash Flows TTM
FCF from Operations TTM	117	119	62	49	71	74	64	95	8	8	9	42
Returns to Shareholders Quarterly
Dividends	0	0	0	0	-0	0	0	0	0	0	0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	4	8	3
Return on Invested Capital (ROIC) Quarterly
ROIC	-44.7%	233.7%	-8.3%	212.9%	1.1%	2.5%	37.5%	330.9%	-2.9%	-9.7%	-5.3%	-3.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	99.5%	132.0%	56.6%	65.0%	58.3%	60.9%	80.5%	75.2%	-4.8%	16.4%	26.7%	24.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Sale of the Company’s Oral and IV TPOXX® as well as research and development services	140	111	134	125	27
Total	140	111	134	125	27

Price Behavior

Price Behavior

Market Price	$6.34
Market Cap ($ Bil)	0.5
First Trading Date	09/10/1997
Distance from 52W High	-33.1%
	50 Days	200 Days
DMA Price	$7.57	$6.80
DMA Trend	up	down
Distance from DMA	-16.2%	-6.8%
	3M	1YR
Volatility	55.3%	53.4%
Downside Capture	169.05	84.88
Upside Capture	-14.24	78.32
Correlation (SPY)	23.3%	26.9%

SIGA Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.88	0.68	0.92	1.37	0.72	0.95
Up Beta	4.50	3.77	2.98	3.06	0.94	0.91
Down Beta	0.82	1.07	0.57	1.40	0.42	0.78
Up Capture	-237%	-156%	-47%	60%	49%	74%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	7	17	26	59	117	372
Down Capture	138%	81%	127%	97%	87%	104%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	13	24	36	63	125	355

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of SIGA With Other Asset Classes (Last 1Y)
	SIGA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-3.8%	5.8%	14.6%	57.6%	4.7%	-5.6%	-3.5%
Annualized Volatility	53.6%	17.3%	19.6%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	0.12	0.16	0.57	2.22	0.10	-0.47	0.03
Correlation With Other Assets		11.9%	26.7%	-1.8%	4.6%	13.4%	22.0%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of SIGA With Other Asset Classes (Last 5Y)
	SIGA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.1%	8.9%	15.1%	18.0%	11.7%	4.8%	40.5%
Annualized Volatility	68.8%	14.4%	17.1%	15.5%	18.8%	19.0%	49.0%
Sharpe Ratio	0.35	0.43	0.71	0.93	0.51	0.17	0.68
Correlation With Other Assets		18.8%	22.8%	5.1%	8.0%	20.5%	11.7%

Based On 10-Year Data

		Comparison of SIGA With Other Asset Classes (Last 10Y)
	SIGA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	15.5%	9.7%	14.5%	14.2%	5.7%	5.3%	76.1%
Annualized Volatility	79.4%	16.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.43	0.48	0.69	0.79	0.25	0.23	0.94
Correlation With Other Assets		15.1%	17.5%	2.1%	6.7%	15.2%	6.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	3,118,171
Short Interest: % Change Since 10312025	10.2%
Average Daily Volume	552,495
Days-to-Cover Short Interest	5.64
Basic Shares Quantity	71,604,956
Short % of Basic Shares	4.4%

Returns Analyses

	Title
0	With SIGA Technologies Stock Sliding, Have You Assessed The Risk?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	3112025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	3122024	10-K 12/31/2023
9302023	11072023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	3022023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	3032022	10-K 12/31/2021

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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SIGA Technologies (SIGA)

Market Price (12/5/2025): $6.31 | Market Cap: $451.8 MilSector: Health Care | Industry: Pharmaceuticals

SIGA Technologies (SIGA)

Market Price (12/5/2025): $6.31Market Cap: $451.8 MilSector: Health CareIndustry: Pharmaceuticals

Valuation, Metrics & Events

SIGA Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About SIGA Technologies (SIGA)

Addressable Market Sizes for SIGA Technologies' Main Products:

Tpoxx (Tecovirimat) for Smallpox Treatment

Tecovirimat (Tpoxx) for Orthopoxvirus Infections (including Smallpox and Monkeypox)

Tpoxx (Tecovirimat) for Monkeypox Treatment

Capital Allocation Decisions (Last 3-5 Years) for SIGA Technologies (SIGA)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than SIGA Technologies (SIGA)

Latest Trefis Analyses

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Recent Active Movers

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1 Week Top Gainers

1 Week Top Losers

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Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

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External Quote Links

Market Price (12/5/2025): $6.31 | Market Cap: $451.8 Mil
Sector: Health Care | Industry: Pharmaceuticals

Market Price (12/5/2025): $6.31
Market Cap: $451.8 Mil
Sector: Health Care
Industry: Pharmaceuticals