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SIGA Technologies Inc (SIGA)
NASDAQ:SIGA
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SIGA Technologies
(NASDAQ:SIGA)
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Rating:77Outperform
Price Target:
$7.50
▲(10.78% Upside)
The score is driven primarily by strong financial quality (high margins, minimal leverage, and excellent cash conversion) and an attractive low P/E valuation. These positives are tempered by revenue/quarterly volatility tied to contract timing and a mixed technical picture (short-term strength but still below longer-term moving averages and near-term overbought signals).
Positive Factors
Strong Financial Position
A strong cash position and no debt provide SIGA with the flexibility to invest in growth opportunities and manage risks, supporting long-term stability.
Significant Product Revenue Growth
The growth in product sales indicates strong demand and effective market penetration, which can drive sustained revenue growth over the long term.
Pipeline Advancements
Advancements in the pipeline, including new indications, enhance SIGA's product offerings and potential market reach, supporting future revenue streams.
Negative Factors
Stagnant Revenue Growth
Stagnant revenue growth may indicate market saturation or competitive pressures, potentially limiting future expansion and profitability.
Decline in Operating Cash Flow
A significant decline in operating cash flow could hinder the company's ability to fund operations and invest in growth, impacting long-term financial health.
EMA Concerns About TPOXX
Regulatory concerns from the EMA could affect TPOXX's market acceptance and sales in Europe, impacting international revenue growth potential.
SIGA Technologies (SIGA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$479.80M
Dividend YieldN/A
Average Volume (3M)461.52K
Price to Earnings (P/E)6.4
Beta (1Y)1.44
Revenue Growth-0.85%
EPS Growth-13.50%
CountryUS
Employees46
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.09
Shares Outstanding71,611,305
10 Day Avg. Volume376,632
30 Day Avg. Volume461,516
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)1.98
Price to Sales (P/S)3.09
P/FCF Ratio8.79
Enterprise Value/Market Cap0.64
Enterprise Value/Revenue1.79
Enterprise Value/Gross Profit2.35
Enterprise Value/Ebitda3.27
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
SIGA Technologies Business Overview & Revenue Model
Company DescriptionSIGA 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.
How the Company Makes MoneySIGA Technologies generates revenue primarily through the sale of its antiviral product, TPOXX, which is sold to government agencies, including the U.S. Department of Health and Human Services and the Department of Defense, as part of the U.S. Strategic National Stockpile. The company also earns revenue from contracts and grants related to research and development activities from governmental and non-governmental organizations. Additionally, SIGA may explore partnerships and collaborations with other pharmaceutical companies or organizations to expand its product offerings and reach, further contributing to its earnings.
SIGA Technologies Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 26, 2026
Earnings Call Sentiment Neutral
The earnings call reflected a strong financial position and positive growth in product sales, driven by continued engagement with government contracts and international sales potential. However, challenges such as potential delays due to the government shutdown, questions from the EMA, and quarterly revenue fluctuations were also noted.Q3-2025 Updates
Positive Updates
Strong Financial Position
SIGA maintains a robust cash balance of $172 million with no debt, providing flexibility and enabling the company to pursue opportunities and manage risks effectively.
Significant Product Revenue Growth
Product sales for the 9 months ended September 30, 2025, were approximately $86 million, outpacing the previous year's sales of $54 million for the same period.
Continued Government Engagement
Ongoing active engagement with the U.S. government regarding TPOXX development, manufacturing, and procurement, highlighting the importance of TPOXX as a critical medical countermeasure for smallpox.
International Sales Growth Potential
Multiple international sales expected in 2026 based on engagements and interest from key stakeholders across strategic markets.
Pipeline Advancements
Progress in the development of TPOXX for pediatric use and post-exposure prophylaxis program (PEP) for smallpox, with a targeted FDA submission for the PEP indication in 2026.
Negative Updates
Impact of Government Shutdown
Potential delays in CDC analysis of samples for the PEP program due to the government shutdown, impacting timelines.
EMA Concerns About TPOXX
The European Medicines Agency (EMA) raised questions about TPOXX's efficacy in treating mpox, although SIGA remains confident in its responses.
Quarterly Revenue Fluctuations
A relatively quiet third quarter with a net loss of $6 million, reflecting the inherent quarterly fluctuations in SIGA's business model.
Higher Cost of Goods Sold
Cost of goods as a percentage of sales was higher in the third quarter due to semi-fixed costs even with limited product deliveries.
Company Guidance
During the third quarter of 2025, SIGA Technologies reported product revenues of approximately $86 million for the nine months ending September 30, 2025, with $53 million from oral TPOXX and $26 million from IV TPOXX sales under the 19C BARDA contract, and $6 million from international oral TPOXX sales. The company highlighted a relatively quiet third quarter following a strong second quarter, which included $79 million in product revenues. Pre-tax operating income for the first nine months was about $33 million, while the third quarter saw a pre-tax operating loss of approximately $10 million. The net income for the nine months was around $29 million, equating to a fully diluted income per share of $0.40, whereas the net loss for the third quarter was about $6 million, or $0.09 per share. SIGA ended the quarter with a cash balance of $172 million and no debt, maintaining a strong financial position. The company also noted $26 million in outstanding orders from the U.S. government, expected for delivery in 2026, and ongoing strategic discussions with government and international stakeholders concerning future TPOXX procurement and development.SIGA Technologies Financial Statement Overview
Summary
High-quality fundamentals: very strong profitability (TTM gross margin ~73%, net margin ~46%), exceptional balance sheet conservatism (debt-to-equity ~0.003) with strong ROE (~41%), and strong cash conversion (operating cash flow to net income ~5.2x; FCF ~1.0x of earnings). The key risk is business lumpiness: TTM revenue is down (-4.1%) and cash flow growth is slightly negative and choppy.Income Statement
Profitability is very strong, with TTM (Trailing-Twelve-Months) gross margin around 73% and net margin around 46%, and margins have generally remained high across the period. However, growth has been inconsistent: revenue is down in TTM (Trailing-Twelve-Months) (-4.1%) and was essentially flat in 2024, following a strong 2023. Overall, this reads as a highly profitable business with demand/contract timing creating periodic revenue softness.78
Positive
Balance Sheet
The balance sheet is exceptionally conservative, with very low debt relative to equity (debt-to-equity ~0.003 in TTM (Trailing-Twelve-Months)) and a sizable equity base. Returns on equity are also strong (about 41% in TTM (Trailing-Twelve-Months)), indicating efficient profit generation without leverage. The main drawback is that equity and assets have drifted down from 2023 to TTM (Trailing-Twelve-Months), suggesting some balance sheet contraction even as profitability remains high.92
Very Positive
Cash Flow
Cash generation is strong: TTM (Trailing-Twelve-Months) operating cash flow is well above net income (operating cash flow to net income ~5.2x), and free cash flow closely matches earnings (~1.0x), indicating high cash conversion. That said, free cash flow growth is slightly negative in TTM (Trailing-Twelve-Months) (-2.3%) and has been choppy year-to-year, which points to some volatility in cash receipts/working-capital timing.84
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 172.25M | 138.72M | 139.92M | 110.78M | 133.67M | 124.96M |
| Gross Profit | 131.40M | 107.43M | 122.09M | 100.34M | 117.07M | 99.22M |
| EBITDA | 94.29M | 70.52M | 84.16M | 43.22M | 89.62M | 77.06M |
| Net Income | 74.47M | 59.21M | 68.07M | 33.90M | 69.45M | 56.34M |
Balance Sheet | ||||||
| Total Assets | 231.60M | 244.34M | 254.35M | 195.04M | 214.73M | 149.83M |
| Cash, Cash Equivalents and Short-Term Investments | 171.96M | 155.40M | 150.15M | 98.79M | 103.14M | 117.89M |
| Total Debt | 914.55K | 546.82K | 564.01K | 528.17K | 466.83K | 449.94K |
| Total Liabilities | 28.12M | 28.53M | 57.49M | 24.88M | 40.41M | 20.04M |
| Stockholders Equity | 203.48M | 215.80M | 196.86M | 170.16M | 174.31M | 129.79M |
Cash Flow | ||||||
| Free Cash Flow | 116.31M | 48.72M | 94.78M | 41.61M | 11.44M | 71.50M |
| Operating Cash Flow | 116.64M | 48.76M | 94.80M | 41.61M | 11.49M | 71.52M |
| Investing Cash Flow | -332.31K | -42.45K | -21.69K | 0.00 | -50.62K | -15.50K |
| Financing Cash Flow | -43.62M | -43.46M | -43.42M | -45.96M | -26.20M | -114.60M |
SIGA Technologies Technical Analysis
Neutral
6.77
Price Trends
6.36
Positive
7.31
Negative
7.05
Negative
Market Momentum
0.08
Negative
53.67
Neutral
69.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SIGA, the sentiment is Neutral. The current price of 6.77 is above the 20-day moving average (MA) of 6.65, above the 50-day MA of 6.36, and below the 200-day MA of 7.05, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 53.67 is Neutral, neither overbought nor oversold. The STOCH value of 69.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SIGA.
SIGA Technologies Risk Analysis
SIGA Technologies disclosed 40 risk factors in its most recent earnings report. SIGA Technologies reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SIGA Technologies Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $479.80M | 6.44 | 39.94% | ― | -0.85% | -13.50% | |
73 Outperform | $1.82B | -40.55 | -7.14% | ― | 26.73% | -310.39% | |
59 Neutral | $595.58M | 8.76 | 13.92% | ― | -29.91% | ― | |
53 Neutral | $359.91M | -4.20 | ― | ― | -26.32% | -56.54% | |
52 Neutral | $507.65M | ― | 0.30% | ― | 2.24% | -67.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $810.43M | -6.33 | ― | ― | 2.83% | 13.61% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.