OmniAb FY 2025 earnings snapshot

OmniAb (NasdaqGM:OABI) has wrapped up FY 2025 with fourth quarter revenue of US$8.4 million, a basic EPS loss of US$0.11, and a net loss of US$14.2 million, putting hard numbers around a year where growth expectations and ongoing losses are both in focus. Over recent periods, the company has seen quarterly revenue range from US$2.2 million to US$10.8 million and basic EPS move between a loss of US$0.11 and a loss of US$0.17. This gives investors a clear view of how the top line and per share losses have shifted. With trailing 12 month revenue of US$18.7 million set against a net loss of US$64.8 million, the latest report puts margins and the path to more efficient spending squarely at the center of the story.

See our full analysis for OmniAb.

With the headline figures in place, the next step is to see how these results line up against the dominant narratives around OmniAb's growth potential, profitability path, and risk reward trade off.

US$64.8m trailing loss keeps profitability in the spotlight

• On a trailing 12 month basis, OmniAb reported a net loss of US$64.8 million and basic EPS of US$0.57 loss, compared with quarterly net losses that have ranged between US$14.2 million and US$18.2 million over FY 2025.
• Bears argue that sustained losses and forecasts for the company to remain unprofitable for at least the next three years point to a business that still depends heavily on external funding, and the recent shareholder dilution backs up that concern.
  • The data shows losses have widened at roughly 27.5% per year over the past five years while the company continues to invest, which critics view as a sign that revenue growth has not yet translated into operating efficiency.
  • With shareholders already facing dilution over the past year and no forecasted return to profitability in the next three years, the bearish narrative leans on the risk that further equity raises could be needed if cash burn stays close to recent trailing loss levels.

Bears who worry that the recent FY 2025 loss profile could mean more dilution and funding pressure can see how that argument lines up with the numbers in the dedicated cautious write up, then compare it directly to the more optimistic case in the same place. 🐻 OmniAb Bear Case

Revenue volatility alongside forecast 30.8% growth

• Quarterly revenue in FY 2025 ranged from US$2.2 million to US$8.4 million, while trailing 12 month revenue is US$18.7 million and is associated with a forecast growth rate of about 30.8% per year.
• Bulls focus on that 30.8% forecast revenue growth and the expanding partner and program base, and they see the recent revenue range as early proof that the model can scale even while the company is still loss making.
  • The bullish narrative highlights OmniAb's 100 partner ecosystem and 381 active programs as the engine behind expected higher milestone and royalty income, which they argue can build on the current US$18.7 million trailing revenue base.
  • Supporters also point to reported annual cash savings of about US$7 million from headcount and cost actions as a way to make future revenue growth more powerful for margins, even though FY 2025 still closed with a US$64.8 million trailing loss.

Supporters who think the 30.8% revenue growth forecast could eventually outweigh the current losses can see how that optimistic case is built and stress test the assumptions on margins and royalties over time in the detailed bullish narrative. 🐂 OmniAb Bull Case

P/S of 11.4x versus DCF value of US$5.21

• OmniAb trades on a P/S ratio of 11.4x compared with peer and industry averages of about 3.3x to 3.4x, while the current share price of US$1.47 sits well below the DCF fair value of US$5.21 and the analyst consensus price target of US$7.33.
• Consensus narrative flags this mix of a relatively high P/S multiple and a large gap to the DCF fair value as the core valuation tension, and the FY 2025 loss trend keeps that debate focused on whether the business can support premium multiples over time.
  • On one side, the analysts using a DCF approach see roughly 71.8% headroom between US$1.47 and the US$5.21 DCF fair value, which they tie back to expected revenue growth and eventual margin improvement from the current US$64.8 million trailing loss.
  • On the other side, the 11.4x P/S versus roughly 3.3x to 3.4x for peers and the sector makes critics question whether the stock already prices in much of that growth, especially given forecasts that the company remains unprofitable for at least the next three years.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for OmniAb on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With bulls and bears clearly split, it makes sense to look at the full data and decide where you stand. To weigh both sides of the argument and see what concerns and opportunities others are focused on, take a close look at the 2 key rewards and 2 important warning signs.

See What Else Is Out There

OmniAb's ongoing net losses, lack of forecast profitability for at least three years, and reliance on external funding keep risk and potential dilution front and center.

If that level of uncertainty feels uncomfortable, shift your focus toward companies with steadier financial footing by running the 72 resilient stocks with low risk scores to quickly spot stocks where risk scores appear far more controlled.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.