MeritValue

AbCellera Biologics Inc.

ABCLdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

AbCellera Biologics Inc. earns about -0% on invested capital, and has bought back 6% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$375.2M1$485.4M2$38M3$28.8M3$75.1M3
Net income$153.5M4$158.5M5−$146.4M6−$162.9M6−$146.4M6
Operating cash flow$244.6M7$277.4M8−$43.9M9−$108.6M9−$131.3M9
Capital expenditure$58.5M10$70.7M11$76.9M12$78.4M12$42.8M12
Free cash flow (derived)$186.1M7$206.7M8−$120.8M9−$187M9−$174.1M9
Total debt—————
Cash & equivalents$476.1M13$386.5M14$133.3M15$156.3M16$128.5M16
Diluted shares318.3M314.8M289.2M294.3M298.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$32.37
your share of equity
Profit it earned you last year
−$4.9
Free cash flow it threw off
−$5.83
Debt you’d be carrying
—

10 shares is a claim on $32.37 of net worth that earned you −$4.9 and generated −$5.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 28%FY22 19%FY23 -13%FY24 -18%FY25 -17%

It earned an average -0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−6% shares · 5y

Share count is down 6% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001703057-24-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-008689 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001703057-26-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001703057-24-000019 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-008689 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001703057-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001703057-24-000019 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-008689 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001703057-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001703057-24-000019 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-008689 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001703057-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-23-002128 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001703057-24-000019 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-008689 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001703057-26-000012 (CashAndCashEquivalentsAtCarryingValue)