MeritValue

Abivax S.A.

ABVXdata completeness 75%5 fiscal years on file

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

The thesis, from the filings

Abivax S.A. earns about -318% on equity, but has diluted owners by 408% over 5 years — worth asking whether the growth reaches owners. 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—————
Net income−$42.5M1−$60.7M2−$147.7M3−$176.2M3−$336.1M3
Operating cash flow−$45M4−$53.9M5−$97.1M6−$154.1M6−$161.1M6
Capital expenditure$47,0007$288,0008$265,0009$640,0009$142,0009
Free cash flow (derived)−$45.1M4−$54.2M5−$97.4M6−$154.7M6−$161.3M6
Total debt—————
Cash & equivalents$60.7M10$27M11$251.9M11$144.2M11$516.7M11
Diluted shares15.5M19.1M62.9M63.3M78.5M

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
$57.96
your share of equity
Profit it earned you last year
−$42.8
Free cash flow it threw off
−$20.53
Debt you’d be carrying
—

10 shares is a claim on $57.96 of net worth that earned you −$42.8 and generated −$20.53 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-318% avg · 5y
FY21 -164%FY22 -845%FY23 -75%FY24 -434%FY25 -74%

It earned an average -318% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+408% shares · 5y

Share count is up 408% over 5 years — owners have been diluted. Worth asking what they got for it.

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. 20-F · period ending 2021-12-31 · accession 0001956827-24-000007 (ProfitLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001956827-25-000010 (ProfitLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001956827-26-000012 (ProfitLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001956827-24-000007 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001956827-25-000010 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001956827-26-000012 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001956827-24-000007 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001956827-25-000010 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001956827-26-000012 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001956827-25-000010 (CashAndCashEquivalents)
  11. 20-F · period ending 2022-12-31 · accession 0001956827-26-000012 (CashAndCashEquivalents)