MeritValue

Adicet Bio, Inc.

ACETdata completeness 75%9 fiscal years on file

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

The thesis, from the filings

Adicet Bio, Inc. earns about -315% on invested capital, and has bought back 78% 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—————
Net income−$62M1−$69.8M2−$142.7M3−$117.1M4−$116.8M4
Operating cash flow−$51.1M5−$44.8M6−$93.7M7−$92.4M8−$95.2M8
Capital expenditure$13M9$16.8M10$4.46M11$1.12M12$1.74M12
Free cash flow (derived)−$64.1M5−$61.5M6−$98.2M7−$93.5M8−$97M8
Total debt—————
Cash & equivalents$277.5M13$257.7M14$159.7M15$56.5M16$38.9M16
Diluted shares31.0M41.1M43.0M5.5M6.9M

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
$231.03
your share of equity
Profit it earned you last year
−$169.49
Free cash flow it threw off
−$140.73
Debt you’d be carrying
—

10 shares is a claim on $231.03 of net worth that earned you −$169.49 and generated −$140.73 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-315% avg · 5y
FY21 -191%FY22 -159%FY23 -1077%FY24 -71%FY25 -77%

It earned an average -315% 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
−78% shares · 5y

Share count is down 78% 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 0000950170-23-008130 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-033482 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034587 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001720580-26-000008 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008130 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-033482 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-034587 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001720580-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008130 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-033482 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-034587 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001720580-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008130 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-033482 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-034587 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001720580-26-000008 (CashAndCashEquivalentsAtCarryingValue)