MeritValue

Adaptimmune Therapeutics PLC

ADAPYdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Adaptimmune Therapeutics PLC earns about -156% on invested capital, but has diluted owners by 77% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$3.96M1$6.15M2$27.1M3$60.3M3$178M3
Net income−$130.1M4−$158.1M5−$165.5M6−$113.9M6−$70.8M6
Operating cash flow−$53.6M7$10.7M8−$141.8M9−$140.9M9−$73.2M9
Capital expenditure$2.34M10$8.57M11$29.5M12$4.68M12$886,00012
Free cash flow (derived)−$55.9M7$2.16M8−$171.3M9−$145.6M9−$74.1M9
Total debt————$104.5M13
Cash & equivalents$56.9M14$149.9M15$108M16$144M17$91.1M17
Diluted shares854.8M934.8M967.2M1.21B1.51B

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
$0.08
your share of equity
Profit it earned you last year
−$0.47
Free cash flow it threw off
−$0.49
Debt you’d be carrying
$0.69

10 shares is a claim on $0.08 of net worth that earned you −$0.47 and generated −$0.49 of cash last year, against $0.69 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-156% avg · 5y
FY20 -36%FY21 -222%FY22 —FY23 —FY24 -211%

It earned an average -156% 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
+77% shares · 5y

Share count is up 77% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2020-12-31 · accession 0001558370-23-002907 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001558370-24-002537 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001558370-25-003544 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001558370-23-002907 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-24-002537 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-25-003544 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001558370-23-002907 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001558370-24-002537 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-25-003544 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001558370-23-002907 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-24-002537 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001558370-25-003544 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001558370-25-003544 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2020-12-31 · accession 0001558370-22-003489 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-23-002907 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001558370-24-002537 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001558370-25-003544 (CashAndCashEquivalentsAtCarryingValue)