MeritValue

Allogene Therapeutics, Inc.

ALLOdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Allogene Therapeutics, Inc. earns about -52% on invested capital, but has diluted owners by 62% 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$114.1M1$156,0001$95,0002$22,0003$03
Net income−$182.1M4−$340.4M4−$327.3M5−$257.6M6−$190.9M6
Operating cash flow−$184.8M7−$220.5M7−$237.7M8−$200.3M9−$149.2M9
Capital expenditure$21.4M10$5.19M10$1.52M11$694,00012$386,00012
Free cash flow (derived)−$206.3M7−$225.7M7−$239.2M8−$201M9−$149.6M9
Total debt—————
Cash & equivalents$173.3M13$61.9M13$83.2M14$75.2M15$51.7M15
Diluted shares135.8M143.1M156.9M194.8M220.6M

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
$13.26
your share of equity
Profit it earned you last year
−$8.65
Free cash flow it threw off
−$6.78
Debt you’d be carrying
—

10 shares is a claim on $13.26 of net worth that earned you −$8.65 and generated −$6.78 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-52% avg · 5y
FY21 -27%FY22 —FY23 -60%FY24 -59%FY25 -63%

It earned an average -52% 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
+62% shares · 5y

Share count is up 62% 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. 10-K/A · period ending 2021-12-31 · accession 0001737287-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001737287-25-000036 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-017242 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0001737287-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001737287-25-000036 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-017242 (NetIncomeLoss)
  7. 10-K/A · period ending 2021-12-31 · accession 0001737287-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001737287-25-000036 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001628280-26-017242 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2021-12-31 · accession 0001737287-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001737287-25-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-017242 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2021-12-31 · accession 0001737287-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001737287-25-000036 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-017242 (CashAndCashEquivalentsAtCarryingValue)