MeritValue

Amylyx Pharmaceuticals, Inc.

AMLXdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

Amylyx Pharmaceuticals, Inc. earns about -114% on invested capital, but has diluted owners by 1336% 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$285,0001$22.2M2$380.8M3$87.4M4$04
Net income−$87.9M5−$198.4M5$49.3M6−$301.7M7−$144.7M7
Operating cash flow−$74.8M8−$179.9M8$11.9M9−$167.6M10−$123.3M10
Capital expenditure$353,00011$2.53M11$1.24M12$157,00013$138,00013
Free cash flow (derived)−$75.2M8−$182.4M8$10.7M9−$167.8M10−$123.5M10
Total debt—————
Cash & equivalents$50.2M14$62.5M15$170.2M16$77.4M17$226.7M17
Diluted shares6.6M58.5M70.0M68.1M94.6M

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
$32.28
your share of equity
Profit it earned you last year
−$15.31
Free cash flow it threw off
−$13.06
Debt you’d be carrying
—

10 shares is a claim on $32.28 of net worth that earned you −$15.31 and generated −$13.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-114% avg · 5y
FY21 —FY22 -56%FY23 19%FY24 -273%FY25 -145%

It earned an average -114% 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
+1336% shares · 5y

Share count is up 1336% 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 · period ending 2021-12-31 · accession 0000950170-24-018447 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-018447 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-031309 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-086645 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-24-018447 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-031309 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-086645 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-24-018447 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-031309 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-086645 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-24-018447 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-031309 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-086645 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-007609 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-018447 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-031309 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-086645 (CashAndCashEquivalentsAtCarryingValue)