MeritValue

AMARIN CORP PLC\UK

AMRNdata completeness 75%17 fiscal years on file
The thesis, from the filings

AMARIN CORP PLC\UK earns about -11% on invested capital, but has diluted owners by 3% 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$583.2M1$369.2M2$306.9M3$228.6M3$213.6M3
Net income$7.73M4−$105.8M5−$59.1M6−$82.2M6−$38.8M6
Operating cash flow−$66.5M7−$180.1M8$6.88M9−$31M9$6.73M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$010————
Cash & equivalents$219.5M11$217.7M12$199.3M13$121M14$134.7M14
Diluted shares402.5M401.2M407.7M410.9M415.0M

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
$11.07
your share of equity
Profit it earned you last year
−$0.93
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $11.07 of net worth that earned you −$0.93 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 5y
FY21 2%FY22 -22%FY23 -12%FY24 -17%FY25 -9%

It earned an average -11% 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
+3% shares · 5y

Share count is up 3% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 0000950170-24-022636 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-037620 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-085818 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-022636 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-037620 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-085818 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-022636 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-037620 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-085818 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-22-002401 (LongTermDebtCurrent)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-005336 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-022636 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-037620 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-085818 (CashAndCashEquivalentsAtCarryingValue)