MeritValue

Apollomics Inc.

APLMdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Apollomics Inc. earns about -763% on equity, and has bought back 100% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$01$02$03$03$03
Net income−$74.8M4−$94.8M5−$240.8M6−$172.6M6−$53.9M6
Operating cash flow−$35.7M7−$43.3M8−$42.8M9−$43.2M9−$28.7M9
Capital expenditure$144,00010$50,00011$367,00012$6,00012$24,00012
Free cash flow (derived)−$35.8M7−$43.4M8−$43.2M9−$43.2M9−$28.8M9
Total debt————$013
Cash & equivalents$130.6M14$46.7M15$32.7M15$32.1M15$9.77M15
Diluted shares361.5M28.1M285,000744,0001.0M

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
$47.69
your share of equity
Profit it earned you last year
−$528.02
Free cash flow it threw off
−$282.03
Debt you’d be carrying
$0

10 shares is a claim on $47.69 of net worth that earned you −$528.02 and generated −$282.03 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
-763% avg · 5y
FY20 —FY21 —FY22 —FY23 -419%FY24 -1107%

It earned an average -763% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% 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. 20-F · period ending 2020-12-31 · accession 0001193125-23-127602 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0000950170-24-038107 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0000950170-25-050531 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001193125-23-127602 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0000950170-24-038107 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0000950170-25-050531 (ProfitLoss)
  7. 20-F · period ending 2020-12-31 · accession 0001193125-23-127602 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0000950170-24-038107 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0000950170-25-050531 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001193125-23-127602 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0000950170-24-038107 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0000950170-25-050531 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2024-12-31 · accession 0000950170-25-050531 (Borrowings)
  14. 20-F · period ending 2020-12-31 · accession 0000950170-24-038107 (CashAndCashEquivalents)
  15. 20-F · period ending 2021-12-31 · accession 0000950170-25-050531 (CashAndCashEquivalents)