MeritValue

Aptorum Group Ltd

APMdata completeness 63%8 fiscal years on file

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

The thesis, from the filings

Aptorum Group Ltd earns about -12% on invested capital, but has diluted owners by 110% 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$1.54M1$1.3M2$431,3783——
Net income−$25M4−$9.8M5−$2.82M6−$4.27M6−$1.36M6
Operating cash flow−$14.7M7−$12.3M8−$7.72M9−$1.19M9−$1.84M9
Capital expenditure$131,75010$186,91611$3,01512——
Free cash flow (derived)−$14.8M7−$12.5M8−$7.73M9——
Total debt$296,22513$129,84713———
Cash & equivalents$8.26M14$5.01M15$2.01M15$874,23816$3.45M16
Diluted shares3.5M3.6M4.5M5.5M7.4M

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
$31.44
your share of equity
Profit it earned you last year
−$1.85
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $31.44 of net worth that earned you −$1.85 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY21 —FY22 —FY23 -15%FY24 -16%FY25 -6%

It earned an average -12% 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
+110% shares · 5y

Share count is up 110% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 56% — deleveraging.

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 2021-12-31 · accession 0001213900-24-037520 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-037669 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-035484 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-037520 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-037669 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-035484 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-037520 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-037669 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-035484 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-037520 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-037669 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-035484 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-033525 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001213900-25-037669 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001213900-26-035484 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-26-035484 (CashAndCashEquivalentsAtCarryingValue)