MeritValue

Aptevo Therapeutics Inc.

APVOdata completeness 63%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Aptevo Therapeutics Inc. earns about -619% on equity, and has bought back 93% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$12.3M1$3.11M2———
Net income−$28.5M3$8.03M4−$17.4M5−$24.1M6−$26M6
Operating cash flow−$21.7M7−$21M8−$11.7M9−$23.8M10−$25.6M10
Capital expenditure$713,00011$29,00012———
Free cash flow (derived)−$22.4M7−$21.1M8———
Total debt$31.4M13$7.46M14$015——
Cash & equivalents$45M16$22.6M17$16.9M18$8.71M19$21.6M19
Diluted shares4.7M5.1M7,515767315,535

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
$550.84
your share of equity
Profit it earned you last year
−$822.95
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $550.84 of net worth that earned you −$822.95 last year.

iii. Is this a good business?
Moat signal · return on equity
-619% avg · 5y
FY21 -2340%FY22 45%FY23 -142%FY24 -507%FY25 -149%

It earned an average -619% 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
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — 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. 10-K · period ending 2021-12-31 · accession 0000950170-23-010757 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-025428 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-23-010757 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-025428 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-020467 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-126278 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-010757 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-025428 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-020467 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-126278 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-010757 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-025428 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010757 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-025428 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-24-025428 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-010757 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-025428 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-020467 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-126278 (CashAndCashEquivalentsAtCarryingValue)