MeritValue

Arcturus Therapeutics Holdings Inc.

ARCTdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Arcturus Therapeutics Holdings Inc. earns about -32% on equity, but has diluted owners by 4% 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$12.4M1$206M2$166.8M3$152.3M3$82M3
Net income−$203.7M4$9.35M5−$29.7M6−$80.9M6−$65.8M6
Operating cash flow−$135M7$32M8−$18.1M9−$59.7M9−$74.3M9
Capital expenditure$3.41M10$7.73M11$2.9M12$648,00012$230,00012
Free cash flow (derived)−$138.4M7$24.3M8−$21M9−$60.4M9−$74.5M9
Total debt$78.4M13$60.7M14———
Cash & equivalents$370.5M15$391.9M16$292M17$237M17$230.9M17
Diluted shares26.3M27.1M26.6M27.0M27.4M

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
$78.14
your share of equity
Profit it earned you last year
−$24.02
Free cash flow it threw off
−$27.2
Debt you’d be carrying
—

10 shares is a claim on $78.14 of net worth that earned you −$24.02 and generated −$27.2 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-32% avg · 5y
FY21 -89%FY22 3%FY23 -11%FY24 -34%FY25 -31%

It earned an average -32% 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
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 23% — 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 0000950170-24-031156 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-034787 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-088391 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-031156 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-034787 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-088391 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-031156 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-034787 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-088391 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-031156 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-034787 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-088391 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010380 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-031156 (LongTermDebtCurrent)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-24-031156 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000950170-25-034787 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001193125-26-088391 (CashAndCashEquivalentsAtCarryingValue)