MeritValue

AtaiBeckley Inc.

ATAIdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

AtaiBeckley Inc. earns about -145% on invested capital, but has diluted owners by 41% over 2 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 2024FY 2025
Revenue$308,0001$4.09M1
Net income−$149.3M2−$660M2
Operating cash flow−$82.4M3−$102.7M3
Capital expenditure$6,0004$901,0004
Free cash flow (derived)−$82.4M3−$103.6M3
Total debt$20.5M5$135.4M6
Cash & equivalents$17.5M7$85.3M7
Diluted shares160.2M226.5M

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
$9.79
your share of equity
Profit it earned you last year
−$29.14
Free cash flow it threw off
−$4.57
Debt you’d be carrying
$5.98

10 shares is a claim on $9.79 of net worth that earned you −$29.14 and generated −$4.57 of cash last year, against $5.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-145% avg · 2y
FY24 -98%FY25 -192%

It earned an average -145% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+41% shares · 2y

Share count is up 41% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 560% over the same window.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001193125-26-096926 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-096926 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-096926 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-096926 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0001193125-26-096926 (LongTermDebtCurrent)
  6. 10-K · period ending 2025-12-31 · accession 0001193125-26-096926 (LongTermDebt)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-096926 (CashAndCashEquivalentsAtCarryingValue)