MeritValue

Anteris Technologies Global Corp.

AVRdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Anteris Technologies Global Corp. earns about -122% on equity, but has diluted owners by 82% 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$2.7M1$1.91M1
Net income−$76.3M2−$94.1M2
Operating cash flow−$61.2M3−$77.8M3
Capital expenditure$2.27M4$1.95M4
Free cash flow (derived)−$63.5M3−$79.8M3
Total debt——
Cash & equivalents$70.5M5$12.6M5
Diluted shares20.3M36.9M

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
−$0.03
your share of equity
Profit it earned you last year
−$25.51
Free cash flow it threw off
−$21.61
Debt you’d be carrying
—

10 shares is a claim on −$0.03 of net worth that earned you −$25.51 and generated −$21.61 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-122% avg · 2y
FY24 -122%FY25 —

It earned an average -122% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+82% shares · 2y

Share count is up 82% over 2 years — owners have been diluted. Worth asking what they got for it.

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 0001140361-26-006977 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001140361-26-006977 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001140361-26-006977 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001140361-26-006977 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0001140361-26-006977 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)