MeritValue

Beam Therapeutics Inc.

BEAMdata completeness 88%7 fiscal years on file

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

The thesis, from the filings

Beam Therapeutics Inc. earns about -48% on invested capital, but has diluted owners by 54% 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$51.8M1$60.9M2$377.7M3$63.5M3$139.7M3
Net income−$370.6M4−$289.1M5−$132.5M6−$376.7M6−$80M6
Operating cash flow−$66.3M7$22.5M8−$149.2M9−$347.2M9−$345.1M9
Capital expenditure$46.8M10$49M11$33.7M12$8.95M12$14.9M12
Free cash flow (derived)−$113.1M7−$26.4M8−$182.9M9−$356.2M9−$360M9
Total debt—————
Cash & equivalents$560M13$232.8M14$435.9M15$282M15$294.9M15
Diluted shares64.2M70.0M77.2M82.3M98.9M

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
$125.21
your share of equity
Profit it earned you last year
−$8.09
Free cash flow it threw off
−$36.4
Debt you’d be carrying
—

10 shares is a claim on $125.21 of net worth that earned you −$8.09 and generated −$36.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-48% avg · 5y
FY21 -110%FY22 -41%FY23 -19%FY24 -66%FY25 -7%

It earned an average -48% 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
+54% shares · 5y

Share count is up 54% over 5 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
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 0000950170-24-020622 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-026076 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-065194 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-020622 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-026076 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-065194 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-020622 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-026076 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-065194 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-020622 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-026076 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-065194 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-020622 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-026076 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-065194 (CashAndCashEquivalentsAtCarryingValue)