MeritValue

Biohaven Ltd.

BHVNdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

Biohaven Ltd. earns about -174% on invested capital, but has diluted owners by 173% 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—————
Net income−$213.8M1−$570.3M2−$408.2M3−$846.4M3−$738.8M3
Operating cash flow−$145.8M4−$297.7M5−$331.7M6−$582.5M6−$609.4M6
Capital expenditure$938,0007$6.07M8$3.05M9$4.05M9$715,0009
Free cash flow (derived)−$146.8M4−$303.8M5−$334.8M6−$586.5M6−$610.2M6
Total debt—————
Cash & equivalents$76.1M10$204.9M11$248.4M12$99.1M12$230M12
Diluted shares39.4M44.7M71.2M91.2M107.6M

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
$4.84
your share of equity
Profit it earned you last year
−$68.65
Free cash flow it threw off
−$56.69
Debt you’d be carrying
—

10 shares is a claim on $4.84 of net worth that earned you −$68.65 and generated −$56.69 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-174% avg · 5y
FY21 —FY22 -135%FY23 -180%FY24 -206%FY25 —

It earned an average -174% 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
+173% shares · 5y

Share count is up 173% 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 0001935979-24-000010 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001935979-25-000015 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001935979-26-000020 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001935979-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001935979-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001935979-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001935979-24-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001935979-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001935979-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001935979-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001935979-25-000015 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001935979-26-000020 (CashAndCashEquivalentsAtCarryingValue)