MeritValue

Benitec Biopharma Inc.

BNTCdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

Benitec Biopharma Inc. earns about -2094% on equity, but has diluted owners by 743% 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$59,0001$73,0002$75,0003$03—
Net income−$13.9M4−$18.2M5−$19.6M6−$21.8M7−$37.9M7
Operating cash flow−$12.8M8−$15.9M9−$18M10−$19.4M11−$23.6M11
Capital expenditure$221,00012$13,00013$1,00014$179,00015$18,00015
Free cash flow (derived)−$13.1M8−$15.9M9−$18M10−$19.6M11−$23.6M11
Total debt—————
Cash & equivalents$19.8M16$4.06M17$2.48M18$50.9M19$97.7M19
Diluted shares4.3M480,6881.4M18.4M36.2M

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
$26.87
your share of equity
Profit it earned you last year
−$10.47
Free cash flow it threw off
−$6.52
Debt you’d be carrying
—

10 shares is a claim on $26.87 of net worth that earned you −$10.47 and generated −$6.52 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-2094% avg · 5y
FY21 -69%FY22 -632%FY23 -9684%FY24 -46%FY25 -39%

It earned an average -2094% 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
+743% shares · 5y

Share count is up 743% 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 2021-06-30 · accession 0001193125-22-237075 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001193125-23-239121 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001193125-24-226968 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001193125-22-237075 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001193125-23-239121 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001193125-24-226968 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-06-30 · accession 0001193125-26-117604 (NetIncomeLoss)
  8. 10-K · period ending 2021-06-30 · accession 0001193125-22-237075 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001193125-23-239121 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001193125-24-226968 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2024-06-30 · accession 0001193125-26-117604 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-06-30 · accession 0001193125-22-237075 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001193125-23-239121 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-06-30 · accession 0001193125-24-226968 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2024-06-30 · accession 0001193125-26-117604 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-06-30 · accession 0001193125-22-237075 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-06-30 · accession 0001193125-23-239121 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0001193125-24-226968 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2024-06-30 · accession 0001193125-26-117604 (CashAndCashEquivalentsAtCarryingValue)