MeritValue

Perspective Therapeutics, Inc.

CATXdata completeness 88%16 fiscal years on file
The thesis, from the filings

Perspective Therapeutics, Inc. earns about -46% on invested capital, and has bought back 48% of its shares over 5 years. 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 2022FY 2022FY 2023FY 2024FY 2025
Revenue$10.8M1$02$1.43M2——
Net income−$7.27M3−$10.8M3−$46.5M4−$79.3M5−$103.1M5
Operating cash flow−$7.71M6−$10.4M6−$36.9M7−$18.3M8−$82.5M8
Capital expenditure$266,0009$282,0009$1.07M10$54.4M11$12.7M11
Free cash flow (derived)−$7.98M6−$10.7M6−$38M7−$72.7M8−$95.2M8
Total debt——$1.73M12$1.68M13$1.63M14
Cash & equivalents$55.9M15$21M15$9.24M16$61.6M17$30.6M17
Diluted shares142.0M142.1M26.8M64.4M73.8M

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
$28.05
your share of equity
Profit it earned you last year
−$13.97
Free cash flow it threw off
−$12.9
Debt you’d be carrying
$0.22

10 shares is a claim on $28.05 of net worth that earned you −$13.97 and generated −$12.9 of cash last year, against $0.22 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-46% avg · 5y
FY22 -92%FY22 -19%FY23 -47%FY24 -28%FY25 -46%

It earned an average -46% 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
−48% shares · 5y

Share count is down 48% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 2022-06-30 · accession 0001437749-22-023188 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009696 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-06-30 · accession 0001437749-24-009696 (NetIncomeLoss)
  4. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046758 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0000728387-26-000004 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001437749-24-009696 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046758 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0000728387-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001437749-24-009696 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046758 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0000728387-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-24-009696 (LongTermDebt)
  13. 10-K/A · period ending 2024-12-31 · accession 0000950170-25-046758 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0000728387-26-000004 (LongTermDebt)
  15. 10-K · period ending 2022-06-30 · accession 0001437749-24-009696 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046758 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0000728387-26-000004 (CashAndCashEquivalentsAtCarryingValue)