MeritValue

Cibus, Inc.

CBUSdata completeness 100%11 fiscal years on file
The thesis, from the filings

Cibus, Inc. earns about -1728% on invested capital, but has diluted owners by 22% 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$26M1$157,0002$1.82M3$4.26M4$3.64M4
Net income−$29.2M5−$16.9M6−$267.6M7−$251.4M8−$127.1M8
Operating cash flow−$18.8M9−$19.4M10−$46.2M11−$58M12−$50.6M12
Capital expenditure$497,00013$1.52M14$4.32M15$808,00016$578,00016
Free cash flow (derived)−$19.3M9−$20.9M10−$50.5M11−$58.9M12−$51.2M12
Total debt$017$018$2.74M19$1.32M20$1.06M20
Cash & equivalents$13.8M21$3.43M22$32.7M23$14.4M24$9.92M24
Diluted shares37.5M919,95910.3M23.2M45.8M

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
$4.77
your share of equity
Profit it earned you last year
−$27.77
Free cash flow it threw off
−$11.18
Debt you’d be carrying
$0.23

10 shares is a claim on $4.77 of net worth that earned you −$27.77 and generated −$11.18 of cash last year, against $0.23 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1728% avg · 5y
FY21 -7099%FY22 -349%FY23 -101%FY24 -283%FY25 -806%

It earned an average -1728% 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
+22% shares · 5y

Share count is up 22% 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/A · period ending 2021-12-31 · accession 0001193125-23-060159 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-012546 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-014139 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-018815 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001193125-23-060159 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-012546 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-014139 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-018815 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001193125-23-060159 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-012546 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-014139 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-018815 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001193125-23-060159 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-012546 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-014139 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-018815 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-22-002808 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-012546 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-014139 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-018815 (LongTermDebtNoncurrent)
  21. 10-K/A · period ending 2021-12-31 · accession 0001193125-23-060159 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001628280-24-012546 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001628280-25-014139 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001628280-26-018815 (CashAndCashEquivalentsAtCarryingValue)