MeritValue

Celularity Inc

CELUdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Celularity Inc earns about -238% on invested capital, and has bought back 62% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$21.3M1$18M2$22.8M3$54.2M4$26.6M4
Net income−$100.1M5$14.2M6−$196.3M7−$57.9M8−$91.7M8
Operating cash flow−$110.1M9−$137.9M10−$38.7M11−$6.4M12−$13.3M12
Capital expenditure$6.2M13$5.24M14$1.05M15$161,00016—
Free cash flow (derived)−$116.3M9−$143.1M10−$39.7M11−$6.56M12—
Total debt—$37.6M17$17.2M17——
Cash & equivalents$37.2M18$14M19$227,00020$738,00021$6.18M21
Diluted shares67.1M15.0M17.8M21.9M25.6M

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
−$14.87
your share of equity
Profit it earned you last year
−$35.83
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$14.87 of net worth that earned you −$35.83 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-238% avg · 5y
FY21 -127%FY22 6%FY23 -268%FY24 -565%FY25 —

It earned an average -238% 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
−62% shares · 5y

Share count is down 62% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 54% — deleveraging.

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 0000950170-23-011440 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-087886 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-009319 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-020424 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-011440 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-087886 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-009319 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-020424 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-011440 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-087886 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-009319 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-020424 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-011440 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-087886 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-009319 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-020424 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-087886 (ShortTermBorrowings)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-011440 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-087886 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-009319 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-020424 (CashAndCashEquivalentsAtCarryingValue)