MeritValue

Coherus Oncology, Inc.

CHRSdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Coherus Oncology, Inc. earns about -9% on equity, but has diluted owners by 55% 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$326.6M1$211M2$257.2M2$26.4M3$42.2M3
Net income−$287.1M4−$291.8M5−$237.9M5$28.5M6$168M6
Operating cash flow−$37.4M7−$241.1M8−$174.9M8−$20.4M9−$138.5M9
Capital expenditure$1.29M10$2.04M10$286,00010——
Free cash flow (derived)−$38.7M7−$243.2M8−$175.2M8——
Total debt—————
Cash & equivalents$417.2M11$63.5M11$102.9M11$126M12$88.9M12
Diluted shares75.4M77.6M94.2M114.6M117.1M

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
$5.21
your share of equity
Profit it earned you last year
$14.34
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $5.21 of net worth that earned you $14.34 last year.

iii. Is this a good business?
Moat signal · return on equity
-9% avg · 5y
FY21 -294%FY22 —FY23 —FY24 —FY25 275%

It earned an average -9% 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
+55% shares · 5y

Share count is up 55% 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
$4.09
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-003436 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-003126 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-025308 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-003436 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-003126 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-025308 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-003436 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-003126 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-025308 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-003436 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-25-003126 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-025308 (CashAndCashEquivalentsAtCarryingValue)