MeritValue

Cellectis S.A.

CLLSdata completeness 88%12 fiscal years on file

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

The thesis, from the filings

Cellectis S.A. earns about -301% on invested capital, but has diluted owners by 120% 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$30.3M1$19.2M2$755,0003$41.5M3$72.9M3
Net income−$114.2M4−$106.1M5−$101.1M6−$36.8M6−$67.6M6
Operating cash flow−$104.6M7−$87.4M8−$24.7M9$23M9−$39.4M9
Capital expenditure$18.5M10$2.43M11$1.07M12$2.58M12$2.36M12
Free cash flow (derived)−$123.1M7−$89.9M8−$25.8M9$20.4M9−$41.8M9
Total debt—————
Cash & equivalents$185.6M13$93.2M14$136.7M14$143.3M14$61.5M14
Diluted shares45.5M45.7M71.8M90.6M100.3M

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
$7.57
your share of equity
Profit it earned you last year
−$6.74
Free cash flow it threw off
−$4.16
Debt you’d be carrying
—

10 shares is a claim on $7.57 of net worth that earned you −$6.74 and generated −$4.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-301% avg · 5y
FY21 -214%FY22 -315%FY23 —FY24 —FY25 -374%

It earned an average -301% 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
+120% shares · 5y

Share count is up 120% 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. 20-F · period ending 2021-12-31 · accession 0000950170-24-050016 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-039038 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001193125-26-116428 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0000950170-24-050016 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-039038 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001193125-26-116428 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0000950170-24-050016 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-039038 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001193125-26-116428 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0000950170-24-050016 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0000950170-25-039038 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001193125-26-116428 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001193125-23-070116 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001193125-26-116428 (CashAndCashEquivalents)