MeritValue

COMPASS Pathways plc

CMPSdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

COMPASS Pathways plc earns about -263% on invested capital, but has diluted owners by 134% 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—————
Net income−$71.7M1−$91.5M1−$118.5M2−$155.1M3−$287.9M3
Operating cash flow−$67.7M4−$105.5M4−$97.4M5−$119.2M6−$157.2M6
Capital expenditure$334,0007$596,0007$66,0008$08—
Free cash flow (derived)−$68.1M4−$106M4−$97.4M5−$119.2M6—
Total debt—$09$57.5M10$65.8M11$80.8M11
Cash & equivalents$273.2M12$143.2M12$220.2M13$165.1M14$149.6M14
Diluted shares40.0M42.4M51.0M67.5M93.5M

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
−$5.65
your share of equity
Profit it earned you last year
−$30.79
Free cash flow it threw off
—
Debt you’d be carrying
$8.64

10 shares is a claim on −$5.65 of net worth that earned you −$30.79 last year, against $8.64 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-263% avg · 5y
FY21 -506%FY22 -189%FY23 -145%FY24 -212%FY25 —

It earned an average -263% 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
+134% shares · 5y

Share count is up 134% 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 · period ending 2021-12-31 · accession 0001628280-24-007787 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-008412 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001816590-26-000020 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-007787 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-25-008412 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001816590-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-007787 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-25-008412 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-12-31 · accession 0001628280-24-007787 (LongTermDebt)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-25-008412 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2024-12-31 · accession 0001816590-26-000020 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2021-12-31 · accession 0001628280-24-007787 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001628280-25-008412 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001816590-26-000020 (CashAndCashEquivalentsAtCarryingValue)