MeritValue

CRISPR Therapeutics AG

CRSPdata completeness 88%12 fiscal years on file

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

The thesis, from the filings

CRISPR Therapeutics AG earns about -12% on invested capital, but has diluted owners by 12% 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$915M1$1.2M2$371.2M3$37.3M3$3.51M3
Net income$377.7M4−$650.2M5−$153.6M6−$366.3M6−$581.6M6
Operating cash flow$539M7−$495.7M8−$260.4M9−$142.8M9−$345M9
Capital expenditure$81.7M10$37.2M11$9.47M12$1.9M12$914,00012
Free cash flow (derived)$457.3M7−$532.9M8−$269.8M9−$144.7M9−$345.9M9
Total debt—————
Cash & equivalents$923M13$211.9M14$389.5M15$298.3M15$347.6M15
Diluted shares80.4M77.7M79.2M84.4M89.9M

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
$213.71
your share of equity
Profit it earned you last year
−$64.68
Free cash flow it threw off
−$38.47
Debt you’d be carrying
—

10 shares is a claim on $213.71 of net worth that earned you −$64.68 and generated −$38.47 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY21 26%FY22 -31%FY23 -8%FY24 -18%FY25 -29%

It earned an average -12% 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
+12% shares · 5y

Share count is up 12% 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 0000950170-24-017571 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-017899 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-048957 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-017571 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-017899 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-048957 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-017571 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-017899 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-048957 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-017571 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-017899 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-048957 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-017571 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-017899 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-048957 (CashAndCashEquivalentsAtCarryingValue)