MeritValue

Citius Pharmaceuticals, Inc.

CTXRdata completeness 75%17 fiscal years on file
The thesis, from the filings

Citius Pharmaceuticals, Inc. earns about -33% on invested capital, and has bought back 90% 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$90,0001$90,0001———
Net income−$23.1M2−$33.6M3−$32.5M3−$39.4M4−$39.7M4
Operating cash flow−$24.3M5−$28.4M6−$29.1M7−$28.2M8−$26.6M8
Capital expenditure$6,9389————
Free cash flow (derived)−$24.3M5————
Total debt————$300M10
Cash & equivalents$70.1M11$41.7M12$26.5M13$3.25M14$4.25M14
Diluted shares108.6M146.1M6.1M6.7M11.1M

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
$61.05
your share of equity
Profit it earned you last year
−$35.91
Free cash flow it threw off
—
Debt you’d be carrying
$271.12

10 shares is a claim on $61.05 of net worth that earned you −$35.91 last year, against $271.12 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-33% avg · 5y
FY21 -29%FY22 -43%FY23 -39%FY24 -46%FY25 -8%

It earned an average -33% 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
−90% shares · 5y

Share count is down 90% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2021-09-30 · accession 0001213900-22-082217 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2021-09-30 · accession 0001213900-22-082217 (NetIncomeLoss)
  3. 10-K · period ending 2022-09-30 · accession 0001213900-23-099889 (NetIncomeLoss)
  4. 10-K · period ending 2024-09-30 · accession 0001213900-25-125333 (ProfitLoss)
  5. 10-K · period ending 2021-09-30 · accession 0001213900-22-082217 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-09-30 · accession 0001213900-23-099889 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-09-30 · accession 0001213900-24-113149 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-09-30 · accession 0001213900-25-125333 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-09-30 · accession 0001213900-22-082217 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2025-09-30 · accession 0001213900-25-125333 (CommercialPaper)
  11. 10-K · period ending 2021-09-30 · accession 0001213900-22-082217 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-09-30 · accession 0001213900-23-099889 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-09-30 · accession 0001213900-24-113149 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-09-30 · accession 0001213900-25-125333 (CashAndCashEquivalentsAtCarryingValue)