MeritValue

CytoDyn Inc.

CYDYdata completeness 75%22 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$266,0001$01———
Net income−$210.8M2−$79.8M3−$49.8M4$3.75M5−$42.7M5
Operating cash flow−$77.7M6−$25.1M7−$11M8−$8.77M9−$17.3M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$42.2M10$45.7M11$45M12$45.4M13$38.3M13
Cash & equivalents$4.23M14$2.54M15$3.11M16$11.9M17$11.9M17
Diluted shares676.9M836.5M969.5M1.24B1.29B

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
−$0.85
your share of equity
Profit it earned you last year
−$0.33
Free cash flow it threw off
—
Debt you’d be carrying
$0.3

10 shares is a claim on −$0.85 of net worth that earned you −$0.33 last year, against $0.3 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+90% shares · 5y

Share count is up 90% over 5 years — owners have been diluted. Worth asking what they got for it. 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2022-05-31 · accession 0001558370-23-015718 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (NetIncomeLoss)
  3. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (NetIncomeLoss)
  4. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (NetIncomeLoss)
  5. 10-K · period ending 2025-05-31 · accession 0001175680-26-000014 (NetIncomeLoss)
  6. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-05-31 · accession 0001175680-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (LongTermDebt)
  11. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (LongTermDebt)
  12. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (LongTermDebt)
  13. 10-K · period ending 2025-05-31 · accession 0001175680-26-000014 (LongTermDebt)
  14. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-05-31 · accession 0001175680-26-000014 (CashAndCashEquivalentsAtCarryingValue)