MeritValue

CytoDyn Inc.

CYDYdata completeness 75%21 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$266,0002$02——
Net income−$176.5M3−$210.8M4−$79.8M5−$49.8M6$3.75M6
Operating cash flow−$117.6M7−$77.7M8−$25.1M9−$11M10−$8.77M10
Capital expenditure$122,00011————
Free cash flow (derived)−$117.7M7————
Total debt$64.8M12$42.2M13$45.7M14$45M15$45.4M15
Cash & equivalents$33.9M16$4.23M17$2.54M18$3.11M19$11.9M19
Diluted shares587.6M676.9M836.5M969.5M1.24B

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
−$0.77
your share of equity
Profit it earned you last year
$0.03
Free cash flow it threw off
—
Debt you’d be carrying
$0.36

10 shares is a claim on −$0.77 of net worth that earned you $0.03 last year, against $0.36 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
+112% shares · 5y

Share count is up 112% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 30% — deleveraging.

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 2021-05-31 · accession 0001558370-22-013680 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-05-31 · accession 0001558370-22-013680 (NetIncomeLoss)
  4. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (NetIncomeLoss)
  5. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (NetIncomeLoss)
  6. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (NetIncomeLoss)
  7. 10-K · period ending 2021-05-31 · accession 0001558370-22-013680 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-05-31 · accession 0001558370-22-013680 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-05-31 · accession 0001558370-22-013680 (LongTermDebt)
  13. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (LongTermDebt)
  14. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (LongTermDebt)
  15. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (LongTermDebt)
  16. 10-K · period ending 2021-05-31 · accession 0001558370-22-013680 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-05-31 · accession 0001558370-23-015718 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-05-31 · accession 0001558370-24-012328 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-05-31 · accession 0001558370-25-009617 (CashAndCashEquivalentsAtCarryingValue)