MeritValue

CYPHERPUNK TECHNOLOGIES INC.

CYPHdata completeness 63%10 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

CYPHERPUNK TECHNOLOGIES INC. earns about -91% on equity, and has bought back 18% 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$1.5M1————
Net income−$40.6M2−$54.6M3−$81.4M4−$67.6M5$4.82M5
Operating cash flow−$35.2M6−$49M7−$43.8M8−$60.3M9−$43.9M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$114.9M10$65.5M11$70.6M12$47.2M13$14M13
Diluted shares85.8M11.3M20.4M37.6M70.7M

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
$21.72
your share of equity
Profit it earned you last year
$0.68
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $21.72 of net worth that earned you $0.68 last year.

iii. Is this a good business?
Moat signal · return on equity
-91% avg · 5y
FY21 -38%FY22 -93%FY23 -135%FY24 -193%FY25 3%

It earned an average -91% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−18% shares · 5y

Share count is down 18% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001104659-23-036239 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001104659-23-036239 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001410578-24-000218 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001410578-25-000454 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001104659-26-028566 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001104659-23-036239 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001410578-24-000218 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001410578-25-000454 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-028566 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001104659-23-036239 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001410578-24-000218 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001410578-25-000454 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-028566 (CashAndCashEquivalentsAtCarryingValue)