MeritValue

Cryoport, Inc.

CYRXdata completeness 88%16 fiscal years on file
The thesis, from the filings

Cryoport, Inc. earns about -19% on invested capital, but has diluted owners by 9% 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$222.6M1$237.3M2$168.7M3$156.8M3$176.2M3
Net income−$275.5M4−$37.3M5−$99.6M6−$114.8M6$78.3M6
Operating cash flow$8.13M7−$1.85M8−$757,0009−$16.3M9−$8.58M9
Capital expenditure$23.9M10$22.1M11$38.8M12$17.3M12$16.4M12
Free cash flow (derived)−$15.8M7−$24M8−$39.5M9−$33.6M9−$25M9
Total debt—————
Cash & equivalents$139.1M13$29.2M14$35.2M14$34.1M14$250.5M14
Diluted shares45.9M49.0M48.7M49.3M50.1M

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
$100.38
your share of equity
Profit it earned you last year
$15.64
Free cash flow it threw off
−$5
Debt you’d be carrying
—

10 shares is a claim on $100.38 of net worth that earned you $15.64 and generated −$5 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 -42%FY22 -4%FY23 -14%FY24 -22%FY25 -10%

It earned an average -19% 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
+9% shares · 5y

Share count is up 9% 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
$17.78
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 0001558370-24-003128 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-002509 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-024180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-003128 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-002509 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-024180 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-003128 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-002509 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-024180 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-003128 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-002509 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-024180 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-23-000188 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001104659-26-024180 (CashAndCashEquivalentsAtCarryingValue)