MeritValue

Dyne Therapeutics, Inc.

DYNdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Dyne Therapeutics, Inc. earns about -92% on equity, but has diluted owners by 220% 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—————
Net income−$149.3M1−$168.1M2−$235.9M3−$317.4M3−$446.2M3
Operating cash flow−$119.6M4−$153.6M5−$188.2M6−$292.4M6−$403.2M6
Capital expenditure$3.62M7$3.07M8$729,0009$2.38M9$1.92M9
Free cash flow (derived)−$123.2M4−$156.7M5−$188.9M6−$294.7M6−$405.1M6
Total debt———$010$148.9M10
Cash & equivalents$200.8M11$172.1M12$121.6M13$435.4M14$893.4M14
Diluted shares51.6M55.6M61.5M102.3M165.0M

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
$58.93
your share of equity
Profit it earned you last year
−$27.05
Free cash flow it threw off
−$24.56
Debt you’d be carrying
$9.03

10 shares is a claim on $58.93 of net worth that earned you −$27.05 and generated −$24.56 of cash last year, against $9.03 of debt.

iii. Is this a good business?
Moat signal · return on equity
-92% avg · 5y
FY21 -41%FY22 -67%FY23 -258%FY24 -50%FY25 -46%

It earned an average -92% 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
+220% shares · 5y

Share count is up 220% 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
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 2021-12-31 · accession 0000950170-23-005708 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-028356 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-084178 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-005708 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-028356 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-084178 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-005708 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-028356 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-084178 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-084178 (LongTermDebt)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-005708 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-025402 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-028356 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-084178 (CashAndCashEquivalentsAtCarryingValue)