MeritValue

Editas Medicine, Inc.

EDITdata completeness 100%12 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Editas Medicine, Inc. earns about -181% on equity, but has diluted owners by 31% 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$25.5M1$19.7M2$78.1M2$32.3M3$40.5M3
Net income−$192.5M4−$220.4M5−$153.2M5−$237.1M6−$160.1M6
Operating cash flow−$163.8M7−$177.3M8−$132.2M8−$210.3M9−$165.2M9
Capital expenditure$7.98M10$4.12M11$4.72M11$8.83M12$607,00012
Free cash flow (derived)−$171.8M7−$181.5M8−$136.9M8−$219.1M9−$165.8M9
Total debt——$013$114.9M14$58.6M14
Cash & equivalents$203.5M15$141.5M16$123.7M16$131.5M17$146.6M17
Diluted shares67.6M68.7M76.0M82.3M88.7M

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
$3.07
your share of equity
Profit it earned you last year
−$18.04
Free cash flow it threw off
−$18.69
Debt you’d be carrying
$6.6

10 shares is a claim on $3.07 of net worth that earned you −$18.04 and generated −$18.69 of cash last year, against $6.6 of debt.

iii. Is this a good business?
Moat signal · return on equity
-181% avg · 5y
FY21 -35%FY22 -61%FY23 -44%FY24 -177%FY25 -587%

It earned an average -181% 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
+31% shares · 5y

Share count is up 31% 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 0001650664-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001650664-25-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001650664-26-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001650664-24-000008 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001650664-25-000022 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001650664-26-000017 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001650664-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001650664-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001650664-26-000017 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001650664-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001650664-25-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001650664-26-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001650664-25-000022 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001650664-26-000017 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001558370-23-001764 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001650664-25-000022 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001650664-26-000017 (CashAndCashEquivalentsAtCarryingValue)