MeritValue

PMGC Holdings Inc.

ELABdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

PMGC Holdings Inc. earns about -183% on invested capital, and has bought back 100% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue$766,2771$1.71M1—$590,0842
Net income−$1.8M3−$4.3M4−$6.25M5−$7.75M5
Operating cash flow−$1.59M6−$4.56M7−$5.49M8−$5.93M8
Capital expenditure—$11,1919$9,16010$442,25510
Free cash flow (derived)—−$4.57M7−$5.5M8−$6.38M8
Total debt————
Cash & equivalents$1.15M11$3.33M12$3.98M12$5.4M13
Diluted shares9.5M7,67694720,352

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
$3,850.91
your share of equity
Profit it earned you last year
−$3,806.9
Free cash flow it threw off
−$3,132.93
Debt you’d be carrying
—

10 shares is a claim on $3,850.91 of net worth that earned you −$3,806.9 and generated −$3,132.93 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-183% avg · 4y
FY22 —FY23 —FY24 -119%FY25 -248%

It earned an average -183% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 4y

Share count is down 100% over 4 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
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 2022-12-31 · accession 0001213900-24-027576 (Revenues)
  2. 10-K · period ending 2025-12-31 · accession 0001213900-26-035937 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-027576 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001013762-25-003553 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-035937 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-027576 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-003553 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-035937 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001013762-25-003553 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-035937 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001013762-25-003553 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-12-31 · accession 0001013762-25-003553 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-12-31 · accession 0001213900-26-035937 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)