MeritValue

Evotec SE

EVOdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Evotec SE earns about -2% on invested capital, but has diluted owners by 15% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue€500.9M1€618M2€751.4M3€781.4M3€797M3
Net income€6.28M4€215.5M4−€175.7M4−€83.9M5−€196.1M5
Operating cash flow€44.7M6€126.6M7€205.8M8€36.4M8€18.2M8
Capital expenditure€99.1M9€118.9M10€181.4M11€213.3M11€117.5M11
Free cash flow (derived)−€54.4M6€7.66M7€24.5M8−€176.9M8−€99.2M8
Total debt—€362.5M12€329.9M13€437.1M14€287.6M14
Cash & equivalents€422.6M15€699.3M16€415.2M16€510.9M16€306.4M16
Diluted shares153.8M176.6M177.0M177.2M177.6M

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
€53.65
your share of equity
Profit it earned you last year
−€11.04
Free cash flow it threw off
−€5.59
Debt you’d be carrying
€16.2

10 shares is a claim on €53.65 of net worth that earned you −€11.04 and generated −€5.59 of cash last year, against €16.2 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY20 4%FY21 21%FY22 -11%FY23 -6%FY24 -16%

It earned an average -2% 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
+15% shares · 5y

Share count is up 15% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 21% — deleveraging.

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. 20-F · period ending 2020-12-31 · accession 0001104659-23-059900 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001104659-24-089121 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001104659-25-035638 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001104659-23-059900 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2023-12-31 · accession 0001104659-25-035638 (ProfitLoss)
  6. 20-F · period ending 2020-12-31 · accession 0001104659-23-059900 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-089121 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001104659-25-035638 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2020-12-31 · accession 0001104659-23-059900 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-089121 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001104659-25-035638 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2021-12-31 · accession 0001104659-23-059900 (Borrowings)
  13. 20-F · period ending 2022-12-31 · accession 0001104659-24-089121 (Borrowings)
  14. 20-F · period ending 2023-12-31 · accession 0001104659-25-035638 (Borrowings)
  15. 20-F · period ending 2020-12-31 · accession 0001104659-24-089121 (CashAndCashEquivalents)
  16. 20-F · period ending 2021-12-31 · accession 0001104659-25-035638 (CashAndCashEquivalents)