MeritValue

Fortress Biotech, Inc.

FBIOdata completeness 88%19 fiscal years on file
The thesis, from the filings

Fortress Biotech, Inc. earns about -1620% on invested capital, and has bought back 66% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$63.1M1$71M2$59.7M3$55.1M4$61.2M4
Net income−$64.7M5−$86.6M6−$60.6M7−$46M8$6.82M8
Operating cash flow−$116.5M9−$179.4M10−$128.2M11−$80.2M12−$65.8M12
Capital expenditure$4.57M13$2.72M14$63,00015$015—
Free cash flow (derived)−$121.1M9−$182.1M10−$128.3M11−$80.2M12—
Total debt$42.9M16$91.7M17$60.9M18$58M19$52.4M19
Cash & equivalents$305.7M20$178.3M21$80.9M22$57.3M23$79.4M23
Diluted shares81.7M5.9M8.1M20.8M27.9M

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
$17.87
your share of equity
Profit it earned you last year
$2.44
Free cash flow it threw off
—
Debt you’d be carrying
$18.79

10 shares is a claim on $17.87 of net worth that earned you $2.44 last year, against $18.79 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1620% avg · 5y
FY21 —FY22 —FY23 -4419%FY24 -361%FY25 -81%

It earned an average -1620% 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
−66% shares · 5y

Share count is down 66% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 22% over the same window.

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 0001558370-23-005282 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004272 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004160 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-037874 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-005282 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004272 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004160 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-037874 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-005282 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004272 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004160 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-037874 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-005282 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004272 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-004160 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-005282 (LongTermDebt)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-004272 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-004160 (LongTermDebt)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-037874 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001558370-23-005282 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001558370-24-004272 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001558370-25-004160 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001104659-26-037874 (CashAndCashEquivalentsAtCarryingValue)