MeritValue

CytoMed Therapeutics Ltd

GDTCdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

CytoMed Therapeutics Ltd earns about -61% on invested capital, but has diluted owners by 49% over 4 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 2022FY 2023FY 2024FY 2025
Revenue——$50,8721$252,2652
Net income−$2.34M3−$3.13M4−$1.84M5−$3.1M6
Operating cash flow−$1.04M7−$2.6M8−$1.98M9−$2.88M10
Capital expenditure$353,47311$44,18612$1.02M13$496,03414
Free cash flow (derived)−$1.4M7−$2.65M8−$3.01M9−$3.37M10
Total debt————
Cash & equivalents$1.2M15$4.56M16$3.65M17$1.63M17
Diluted shares7.9M10.6M11.5M11.8M

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
$4.3
your share of equity
Profit it earned you last year
−$2.62
Free cash flow it threw off
−$2.85
Debt you’d be carrying
—

10 shares is a claim on $4.3 of net worth that earned you −$2.62 and generated −$2.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-61% avg · 4y
FY22 —FY23 -62%FY24 -50%FY25 -71%

It earned an average -61% 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
+49% shares · 4y

Share count is up 49% over 4 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. 20-F · period ending 2024-12-31 · accession 0001641172-25-006458 (Revenue)
  2. 20-F · period ending 2025-12-31 · accession 0001493152-26-013813 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001493152-23-015042 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-24-015594 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-006458 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2025-12-31 · accession 0001493152-26-013813 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2022-12-31 · accession 0001493152-23-015042 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001493152-24-015594 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2024-12-31 · accession 0001641172-25-006458 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-013813 (CashFlowsFromUsedInOperatingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001493152-23-015042 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-24-015594 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2024-12-31 · accession 0001641172-25-006458 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 20-F · period ending 2025-12-31 · accession 0001493152-26-013813 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 20-F · period ending 2022-12-31 · accession 0001493152-24-015594 (CashAndCashEquivalents)
  16. 20-F · period ending 2023-12-31 · accession 0001641172-25-006458 (CashAndCashEquivalents)
  17. 20-F · period ending 2024-12-31 · accession 0001493152-26-013813 (CashAndCashEquivalents)