MeritValue

GH Research PLC

GHRSdata completeness 88%7 fiscal years on file

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

The thesis, from the filings

GH Research PLC earns about -403% on invested capital, but has diluted owners by 19% 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—————
Net income−$9.2M1−$22.5M2−$35.6M3−$39M3−$48.3M3
Operating cash flow−$15.3M4−$26.2M5−$33.3M6−$42.3M6−$43.6M6
Capital expenditure$104,0007$67,0008$100,0009$49,0009$121,0009
Free cash flow (derived)−$15.4M4−$26.3M5−$33.4M6−$42.3M6−$43.7M6
Total debt$010$011$012$013$014
Cash & equivalents$276.8M15$166M16$78.4M16$100.8M16$246.3M16
Diluted shares52.0M52.0M52.0M52.0M62.0M

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
$45.09
your share of equity
Profit it earned you last year
−$7.78
Free cash flow it threw off
−$7.04
Debt you’d be carrying
$0

10 shares is a claim on $45.09 of net worth that earned you −$7.78 and generated −$7.04 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-403% avg · 5y
FY21 -1822%FY22 -21%FY23 -20%FY24 -39%FY25 -114%

It earned an average -403% 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
+19% shares · 5y

Share count is up 19% 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. 20-F · period ending 2021-12-31 · accession 0001140361-24-011866 (ProfitLossAttributableToOwnersOfParent)
  2. 20-F/A · period ending 2022-12-31 · accession 0001140361-25-027850 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-12-31 · accession 0001140361-26-007986 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2021-12-31 · accession 0001140361-24-011866 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F/A · period ending 2022-12-31 · accession 0001140361-25-027850 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001140361-26-007986 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001140361-24-011866 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F/A · period ending 2022-12-31 · accession 0001140361-25-027850 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001140361-26-007986 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001140361-22-011275 (Borrowings)
  11. 20-F/A · period ending 2022-12-31 · accession 0001140361-23-028081 (Borrowings)
  12. 20-F · period ending 2023-12-31 · accession 0001140361-24-011866 (Borrowings)
  13. 20-F/A · period ending 2024-12-31 · accession 0001140361-25-027850 (Borrowings)
  14. 20-F · period ending 2025-12-31 · accession 0001140361-26-007986 (Borrowings)
  15. 20-F/A · period ending 2021-12-31 · accession 0001140361-25-027850 (CashAndCashEquivalents)
  16. 20-F · period ending 2022-12-31 · accession 0001140361-26-007986 (CashAndCashEquivalents)