MeritValue

Monte Rosa Therapeutics, Inc.

GLUEdata completeness 88%6 fiscal years on file

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

The thesis, from the filings

Monte Rosa Therapeutics, Inc. earns about -93% on invested capital, but has diluted owners by 232% 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——$01$75.6M2$123.7M2
Net income−$74M3−$108.5M4−$135.4M5−$72.7M6−$38.6M6
Operating cash flow−$59.4M7−$92.5M8−$43.8M9$42M10−$22.8M10
Capital expenditure$9.73M11$12.9M12$19M13$3.99M14$4.7M14
Free cash flow (derived)−$69.1M7−$105.4M8−$62.8M9$38M10−$27.5M10
Total debt—————
Cash & equivalents$346.1M15$54.9M16$128.1M17$224.3M18$129.9M18
Diluted shares25.0M47.2M51.4M73.9M83.1M

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
$28.05
your share of equity
Profit it earned you last year
−$4.65
Free cash flow it threw off
−$3.31
Debt you’d be carrying
—

10 shares is a claim on $28.05 of net worth that earned you −$4.65 and generated −$3.31 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-93% avg · 5y
FY21 —FY22 -40%FY23 -209%FY24 —FY25 -30%

It earned an average -93% 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
+232% shares · 5y

Share count is up 232% 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. 10-K · period ending 2023-12-31 · accession 0000950170-25-042344 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-109360 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-23-008440 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-031150 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-042344 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-109360 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-008440 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-031150 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-042344 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-109360 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-008440 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-031150 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-042344 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-109360 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-23-008440 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000950170-24-031150 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-042344 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-109360 (CashAndCashEquivalentsAtCarryingValue)