MeritValue

Genenta Science S.p.A.

GNTAdata completeness 63%7 fiscal years on file

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

The thesis, from the filings

Genenta Science S.p.A. earns about -36% on invested capital, but has diluted owners by 31% 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−$5.53M1−$8.48M2−$11.6M3−$8.91M3−$6.53M3
Operating cash flow−$6.96M4−$7.42M5−$11.2M6−$6.24M6−$6.87M6
Capital expenditure$9,0097$27,0708$13,7919$4,4689$7,6259
Free cash flow (derived)−$6.97M4−$7.45M5−$11.2M6−$6.24M6−$6.88M6
Total debt—————
Cash & equivalents$25.7M10————
Diluted shares15.1M18.2M18.2M18.3M19.7M

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
$11.08
your share of equity
Profit it earned you last year
−$3.31
Free cash flow it threw off
−$3.49
Debt you’d be carrying
—

10 shares is a claim on $11.08 of net worth that earned you −$3.31 and generated −$3.49 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-36% avg · 5y
FY21 -33%FY22 -22%FY23 -45%FY24 -56%FY25 -24%

It earned an average -36% 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
+31% shares · 5y

Share count is up 31% 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 0001493152-24-011999 (NetIncomeLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-001207 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-014387 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-011999 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-001207 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-014387 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-011999 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-001207 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-014387 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-22-011671 (CashAndCashEquivalentsAtCarryingValue)