MeritValue

Immunocore Holdings plc

IMCRdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Immunocore Holdings plc earns about -26% on equity, but has diluted owners by 18% 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$4.08M1$174.4M2$249.4M3$310.2M3$400M3
Net income−$180M4−$52.5M5−$55.3M6−$51.1M6−$35.5M6
Operating cash flow−$143.1M7−$49.2M8$2.94M9$26.1M9−$10.7M9
Capital expenditure$1.39M10$2.2M11$5.43M12$5.17M12$4.34M12
Free cash flow (derived)−$144.5M7−$51.4M8−$2.49M9$20.9M9−$15.1M9
Total debt—————
Cash & equivalents$321.1M13$402.5M14$442.6M15$455.7M16$467.7M16
Diluted shares42.5M45.7M48.9M50.0M50.3M

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
$75.68
your share of equity
Profit it earned you last year
−$7.05
Free cash flow it threw off
−$2.99
Debt you’d be carrying
—

10 shares is a claim on $75.68 of net worth that earned you −$7.05 and generated −$2.99 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-26% avg · 5y
FY21 -77%FY22 -16%FY23 -15%FY24 -14%FY25 -9%

It earned an average -26% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+18% shares · 5y

Share count is up 18% 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 2021-12-31 · accession 0001140361-24-009921 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001671927-25-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001671927-26-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001140361-24-009921 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001671927-25-000006 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001671927-26-000005 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001140361-24-009921 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001671927-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001671927-26-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001140361-24-009921 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001671927-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001671927-26-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001671927-25-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-009921 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001671927-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001671927-26-000005 (CashAndCashEquivalentsAtCarryingValue)