Immatics N.V.

IMTXdata completeness 75%8 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

Immatics N.V. earns about -16% on invested capital, but has diluted owners by 113% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$93.3M¹	$27.7M²	−$94.6M²	$15.2M³	−$196.4M³
Operating cash flow	−$84.7M⁴	$100.1M⁵	$18.2M⁶	−$158M⁶	−$176.6M⁶
Capital expenditure	$5.11M⁷	$5.74M⁸	$30.8M⁹	$16.3M⁹	$6.56M⁹
Free cash flow (derived)	−$89.9M⁴	$94.4M⁵	−$12.6M⁶	−$174.3M⁶	−$183.2M⁶
Total debt	—	—	—	—	—
Cash & equivalents	$133M¹⁰	$148.5M¹¹	$218.5M¹¹	$236.7M¹¹	$345.9M¹¹
Diluted shares	62.9M	76.7M	84.7M	121.6M	134.1M

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

Net assets behind them

$36.11

your share of equity

Profit it earned you last year

−$14.65

Free cash flow it threw off

−$13.66

Debt you’d be carrying

—

10 shares is a claim on $36.11 of net worth that earned you −$14.65 and generated −$13.66 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-16% avg · 5y

FY21 —FY22 61%FY23 —FY24 5%FY25 -113%

It earned an average -16% 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

+113% shares · 5y

Share count is up 113% 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

20-F · period ending 2021-12-31 · accession 0001193125-23-076227 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2022-12-31 · accession 0000950170-25-045724 (ProfitLossAttributableToOwnersOfParent)
20-F · period ending 2024-12-31 · accession 0001193125-26-092529 (ProfitLoss)
20-F · period ending 2021-12-31 · accession 0001193125-24-073296 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0000950170-25-045724 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2023-12-31 · accession 0001193125-26-092529 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2021-12-31 · accession 0001193125-24-073296 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2022-12-31 · accession 0000950170-25-045724 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2023-12-31 · accession 0001193125-26-092529 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2021-12-31 · accession 0000950170-25-045724 (CashAndCashEquivalents)
20-F · period ending 2022-12-31 · accession 0001193125-26-092529 (CashAndCashEquivalents)