MeritValue

Immunovant, Inc.

IMVTdata completeness 75%8 fiscal years on file

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

The thesis, from the filings

Immunovant, Inc. earns about -50% on equity, but has diluted owners by 66% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—————
Net income−$156.7M1−$211M2−$259.3M3−$413.8M3−$505.6M3
Operating cash flow−$106.1M4−$188.2M5−$214.2M6−$375.9M6−$407.3M6
Capital expenditure$254,0007$197,0008$360,0009$759,0009$8,0009
Free cash flow (derived)−$106.4M4−$188.4M5−$214.6M6−$376.6M6−$407.3M6
Total debt—————
Cash & equivalents$493.8M10$376.5M11$635.4M12$714M13$902.1M13
Diluted shares109.7M123.1M138.1M151.6M182.4M

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
$46.74
your share of equity
Profit it earned you last year
−$27.72
Free cash flow it threw off
−$22.33
Debt you’d be carrying
—

10 shares is a claim on $46.74 of net worth that earned you −$27.72 and generated −$22.33 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-50% avg · 5y
FY22 -33%FY23 -58%FY24 -42%FY25 -58%FY26 -59%

It earned an average -50% 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
+66% shares · 5y

Share count is up 66% 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 2022-03-31 · accession 0001764013-23-000065 (NetIncomeLoss)
  2. 10-K · period ending 2023-03-31 · accession 0001764013-25-000092 (NetIncomeLoss)
  3. 10-K · period ending 2024-03-31 · accession 0001764013-26-000064 (NetIncomeLoss)
  4. 10-K · period ending 2022-03-31 · accession 0001764013-23-000065 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-03-31 · accession 0001764013-25-000092 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-03-31 · accession 0001764013-26-000064 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-03-31 · accession 0001764013-23-000065 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-03-31 · accession 0001764013-25-000092 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-03-31 · accession 0001764013-26-000064 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-03-31 · accession 0001764013-23-000065 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-03-31 · accession 0001764013-24-000109 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-03-31 · accession 0001764013-25-000092 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-03-31 · accession 0001764013-26-000064 (CashAndCashEquivalentsAtCarryingValue)