MeritValue

Korro Bio, Inc.

KRROdata completeness 88%9 fiscal years on file
The thesis, from the filings

Korro Bio, Inc. earns about -693% on invested capital, and has bought back 73% of its shares over 5 years. 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$14.1M1$01$02$2.27M3$6.39M3
Net income−$84.7M4−$58M5−$81.2M6−$83.6M7−$117.3M7
Operating cash flow−$76.1M8−$53.6M9−$67.3M10−$60.1M11−$78.6M11
Capital expenditure$2.91M12$5.14M13$7.84M14$17.9M15$518,00015
Free cash flow (derived)−$79M8−$58.8M9−$75.1M10−$78M11−$79.1M11
Total debt$833,00016$10M16———
Cash & equivalents$79.6M17$36.3M18$166.2M19$55.6M20$21.8M20
Diluted shares34.6M255,1751.5M8.9M9.4M

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
$54.75
your share of equity
Profit it earned you last year
−$124.81
Free cash flow it threw off
−$84.17
Debt you’d be carrying
—

10 shares is a claim on $54.75 of net worth that earned you −$124.81 and generated −$84.17 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-693% avg · 5y
FY21 —FY22 —FY23 -1704%FY24 -63%FY25 -311%

It earned an average -693% 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
−73% shares · 5y

Share count is down 73% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 1100% over the same window.

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 0000950170-23-007140 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-040759 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-104156 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-007140 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-036396 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-040759 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-104156 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-007140 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-036396 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-040759 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-104156 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-007140 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-036396 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-040759 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-104156 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-007140 (LongTermDebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-007140 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-036396 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-040759 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-104156 (CashAndCashEquivalentsAtCarryingValue)