MeritValue

Legend Biotech Corp

LEGNdata completeness 100%8 fiscal years on file
The thesis, from the filings

Legend Biotech Corp earns about -114% on invested capital, but has diluted owners by 20% 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$68.8M1$117M2$285.1M2$627.2M2$1.03B3
Net income−$403.6M4−$446.3M5−$518.3M5−$177M5−$296.8M6
Operating cash flow−$198.5M7−$201.3M8−$393.3M9−$144M9−$100.2M9
Capital expenditure$42.2M10$20.9M11$20.1M12$14.1M12$28.6M12
Free cash flow (derived)−$240.7M7−$222.2M8−$413.4M9−$158.1M9−$128.8M9
Total debt$119.7M13$250M14$250M15$250M16$319.1M17
Cash & equivalents$688.9M18$786M19$1.28B19$286.7M19$901.9M19
Diluted shares308.5M330.1M363.8M367.3M369.9M

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
$27.09
your share of equity
Profit it earned you last year
−$8.02
Free cash flow it threw off
−$3.48
Debt you’d be carrying
$8.63

10 shares is a claim on $27.09 of net worth that earned you −$8.02 and generated −$3.48 of cash last year, against $8.63 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-114% avg · 5y
FY21 -163%FY22 -165%FY23 -177%FY24 -11%FY25 -53%

It earned an average -114% 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
+20% shares · 5y

Share count is up 20% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 167% 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. 20-F · period ending 2021-12-31 · accession 0001801198-24-000021 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001801198-25-000012 (Revenue)
  3. 20-F · period ending 2025-12-31 · accession 0001801198-26-000008 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-12-31 · accession 0001801198-24-000021 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001801198-25-000012 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2025-12-31 · accession 0001801198-26-000008 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001801198-24-000021 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001801198-25-000012 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001801198-26-000008 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001801198-24-000021 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001801198-25-000012 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001801198-26-000008 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F/A · period ending 2021-12-31 · accession 0001564590-23-002041 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001801198-23-000019 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001801198-24-000021 (Borrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001801198-25-000012 (Borrowings)
  17. 20-F · period ending 2025-12-31 · accession 0001801198-26-000008 (Borrowings)
  18. 20-F · period ending 2021-12-31 · accession 0001801198-25-000012 (CashAndCashEquivalents)
  19. 20-F · period ending 2022-12-31 · accession 0001801198-26-000008 (CashAndCashEquivalents)