MeritValue

MUSTANG BIO, INC.

MBIOdata completeness 63%10 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

MUSTANG BIO, INC. earns about -10550% on equity, and has bought back 94% 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—————
Net income−$66.4M1−$77.5M2−$51.6M3−$15.8M4−$1.92M4
Operating cash flow−$53.7M5−$65.1M6−$49.5M7−$11.4M8−$5.26M8
Capital expenditure$3.99M9$2.71M10$64,00011$011—
Free cash flow (derived)−$57.7M5−$67.8M6−$49.5M7−$11.4M8—
Total debt—————
Cash & equivalents$109.6M12$75.7M13$6.23M14$6.84M15$17.3M15
Diluted shares87.9M7.7M172,031609,6964.9M

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
$19.41
your share of equity
Profit it earned you last year
−$3.91
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $19.41 of net worth that earned you −$3.91 last year.

iii. Is this a good business?
Moat signal · return on equity
-10550% avg · 5y
FY21 -59%FY22 -168%FY23 -41953%FY24 —FY25 -20%

It earned an average -10550% 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
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001558370-23-004979 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002899 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003913 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-032063 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004979 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002899 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003913 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-032063 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004979 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002899 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003913 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-004979 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-002899 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-003913 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-032063 (CashAndCashEquivalentsAtCarryingValue)