MeritValue

MeiraGTx Holdings plc

MGTXdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MeiraGTx Holdings plc earns about -1738% on invested capital, but has diluted owners by 82% 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$37.7M1$15.9M1$14M2$33.3M3$81.4M3
Net income−$79.6M4−$129.6M5−$84M6−$147.8M7−$114.2M7
Operating cash flow−$10.5M8−$73.1M9−$105.4M10−$104.5M11−$46.4M11
Capital expenditure$46.4M12$45M13$20.2M14$4.96M15$3.83M15
Free cash flow (derived)−$56.9M8−$118.1M9−$125.5M10−$109.5M11−$50.2M11
Total debt—————
Cash & equivalents$137.7M16$115.5M17$129.6M18$103.7M19$65.9M19
Diluted shares44.1M45.2M56.5M69.8M80.4M

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
−$0.72
your share of equity
Profit it earned you last year
−$14.2
Free cash flow it threw off
−$6.24
Debt you’d be carrying
—

10 shares is a claim on −$0.72 of net worth that earned you −$14.2 and generated −$6.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1738% avg · 5y
FY21 -131%FY22 -4432%FY23 -649%FY24 —FY25 —

It earned an average -1738% 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
+82% shares · 5y

Share count is up 82% 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 2021-12-31 · accession 0001558370-23-003674 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001558370-25-002867 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-036494 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-23-003674 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-24-003309 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001558370-25-002867 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-036494 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001558370-23-003674 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-24-003309 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-002867 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-036494 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-003674 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-003309 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-002867 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-036494 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-003674 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-003309 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-002867 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-036494 (CashAndCashEquivalentsAtCarryingValue)