MeritValue

Metagenomi Therapeutics, Inc.

MGXdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Metagenomi Therapeutics, Inc. earns about -46% on invested capital, but has diluted owners by 994% over 3 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 2023FY 2024FY 2025
Revenue$44.8M1$52.3M2$25.2M2
Net income−$68.3M3−$78.1M4−$87.9M4
Operating cash flow−$91.4M5−$109.1M6−$88.9M6
Capital expenditure$9.81M7$3.11M8$574,0008
Free cash flow (derived)−$101.2M5−$112.2M6−$89.5M6
Total debt———
Cash & equivalents$140.6M9$27.4M10$41.7M10
Diluted shares3.4M33.0M37.3M

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
$42.57
your share of equity
Profit it earned you last year
−$23.59
Free cash flow it threw off
−$24.02
Debt you’d be carrying
—

10 shares is a claim on $42.57 of net worth that earned you −$23.59 and generated −$24.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-46% avg · 3y
FY23 —FY24 -32%FY25 -59%

It earned an average -46% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+994% shares · 3y

Share count is up 994% over 3 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 2023-12-31 · accession 0000950170-25-040217 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-093976 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-040217 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-093976 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-040217 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-093976 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-040217 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-093976 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-040217 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-093976 (CashAndCashEquivalentsAtCarryingValue)