MeritValue

Milestone Pharmaceuticals Inc.

MISTdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Milestone Pharmaceuticals Inc. earns about -109% on invested capital, but has diluted owners by 255% 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—————
Net income−$42.9M1−$58.4M2−$59.7M3−$41.5M4−$63.1M4
Operating cash flow−$33.2M5−$52.5M6−$46.4M7−$28.8M8−$49M8
Capital expenditure—$272,0009$112,00010$33,00011$302,00011
Free cash flow (derived)—−$52.7M6−$46.5M7−$28.9M8−$49.3M8
Total debt——$49.8M12$53.4M13$57.2M13
Cash & equivalents$114.1M14$7.64M15$13.8M16$25.3M17$73M17
Diluted shares29.9M34.3M33.5M53.4M106.2M

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
$3.93
your share of equity
Profit it earned you last year
−$5.94
Free cash flow it threw off
−$4.64
Debt you’d be carrying
$5.38

10 shares is a claim on $3.93 of net worth that earned you −$5.94 and generated −$4.64 of cash last year, against $5.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-109% avg · 5y
FY21 —FY22 -79%FY23 -86%FY24 -80%FY25 -192%

It earned an average -109% 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
+255% shares · 5y

Share count is up 255% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 15% 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 0001558370-23-004871 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003666 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002849 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-032415 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004871 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003666 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002849 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-032415 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-24-003666 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001558370-25-002849 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-032415 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-25-002849 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001104659-26-032415 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001558370-23-004871 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001558370-24-003666 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001558370-25-002849 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001104659-26-032415 (CashAndCashEquivalentsAtCarryingValue)