MeritValue

MAXCYTE, INC.

MXCTdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MAXCYTE, INC. earns about -19% on invested capital, but has diluted owners by 17% 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$21.6M1$28.7M2$19.5M3$22.2M4$21M4
Net income−$19.1M5−$23.6M6−$37.9M7−$41.1M8−$44.6M8
Operating cash flow−$10.7M9−$14.8M10−$21.7M11−$27.6M12−$34.4M12
Capital expenditure$3.83M13$18.5M14$3.7M15$1.65M16$1.77M16
Free cash flow (derived)−$14.5M9−$33.3M10−$25.4M11−$29.3M12−$36.2M12
Total debt—————
Cash & equivalents$47.8M17$11.1M18$46.5M19$27.9M20$20.1M20
Diluted shares90.6M101.7M103.3M104.8M106.4M

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
$16.11
your share of equity
Profit it earned you last year
−$4.19
Free cash flow it threw off
−$3.4
Debt you’d be carrying
—

10 shares is a claim on $16.11 of net worth that earned you −$4.19 and generated −$3.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 —FY22 —FY23 -16%FY24 -18%FY25 -23%

It earned an average -19% 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
+17% shares · 5y

Share count is up 17% 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 0001558370-23-003911 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003001 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002721 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-034557 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003911 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003001 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002721 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-034557 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003911 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003001 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002721 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-034557 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003911 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003001 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002721 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-034557 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-003911 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-003001 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-002721 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-034557 (CashAndCashEquivalentsAtCarryingValue)