MeritValue

MYRIAD GENETICS INC

MYGNdata completeness 88%18 fiscal years on file
The thesis, from the filings

MYRIAD GENETICS INC earns about -26% on invested capital, but has diluted owners by 19% 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$690.6M1$678.4M2$753.2M3$837.6M3$824.5M3
Net income−$27.2M4−$112M5−$263.3M6−$127.3M6−$365.9M6
Operating cash flow$18.6M7−$106.3M8−$110.9M9−$8.7M9$1.8M9
Capital expenditure$18M10$45.3M10———
Free cash flow (derived)$600,0007−$151.6M8———
Total debt$011$012$38.5M13$39.6M14$239.8M14
Cash & equivalents$257.4M15$56.9M16$132.1M17$102.4M17$149.6M17
Diluted shares78.0M80.6M82.8M90.6M92.6M

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
$39.74
your share of equity
Profit it earned you last year
−$39.51
Free cash flow it threw off
—
Debt you’d be carrying
$25.9

10 shares is a claim on $39.74 of net worth that earned you −$39.51 last year, against $25.9 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-26% avg · 5y
FY21 -6%FY22 -13%FY23 -30%FY24 -15%FY25 -68%

It earned an average -26% 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
+19% shares · 5y

Share count is up 19% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 0000899923-24-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000899923-25-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000899923-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000899923-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000899923-25-000019 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000899923-26-000018 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000899923-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000899923-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000899923-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000899923-23-000011 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2021-12-31 · accession 0000899923-22-000033 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2022-12-31 · accession 0000899923-24-000018 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-12-31 · accession 0000899923-25-000019 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0000899923-26-000018 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0000899923-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000899923-25-000019 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000899923-26-000018 (CashAndCashEquivalentsAtCarryingValue)