MeritValue

NewAmsterdam Pharma Co N.V.

NAMSdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

NewAmsterdam Pharma Co N.V. earns about -32% on equity, but has diluted owners by 979% 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—$102.7M1$14.1M2$45.6M2$22.5M2
Net income−$41.8M3−$22.6M4−$176.9M5−$241.6M5−$203.8M5
Operating cash flow−$29.5M6$10.7M7−$141.2M8−$158.6M8−$147.8M8
Capital expenditure$24,0009$221,00010$24,00011$672,00011$246,00011
Free cash flow (derived)−$29.5M6$10.4M7−$141.2M8−$159.2M8−$148M8
Total debt—————
Cash & equivalents$53.1M12$438.5M12$340.5M13$771.7M13$490M13
Diluted shares11.0M19.0M82.2M94.4M118.4M

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
$57.71
your share of equity
Profit it earned you last year
−$17.21
Free cash flow it threw off
−$12.5
Debt you’d be carrying
—

10 shares is a claim on $57.71 of net worth that earned you −$17.21 and generated −$12.5 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-32% avg · 5y
FY21 —FY22 -5%FY23 -61%FY24 -32%FY25 -30%

It earned an average -32% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+979% shares · 5y

Share count is up 979% 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 2022-12-31 · accession 0000950170-25-027339 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-056029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-24-021668 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-25-027339 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001193125-26-056029 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-24-021668 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-25-027339 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001193125-26-056029 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-24-021668 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-25-027339 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-056029 (PaymentsToAcquireProductiveAssets)
  12. 20-F/A · period ending 2021-12-31 · accession 0000950170-24-117574 (CashAndCashEquivalents)
  13. 10-K · period ending 2023-12-31 · accession 0001193125-26-056029 (CashAndCashEquivalentsAtCarryingValue)