MeritValue

Nanobiotix S.A.

NBTXdata completeness 88%8 fiscal years on file

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

The thesis, from the filings

Nanobiotix S.A. earns about -176% on equity, but has diluted owners by 39% 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€2.65M1€4.78M2€36.2M3−€7.19M3€32.6M3
Net income−€47.1M4−€57M5−€39.7M6−€68.1M6−€24M6
Operating cash flow−€29.9M7−€37.1M8−€12.5M9−€19.6M9−€33.4M9
Capital expenditure€228,00010€92,00011€328,00012€846,00012€538,00012
Free cash flow (derived)−€30.1M7−€37.2M8−€12.8M9−€20.4M9−€34M9
Total debt—————
Cash & equivalents€83.9M13€41.4M14€75.3M14€49.7M14€52.8M14
Diluted shares34.8M34.9M47.1M47.4M48.4M

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
−€17.45
your share of equity
Profit it earned you last year
−€4.95
Free cash flow it threw off
−€7.02
Debt you’d be carrying
—

10 shares is a claim on −€17.45 of net worth that earned you −€4.95 and generated −€7.02 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-176% avg · 5y
FY21 -176%FY22 —FY23 —FY24 —FY25 —

It earned an average -176% 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
+39% shares · 5y

Share count is up 39% 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. 20-F · period ending 2021-12-31 · accession 0001760854-24-000004 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001760854-25-000005 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001760854-26-000003 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001760854-24-000004 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001760854-25-000005 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001760854-26-000003 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001760854-24-000004 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001760854-25-000005 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001760854-26-000003 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001760854-24-000004 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001760854-25-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001760854-26-000003 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001760854-25-000005 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001760854-26-000003 (CashAndCashEquivalents)