MeritValue

Intellia Therapeutics, Inc.

NTLAdata completeness 88%11 fiscal years on file

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

The thesis, from the filings

Intellia Therapeutics, Inc. earns about -46% on equity, but has diluted owners by 53% 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$33.1M1$52.1M2$36.3M3$57.9M3$67.7M3
Net income−$267.9M4−$474.2M5−$481.2M6−$519M6−$412.7M6
Operating cash flow−$225M7−$333.3M8−$394.1M9−$348.9M9−$394.7M9
Capital expenditure$12.8M10$13.6M11$14M12$5.78M12$1.13M12
Free cash flow (derived)−$237.8M7−$346.8M8−$408.1M9−$354.7M9−$395.9M9
Total debt—————
Cash & equivalents$123.4M13$523.5M14$226.7M15$189.2M15$155.5M15
Diluted shares70.9M77.0M88.8M98.8M108.4M

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
$61.95
your share of equity
Profit it earned you last year
−$38.08
Free cash flow it threw off
−$36.53
Debt you’d be carrying
—

10 shares is a claim on $61.95 of net worth that earned you −$38.08 and generated −$36.53 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-46% avg · 5y
FY21 -26%FY22 -38%FY23 -46%FY24 -60%FY25 -61%

It earned an average -46% 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
+53% shares · 5y

Share count is up 53% 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 0000950170-24-018736 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076550 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-018736 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029007 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076550 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-018736 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076550 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-018736 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-076550 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-018736 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-029007 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-076550 (CashAndCashEquivalentsAtCarryingValue)