Nuvalent, Inc. earns about -28% on invested capital, but has diluted owners by 234% 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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$46.3M1 | −$81.9M2 | −$126.2M3 | −$260.8M3 | −$425.4M3 |
| Operating cash flow | −$40M4 | −$65M5 | −$99.7M6 | −$185.1M6 | −$275.2M6 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $68.5M7 | $241.8M8 | $335.4M9 | $145.7M10 | $261.7M10 |
| Diluted shares | 21.8M | 49.7M | 58.2M | 66.4M | 72.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $171.74 of net worth that earned you −$58.52 last year.
It earned an average -28% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 234% 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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2023-03-16 · period ending 2021-12-31 · accession 0000950170-23-008284 (NetIncomeLoss)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0000950170-25-028328 (NetIncomeLoss)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-073317 (NetIncomeLoss)
- 10-K filed 2023-03-16 · period ending 2021-12-31 · accession 0000950170-23-008284 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-02-27 · period ending 2022-12-31 · accession 0000950170-25-028328 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001193125-26-073317 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-03-16 · period ending 2021-12-31 · accession 0000950170-23-008284 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-02-27 · period ending 2022-12-31 · accession 0000950170-24-020607 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-02-27 · period ending 2023-12-31 · accession 0000950170-25-028328 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001193125-26-073317 (CashAndCashEquivalentsAtCarryingValue)