MeritValue

NORTHWEST BIOTHERAPEUTICS INC

NWBOdata completeness 100%29 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.01M1$1.68M1$1.93M2$1.38M3$1.38M3
Net income$179.1M4−$105M4−$62.6M5−$83.8M6−$60.2M6
Operating cash flow−$38.3M7−$52.8M7−$53.6M8−$57M9−$44.8M9
Capital expenditure———$1.01M10$1.5M10
Free cash flow (derived)———−$58M9−$46.3M9
Total debt$32.4M11$21.5M12$40.8M13$62.7M14$60M14
Cash & equivalents$15.2M15$6.97M16$2.13M17$2.18M18$3.04M18
Diluted shares1.0M1.0M1.1M1.24B1.46B

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
−$0.41
your share of equity
Profit it earned you last year
−$0.41
Free cash flow it threw off
−$0.32
Debt you’d be carrying
$0.41

10 shares is a claim on −$0.41 of net worth that earned you −$0.41 and generated −$0.32 of cash last year, against $0.41 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+144429% shares · 5y

Share count is up 144429% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 85% over the same window.

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 0001410578-24-000133 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001410578-25-000598 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-043806 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-24-000133 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001410578-25-000598 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-043806 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001410578-24-000133 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001410578-25-000598 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-043806 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001104659-26-043806 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001410578-23-000185 (LongTermDebt)
  12. 10-K · period ending 2022-12-31 · accession 0001410578-24-000133 (LongTermDebt)
  13. 10-K · period ending 2023-12-31 · accession 0001410578-25-000598 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001104659-26-043806 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001410578-23-000185 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001410578-24-000133 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001410578-25-000598 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001104659-26-043806 (CashAndCashEquivalentsAtCarryingValue)