MeritValue

OmniAb, Inc.

OABIWdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

OmniAb, Inc. earns about -16% on invested capital, but has diluted owners by 38% 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$34.7M1$59.1M2$34.2M3$26.4M4$18.7M4
Net income−$27M5−$22.3M6−$50.6M7−$62M8−$64.8M8
Operating cash flow−$5.67M9−$3.59M10$2.35M11−$39.7M12−$36.5M12
Capital expenditure$4.07M13$17.2M14$1.64M15$1.88M16$565,00016
Free cash flow (derived)−$9.74M9−$20.8M10$703,00011−$41.5M12−$37M12
Total debt—————
Cash & equivalents$017$33.4M18$16.4M19$27.6M20$25.5M20
Diluted shares82.6M85.3M99.7M102.4M113.6M

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
$23.5
your share of equity
Profit it earned you last year
−$5.7
Free cash flow it threw off
−$3.26
Debt you’d be carrying
—

10 shares is a claim on $23.5 of net worth that earned you −$5.7 and generated −$3.26 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 5y
FY21 -12%FY22 -7%FY23 -17%FY24 -22%FY25 -22%

It earned an average -16% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+38% shares · 5y

Share count is up 38% 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 0001846253-23-000026 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001846253-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001846253-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001846253-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001846253-23-000026 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001846253-24-000006 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001846253-25-000024 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001846253-26-000009 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001846253-23-000026 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001846253-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001846253-25-000024 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001846253-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001846253-23-000026 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001846253-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001846253-25-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001846253-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001846253-23-000026 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001846253-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001846253-25-000024 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001846253-26-000009 (CashAndCashEquivalentsAtCarryingValue)