MeritValue

OMEROS CORP

OMERdata completeness 88%17 fiscal years on file
The thesis, from the filings

OMEROS CORP earns about -51% on invested capital, with a roughly flat share count. 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—————
Net income$194.2M1$47.4M2−$117.8M3−$156.8M3−$3.35M3
Operating cash flow−$109.7M4−$86.5M5$74.7M6−$148.8M6−$116.1M6
Capital expenditure$277,0007$113,0008$426,0009$165,0009$65,0009
Free cash flow (derived)−$110M4−$86.6M5$74.3M6−$149M6−$116.2M6
Total debt$313.5M10$315.3M11$213.2M11$164.9M12$87.9M12
Cash & equivalents$100.8M13$11M14$7.11M15$3.4M16$9.66M16
Diluted shares62.3M62.7M62.7M58.2M63.5M

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
−$19.09
your share of equity
Profit it earned you last year
−$0.53
Free cash flow it threw off
−$18.29
Debt you’d be carrying
$13.84

10 shares is a claim on −$19.09 of net worth that earned you −$0.53 and generated −$18.29 of cash last year, against $13.84 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-51% avg · 5y
FY21 -57%FY22 -32%FY23 -63%FY24 —FY25 —

It earned an average -51% 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
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 72% — deleveraging.

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 0001437749-24-010416 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-010216 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-26-010636 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-010416 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-010216 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-26-010636 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-010416 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-010216 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001437749-26-010636 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-23-003575 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-24-010416 (LongTermDebt)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010636 (LongTermDebt)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003575 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010416 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-010216 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010636 (CashAndCashEquivalentsAtCarryingValue)