MeritValue

OPKO HEALTH, INC.

OPKdata completeness 100%17 fiscal years on file
The thesis, from the filings

OPKO HEALTH, INC. earns about -8% on invested capital, but has diluted owners by 16% 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$1.77B1$1B2$863.5M3$713.1M3$606.9M3
Net income−$30.1M4−$328.4M5−$188.9M6−$53.2M6−$225.7M6
Operating cash flow$38.3M7−$95.2M8−$28.2M9−$183.5M9−$178.5M9
Capital expenditure$32.2M10$24.6M11$16.3M12$25M12$12.3M12
Free cash flow (derived)$6.18M7−$119.8M8−$44.5M9−$208.5M9−$190.8M9
Total debt$205.3M13$267.3M14$9.77M15$877.4M16$690.2M16
Cash & equivalents$134.7M17$153.2M18$95.9M19$426.6M20$364.4M20
Diluted shares648.1M719.1M751.8M694.0M751.1M

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
$16.88
your share of equity
Profit it earned you last year
−$3
Free cash flow it threw off
−$2.54
Debt you’d be carrying
$9.19

10 shares is a claim on $16.88 of net worth that earned you −$3 and generated −$2.54 of cash last year, against $9.19 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY21 0%FY22 -18%FY23 -10%FY24 -0%FY25 -12%

It earned an average -8% 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
+16% shares · 5y

Share count is up 16% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 236% 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
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 0001437749-24-006285 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-25-005811 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-076596 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-24-006285 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-25-005811 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-076596 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001437749-24-006285 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001437749-25-005811 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-076596 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001437749-24-006285 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-25-005811 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-076596 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0000944809-23-000013 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-006285 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-005811 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-076596 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000944809-23-000013 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-006285 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-005811 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-076596 (CashAndCashEquivalentsAtCarryingValue)