MeritValue

Oric Pharmaceuticals, Inc.

ORICdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Oric Pharmaceuticals, Inc. earns about -40% on equity, but has diluted owners by 131% 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—————
Net income−$78.7M1−$89.1M2−$100.7M3−$127.8M4−$129.5M4
Operating cash flow−$59.5M5−$75.1M6−$85.7M7−$112.7M8−$111M8
Capital expenditure$939,0009$2.08M10$849,00011$1.19M12$712,00012
Free cash flow (derived)−$60.5M5−$77.2M6−$86.5M7−$113.9M8−$111.7M8
Total debt$10.5M13————
Cash & equivalents$226M14$66.8M15$23.4M16$59.4M17$45.7M17
Diluted shares38.0M39.7M51.5M69.7M87.8M

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
$43.78
your share of equity
Profit it earned you last year
−$14.75
Free cash flow it threw off
−$12.72
Debt you’d be carrying
—

10 shares is a claim on $43.78 of net worth that earned you −$14.75 and generated −$12.72 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-40% avg · 5y
FY21 -29%FY22 -40%FY23 -45%FY24 -53%FY25 -34%

It earned an average -40% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+131% shares · 5y

Share count is up 131% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0000950170-23-008483 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-029298 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-022273 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-064005 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008483 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-029298 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-022273 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-064005 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008483 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-029298 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-022273 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-064005 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-22-004239 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-008483 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-029298 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-022273 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-064005 (CashAndCashEquivalentsAtCarryingValue)