MeritValue

Oruka Therapeutics, Inc.

ORKAdata completeness 75%21 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Oruka Therapeutics, Inc. earns about -24% on equity, but has diluted owners by 410% 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 2020FY 2021FY 2022FY 2023FY 2025
Revenue$01$02$03$04—
Net income−$9.74M5−$19.3M6−$9.93M7−$5.34M7−$105.4M8
Operating cash flow−$7.73M9−$18.8M10−$10.9M11−$5.01M11−$88.2M12
Capital expenditure$19,00013$43,00014$2,00015$015$209,00016
Free cash flow (derived)−$7.74M9−$18.8M10−$10.9M11−$5.01M11−$88.4M12
Total debt—————
Cash & equivalents$49.1M17$53.4M18$42.4M19$37.4M19$46.9M20
Diluted shares9.5M13.9M14.4M14.4M48.7M

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
$96.86
your share of equity
Profit it earned you last year
−$21.64
Free cash flow it threw off
−$18.15
Debt you’d be carrying
—

10 shares is a claim on $96.86 of net worth that earned you −$21.64 and generated −$18.15 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-24% avg · 5y
FY20 -21%FY21 -38%FY22 -24%FY23 -14%FY25 -22%

It earned an average -24% 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
+410% shares · 5y

Share count is up 410% 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 2020-12-31 · accession 0001564590-21-014148 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001564590-22-010075 (Revenues)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-23-004379 (Revenues)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-24-009809 (Revenues)
  5. 10-K · period ending 2020-12-31 · accession 0001564590-22-010075 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-23-004379 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-009809 (NetIncomeLoss)
  8. 10-K · period ending 2025-12-31 · accession 0001213900-26-026929 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001564590-22-010075 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-004379 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-009809 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-12-31 · accession 0001213900-26-026929 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0001564590-22-010075 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-004379 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-009809 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-12-31 · accession 0001213900-26-026929 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2020-12-31 · accession 0001564590-22-010075 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-004379 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-009809 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-12-31 · accession 0001213900-26-026929 (CashAndCashEquivalentsAtCarryingValue)