MeritValue

Pacira BioSciences, Inc.

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

Pacira BioSciences, Inc. earns about 11% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $3.66 and $171.69 a share.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$541.5M1$666.8M1$675M2$701M2$726.4M2
Net income$42M3$15.9M4$42M5−$99.6M5$7.03M5
Operating cash flow$125.7M6$145.3M7$154.6M8$189.4M8$152M8
Capital expenditure$45.9M9$30.1M10$15.2M11$10.6M11$15.3M11
Free cash flow (derived)$79.9M6$115.2M7$139.5M8$178.8M8$136.7M8
Total debt—$689.5M12$522.4M13$1.17B14$744.4M14
Cash & equivalents$585.6M15$104.1M16$153.3M17$276.8M18$158.5M18
Diluted shares45.6M46.5M52.0M46.2M45.0M

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
$153.88
your share of equity
Profit it earned you last year
$1.56
Free cash flow it threw off
$30.34
Debt you’d be carrying
$165.26

10 shares is a claim on $153.88 of net worth that earned you $1.56 and generated $30.34 of cash last year, against $165.26 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 45%FY22 4%FY23 4%FY24 -2%FY25 1%

It earned about 11% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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

The 3 estimate methods that apply put fair value between $3.66 and $171.69 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$171.69
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$139.5M
DCF · Growth Exit 5Y
$87.96
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$139.5M
Earnings Power Value
$3.66
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$15.9M
  • growthAssumed0.0%
Graham Number
$7.44
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $87.96
The three cases
Bear0.0%$31.24
Base20.0%$87.96
Bull20.0%$87.96

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001396814-24-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-26-012297 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001396814-24-000030 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001396814-25-000041 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-26-012297 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001396814-24-000030 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001396814-25-000041 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-26-012297 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001396814-24-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001396814-25-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-26-012297 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001396814-24-000030 (LongTermDebt)
  13. 10-K · period ending 2023-12-31 · accession 0001396814-25-000041 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001628280-26-012297 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001396814-23-000010 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001396814-24-000030 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001396814-25-000041 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001628280-26-012297 (CashAndCashEquivalentsAtCarryingValue)