MeritValue

Pharvaris N.V.

PHVSdata completeness 75%8 fiscal years on file

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

The thesis, from the filings

Pharvaris N.V. earns about -43% on equity, but has diluted owners by 97% 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−$42.7M1−$76.3M2−$100.9M3−$134.2M3−$175.7M3
Operating cash flow−$44.6M4−$67.2M5−$93M6−$120.1M6−$137.1M6
Capital expenditure$130,0327$124,2968$89,9849$538,0869$164,6199
Free cash flow (derived)−$44.7M4−$67.3M5−$93.1M6−$120.7M6−$137.2M6
Total debt—————
Cash & equivalents$209.4M10$161.8M11$391.2M11$280.7M11$291.7M11
Diluted shares33.2M33.8M52.3M54.4M65.2M

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
$41.6
your share of equity
Profit it earned you last year
−$26.94
Free cash flow it threw off
−$21.05
Debt you’d be carrying
—

10 shares is a claim on $41.6 of net worth that earned you −$26.94 and generated −$21.05 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-43% avg · 5y
FY21 -21%FY22 -51%FY23 -26%FY24 -50%FY25 -65%

It earned an average -43% 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
+97% shares · 5y

Share count is up 97% 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. 20-F · period ending 2021-12-31 · accession 0000950170-24-043358 (ProfitLoss)
  2. 20-F · period ending 2022-12-31 · accession 0000950170-25-051347 (ProfitLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001830487-26-000013 (ProfitLoss)
  4. 20-F · period ending 2021-12-31 · accession 0000950170-24-043358 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0000950170-25-051347 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001830487-26-000013 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0000950170-24-043358 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0000950170-25-051347 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001830487-26-000013 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0000950170-25-051347 (CashAndCashEquivalents)
  11. 20-F · period ending 2022-12-31 · accession 0001830487-26-000013 (CashAndCashEquivalents)