MeritValue

PMV Pharmaceuticals, Inc.

PMVPdata completeness 75%8 fiscal years on file

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

The thesis, from the filings

PMV Pharmaceuticals, Inc. earns about -44% 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—————
Net income−$57.8M1−$73.3M2−$69M3−$58.7M3−$77.7M3
Operating cash flow−$46.6M4−$63.8M5−$55.7M6−$51.3M6−$73.6M6
Capital expenditure$1.35M7$7.98M8$962,0009$655,0009$29,0009
Free cash flow (derived)−$47.9M4−$71.7M5−$56.6M6−$51.9M6−$73.6M6
Total debt—————
Cash & equivalents$172.5M10$108.3M11$37.7M12$40.9M13$38M13
Diluted shares45.1M45.6M48.0M51.6M52.5M

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
$19.93
your share of equity
Profit it earned you last year
−$14.8
Free cash flow it threw off
−$14.01
Debt you’d be carrying
—

10 shares is a claim on $19.93 of net worth that earned you −$14.8 and generated −$14.01 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-44% avg · 5y
FY21 -33%FY22 -40%FY23 -24%FY24 -37%FY25 -87%

It earned an average -44% 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.

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 0000950170-24-023062 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-030414 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-095014 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023062 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-030414 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-095014 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023062 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-030414 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-095014 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-005345 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-023062 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-030414 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-095014 (CashAndCashEquivalentsAtCarryingValue)