MeritValue

PROCEPT BioRobotics Corp

PRCTdata completeness 100%6 fiscal years on file
The thesis, from the filings

PROCEPT BioRobotics Corp earns about -49% on invested capital, but has diluted owners by 237% 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$34.5M1$75M2$136.2M3$224.5M3$308.1M3
Net income−$59.9M4−$87.2M5−$105.9M6−$91.4M6−$95.6M6
Operating cash flow−$57.3M7−$80.4M8−$108M9−$99.2M9−$49M9
Capital expenditure$592,00010$2.65M11$25.2M12$4.41M12$9.36M12
Free cash flow (derived)−$57.9M7−$83M8−$133.2M9−$103.6M9−$58.3M9
Total debt$100M13$102.4M14$102.7M15$102.9M16$103.2M16
Cash & equivalents$304.3M17$221.9M18$257.2M19$333.7M19$286.5M19
Diluted shares16.5M44.4M47.3M52.1M55.5M

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
$65.87
your share of equity
Profit it earned you last year
−$17.21
Free cash flow it threw off
−$10.5
Debt you’d be carrying
$18.59

10 shares is a claim on $65.87 of net worth that earned you −$17.21 and generated −$10.5 of cash last year, against $18.59 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-49% avg · 5y
FY21 —FY22 —FY23 -64%FY24 -42%FY25 -41%

It earned an average -49% 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
+237% shares · 5y

Share count is up 237% 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 0001588978-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001588978-25-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001588978-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001588978-24-000006 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001588978-25-000007 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001588978-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001588978-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001588978-25-000007 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001588978-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001588978-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001588978-25-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001588978-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001588978-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001588978-24-000006 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001588978-25-000007 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001588978-26-000009 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001588978-24-000006 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001588978-25-000007 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001588978-26-000009 (CashAndCashEquivalentsAtCarryingValue)