MeritValue

PROKIDNEY CORP.

PROKdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

PROKIDNEY CORP. earns about -205% on equity, with a roughly flat share count. 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—$01$02$76,0002$893,0002
Net income−$55.1M3−$148.1M4−$35.5M5−$61.2M5−$69M5
Operating cash flow−$50.3M6−$77.1M7−$90.1M8−$126.4M8−$120.1M8
Capital expenditure$5.19M9$1.85M10$34.2M11$29.5M11$15.2M11
Free cash flow (derived)−$55.5M6−$78.9M7−$124.3M8−$155.9M8−$135.3M8
Total debt—————
Cash & equivalents$20.6M12$490.3M13$60.6M14$99.1M15$108.5M15
Diluted shares—61.5M———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
-205% avg · 5y
FY21 -205%FY22 —FY23 —FY24 —FY25 —

It earned an average -205% 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
−0% shares · 5y

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

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 2022-12-31 · accession 0000950170-25-040483 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-113881 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-24-034946 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-25-040483 (ProfitLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001193125-26-113881 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-24-034946 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-25-040483 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001193125-26-113881 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-24-034946 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-25-040483 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-113881 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-010324 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-034946 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-040483 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-113881 (CashAndCashEquivalentsAtCarryingValue)