MeritValue

ProQR Therapeutics N.V.

PRQRdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'cash'

The thesis, from the filings

ProQR Therapeutics N.V. earns about -46% on invested capital, but has diluted owners by 48% 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€1.34M1€3.59M2€6.51M3€18.9M3€15.9M3
Net income−€60.7M4−€64.4M5−€28.1M6−€27.8M6−€42.2M6
Operating cash flow−€26M7−€68.5M8€21.5M9−€36.4M9−€52.8M9
Capital expenditure€484,00010€708,00011€1.37M12€1.42M12€1.02M12
Free cash flow (derived)−€26.5M7−€69.2M8€20.2M9−€37.8M9−€53.8M9
Total debt€44.1M13€6.77M14€4.29M15€4.58M16€4.87M16
Cash & equivalents—————
Diluted shares71.3M80.8M81.4M105.2M105.4M

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
€4.69
your share of equity
Profit it earned you last year
−€4
Free cash flow it threw off
−€5.11
Debt you’d be carrying
€0.46

10 shares is a claim on €4.69 of net worth that earned you −€4 and generated −€5.11 of cash last year, against €0.46 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-46% avg · 5y
FY21 -30%FY22 -69%FY23 -47%FY24 -23%FY25 -61%

It earned an average -46% 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
+48% shares · 5y

Share count is up 48% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 89% — deleveraging.

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 0001558370-24-003060 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-12-31 · accession 0001558370-25-002851 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-026713 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-12-31 · accession 0001558370-24-003060 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001558370-25-002851 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-026713 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001558370-24-003060 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001558370-25-002851 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-026713 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001558370-24-003060 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001558370-25-002851 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-026713 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001558370-23-004917 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001558370-24-003060 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001558370-25-002851 (Borrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001104659-26-026713 (Borrowings)