MeritValue

PROTHENA CORP PUBLIC LTD CO

PRTAdata completeness 75%15 fiscal years on file

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

The thesis, from the filings

PROTHENA CORP PUBLIC LTD CO earns about -29% on equity, but has diluted owners by 11% 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$200.6M1$53.9M2$91.4M3$135.2M3$9.68M3
Net income$67M4−$116.9M5−$147M6−$122.3M6−$244.1M6
Operating cash flow$92.6M7−$108.8M8−$133.9M9−$150.1M9−$163.6M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$579.1M10$710.4M11$618.8M12$471.4M12$307.5M12
Diluted shares48.5M47.4M53.2M53.8M53.8M

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
$52.1
your share of equity
Profit it earned you last year
−$45.35
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $52.1 of net worth that earned you −$45.35 last year.

iii. Is this a good business?
Moat signal · return on equity
-29% avg · 5y
FY21 14%FY22 -19%FY23 -26%FY24 -25%FY25 -87%

It earned an average -29% 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
+11% shares · 5y

Share count is up 11% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001559053-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001559053-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001559053-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001559053-24-000008 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001559053-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001559053-26-000008 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001559053-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001559053-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001559053-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001559053-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001559053-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001559053-26-000008 (CashAndCashEquivalentsAtCarryingValue)