MeritValue

PureTech Health plc

PTCHFdata completeness 88%7 fiscal years on file
The thesis, from the filings

PureTech Health plc earns about -8% on invested capital, and has bought back 16% of its shares over 5 years. 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$11.8M1$17.4M2$15.6M3$3.33M3$4.83M3
Net income$5.99M4−$60.6M5−$50.4M6−$65.7M6$53.5M6
Operating cash flow−$131.8M7−$158.3M8−$178.8M9−$105.9M9−$134.4M9
Capital expenditure$5.17M10$5.57M11$2.18M12$70,00012$11,00012
Free cash flow (derived)−$137M7−$163.8M8−$181M9−$106M9−$134.4M9
Total debt$14.8M13$15.1M14$15.4M14$014—
Cash & equivalents$403.9M15$465.7M16$149.9M16$191.1M16$280.6M16
Diluted shares285.9M287.8M278.6M271.9M239.4M

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
$17.32
your share of equity
Profit it earned you last year
$2.23
Free cash flow it threw off
−$5.61
Debt you’d be carrying
—

10 shares is a claim on $17.32 of net worth that earned you $2.23 and generated −$5.61 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY20 3%FY21 -32%FY22 -18%FY23 -10%FY24 18%

It earned an average -8% 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 down 16% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — 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
$2.86
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001782999-23-000004 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001628280-24-017913 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001782999-25-000005 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001782999-23-000004 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001628280-24-017913 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2022-12-31 · accession 0001782999-25-000005 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001782999-23-000004 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001628280-24-017913 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001782999-25-000005 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001782999-23-000004 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001628280-24-017913 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001782999-25-000005 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-12-31 · accession 0001782999-23-000004 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001628280-24-017913 (Borrowings)
  15. 20-F · period ending 2020-12-31 · accession 0001628280-24-017913 (CashAndCashEquivalents)
  16. 20-F · period ending 2021-12-31 · accession 0001782999-25-000005 (CashAndCashEquivalents)