MeritValue

PTC THERAPEUTICS, INC.

PTCTdata completeness 100%15 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

PTC THERAPEUTICS, INC. earns about -36433% on equity, but has diluted owners by 25% 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$538.6M1$698.8M2$937.8M3$806.8M3$1.73B3
Net income−$523.9M4−$559M5−$626.6M6−$363.3M6$682.6M6
Operating cash flow−$251.3M7−$356.7M8−$158.4M9−$107.7M9$711.2M9
Capital expenditure$28.2M10$32M11$28.4M12$6.5M12$8.86M12
Free cash flow (derived)−$279.5M7−$388.7M8−$186.9M9−$114.2M9$702.3M9
Total debt$431.4M13$571.7M14$284.2M15$285.4M16$286.6M17
Cash & equivalents$189.7M18$279.8M19$594M20$779.7M21$984.6M21
Diluted shares70.5M71.7M74.8M76.8M88.3M

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
−$23.25
your share of equity
Profit it earned you last year
$77.3
Free cash flow it threw off
$79.53
Debt you’d be carrying
$32.46

10 shares is a claim on −$23.25 of net worth that earned you $77.3 and generated $79.53 of cash last year, against $32.46 of debt.

iii. Is this a good business?
Moat signal · return on equity
-36433% avg · 5y
FY21 -36433%FY22 —FY23 —FY24 —FY25 —

It earned an average -36433% 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
+25% shares · 5y

Share count is up 25% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 34% — 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
book value / share count 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 0001558370-24-002196 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001070081-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-017575 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-002196 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001070081-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-017575 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-002196 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001070081-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-017575 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-002196 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001070081-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-017575 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001070081-23-000011 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002196 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001070081-25-000012 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-017575 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2025-12-31 · accession 0001104659-26-017575 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001070081-23-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-24-002196 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001070081-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001104659-26-017575 (CashAndCashEquivalentsAtCarryingValue)