MeritValue

Quantum Biopharma Ltd.

QNTMdata completeness 50%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Quantum Biopharma Ltd. earns about -71% on equity, and has bought back 100% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$35.3M1−$23.6M1———
Operating cash flow−$20.7M2−$28.3M3−$10.8M4−$6.88M4−$8.24M4
Capital expenditure$05$113,9586$06$06—
Free cash flow (derived)−$20.7M2−$28.4M3−$10.8M4−$6.88M4—
Total debt———$619,0297$1.3M7
Cash & equivalents$35.3M8$17M9$2.76M9$6M9$1.91M9
Diluted shares34.9M38.7M7212—

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
-71% avg · 5y
FY21 -65%FY22 -77%FY23 —FY24 —FY25 —

It earned an average -71% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 110% over the same window.

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 0001062993-23-008232 (ProfitLoss)
  2. 20-F · period ending 2021-12-31 · accession 0001654954-24-004067 (CashFlowsFromUsedInOperatingActivities)
  3. 20-F/A · period ending 2022-12-31 · accession 0001654954-25-003693 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2023-12-31 · accession 0001185185-26-001069 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2021-12-31 · accession 0001654954-24-004067 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  6. 20-F/A · period ending 2022-12-31 · accession 0001654954-25-003693 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  7. 20-F · period ending 2024-12-31 · accession 0001185185-26-001069 (Borrowings)
  8. 20-F · period ending 2021-12-31 · accession 0001062993-23-008232 (CashAndCashEquivalents)
  9. 20-F · period ending 2022-12-31 · accession 0001185185-26-001069 (CashAndCashEquivalents)