MeritValue

Quanterix Corp

QTRXdata completeness 88%10 fiscal years on file
The thesis, from the filings

Quanterix Corp earns about -105% on invested capital, but has diluted owners by 18% 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$110.6M1$105.5M2$122.4M3$137.4M3$138.9M3
Net income−$55.5M4−$99.6M5−$28.4M6−$38.5M6−$107.2M6
Operating cash flow−$47.6M7−$48.6M8−$18.8M9−$35.2M9−$77.2M9
Capital expenditure$13.7M10$11.6M11$3.84M12$3.37M12$2.61M12
Free cash flow (derived)−$61.3M7−$60.2M8−$22.7M9−$38.5M9−$79.8M9
Total debt—————
Cash & equivalents$396.5M13$338.7M14$174.4M15$56.7M16$29.8M16
Diluted shares36.0M37.0M37.6M38.4M42.6M

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
$69.36
your share of equity
Profit it earned you last year
−$25.13
Free cash flow it threw off
−$18.73
Debt you’d be carrying
—

10 shares is a claim on $69.36 of net worth that earned you −$25.13 and generated −$18.73 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-105% avg · 5y
FY21 -95%FY22 -388%FY23 -5%FY24 -7%FY25 -31%

It earned an average -105% 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
+18% shares · 5y

Share count is up 18% 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
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. 10-K/A · period ending 2021-12-31 · accession 0001503274-24-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001503274-25-000031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001503274-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2021-12-31 · accession 0001503274-24-000025 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001503274-25-000031 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001503274-26-000013 (NetIncomeLoss)
  7. 10-K/A · period ending 2021-12-31 · accession 0001503274-24-000025 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001503274-25-000031 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001503274-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2021-12-31 · accession 0001503274-24-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001503274-25-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001503274-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002855 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0001503274-24-000025 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001503274-25-000031 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001503274-26-000013 (CashAndCashEquivalentsAtCarryingValue)