MeritValue

Q32 Bio Inc.

QTTBdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Q32 Bio Inc. earns about -276% on equity, and has bought back 78% 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$34M1$3.21M2$1.16M2$03$53.7M3
Net income−$95.8M4−$5.01M5−$53.7M6−$47.7M7$29.8M7
Operating cash flow−$109.8M8−$113.7M9−$18.7M10−$67.7M11−$33.5M11
Capital expenditure$2.4M12$1.29M13$5,00014$75,00015$015
Free cash flow (derived)−$112.1M8−$114.9M9−$18.7M10−$67.8M11−$33.5M11
Total debt—————
Cash & equivalents$108.4M16$34M17$25.6M18$78M19$48.3M19
Diluted shares55.3M57.4M349,0609.7M12.3M

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
$34.12
your share of equity
Profit it earned you last year
$24.22
Free cash flow it threw off
−$27.24
Debt you’d be carrying
—

10 shares is a claim on $34.12 of net worth that earned you $24.22 and generated −$27.24 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-276% avg · 5y
FY21 -56%FY22 —FY23 —FY24 -841%FY25 71%

It earned an average -276% 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
−78% shares · 5y

Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
$13.63
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-006995 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-030478 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-099339 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-006995 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-030478 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-036823 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-099339 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-006995 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-030478 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-036823 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-099339 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-006995 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-030478 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-036823 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-099339 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-006995 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-030478 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-036823 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-099339 (CashAndCashEquivalentsAtCarryingValue)