MeritValue

uniQure N.V.

QUREdata completeness 100%12 fiscal years on file
The thesis, from the filings

uniQure N.V. earns about -14% on invested capital, but has diluted owners by 23% 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$524M1$106.5M2$15.8M3$27.1M3$16.1M3
Net income$329.6M4−$126.8M5−$308.5M6−$239.6M6−$199M6
Operating cash flow$288M7−$145.1M8−$145.9M9−$182.7M9−$178M9
Capital expenditure$17.4M10$17.7M11$7.15M12$3.37M12$439,00012
Free cash flow (derived)$270.5M7−$162.7M8−$153.1M9−$186.1M9−$178.4M9
Total debt$236.6M13$247.3M14$249.3M15$117.3M16$121.6M16
Cash & equivalents$556.3M17$228M18$241.4M19$158.9M19$80.2M19
Diluted shares46.8M46.7M47.7M48.6M57.5M

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
$34.59
your share of equity
Profit it earned you last year
−$34.6
Free cash flow it threw off
−$31.03
Debt you’d be carrying
$21.15

10 shares is a claim on $34.59 of net worth that earned you −$34.6 and generated −$31.03 of cash last year, against $21.15 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 5y
FY21 122%FY22 -19%FY23 -97%FY24 —FY25 -64%

It earned an average -14% 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
+23% shares · 5y

Share count is up 23% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 49% — 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
diluted EPS 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 0001558370-24-001915 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001699 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-021898 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001915 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001699 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-021898 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001915 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001699 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-021898 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001915 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001699 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-021898 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002110 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-001915 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-001699 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-021898 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-24-001915 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-25-001699 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001104659-26-021898 (CashAndCashEquivalentsAtCarryingValue)