MeritValue

Radiopharm Theranostics Ltd

RADXdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Radiopharm Theranostics Ltd earns about -244% on invested capital, but has diluted owners by 673% over 3 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 2023FY 2024FY 2025
Revenue$292,3591$299,2281$3.63M2
Net income−$34.6M3−$47.9M3−$38.3M3
Operating cash flow−$23.2M4−$23M4−$36.6M4
Capital expenditure$45,3065——
Free cash flow (derived)−$23.2M4——
Total debt———
Cash & equivalents$11.7M6$18.6M6$29.1M6
Diluted shares305.8M386.5M2.36B

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
$0.18
your share of equity
Profit it earned you last year
−$0.16
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.18 of net worth that earned you −$0.16 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-244% avg · 3y
FY23 -81%FY24 -431%FY25 -220%

It earned an average -244% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+673% shares · 3y

Share count is up 673% over 3 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 2023-06-30 · accession 0001213900-25-088699 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2025-06-30 · accession 0001213900-25-088699 (Revenue)
  3. 20-F · period ending 2023-06-30 · accession 0001213900-25-088699 (ProfitLoss)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-25-088699 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2023-06-30 · accession 0001213900-25-088699 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-088699 (CashAndCashEquivalents)