MeritValue

ROCKET PHARMACEUTICALS, INC.

RCKTdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

ROCKET PHARMACEUTICALS, INC. earns about -54% on equity, but has diluted owners by 76% 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$01$02$02$03$03
Net income−$169.1M4−$221.9M5−$245.6M5−$258.7M6−$223.1M6
Operating cash flow−$121.2M7−$178.1M8−$194.9M8−$209.7M9−$190M9
Capital expenditure$7.62M10$8.36M11$16.4M11$5.86M12$440,00012
Free cash flow (derived)−$128.8M7−$186.5M8−$211.4M8−$215.6M9−$190.5M9
Total debt—————
Cash & equivalents$232.7M13$140.5M14$55.9M15$163.6M16$77.6M16
Diluted shares63.2M68.1M84.0M94.8M111.1M

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
$24.95
your share of equity
Profit it earned you last year
−$20.08
Free cash flow it threw off
−$17.14
Debt you’d be carrying
—

10 shares is a claim on $24.95 of net worth that earned you −$20.08 and generated −$17.14 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-54% avg · 5y
FY21 -37%FY22 -45%FY23 -50%FY24 -56%FY25 -80%

It earned an average -54% 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
+76% shares · 5y

Share count is up 76% 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 · period ending 2021-12-31 · accession 0000950170-24-021096 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029002 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-076551 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-021096 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029002 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-076551 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-021096 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029002 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-076551 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-021096 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029002 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-076551 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-23-009252 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-021096 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-029002 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-076551 (CashAndCashEquivalentsAtCarryingValue)