MeritValue

Replimune Group, Inc.

REPLdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Replimune Group, Inc. earns about -153% on invested capital, but has diluted owners by 78% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—————
Net income−$118M1−$174.3M2−$215.8M3−$247.3M4−$313.9M4
Operating cash flow−$82.2M5−$128.1M6−$185.5M7−$192.3M8−$280.3M8
Capital expenditure$2.34M9$2.27M9$5.66M10$6.69M11$4.22M11
Free cash flow (derived)−$84.5M5−$130.3M6−$191.1M7−$198.9M8−$284.6M8
Total debt$012$28.6M13$44.8M14$46.4M15$83.3M15
Cash & equivalents$105.9M16$146.6M17$74.5M18$111.1M19$209M19
Diluted shares52.2M58.2M66.6M80.6M92.8M

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
$17.9
your share of equity
Profit it earned you last year
−$33.83
Free cash flow it threw off
−$30.66
Debt you’d be carrying
$8.98

10 shares is a claim on $17.9 of net worth that earned you −$33.83 and generated −$30.66 of cash last year, against $8.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-153% avg · 5y
FY22 -31%FY23 -31%FY24 -48%FY25 -54%FY26 -601%

It earned an average -153% 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
+78% shares · 5y

Share count is up 78% 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 2022-03-31 · accession 0001737953-23-000009 (NetIncomeLoss)
  2. 10-K · period ending 2023-03-31 · accession 0001737953-24-000008 (NetIncomeLoss)
  3. 10-K · period ending 2024-03-31 · accession 0001737953-25-000009 (NetIncomeLoss)
  4. 10-K · period ending 2025-03-31 · accession 0001628280-26-045886 (NetIncomeLoss)
  5. 10-K · period ending 2022-03-31 · accession 0001737953-23-000009 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-03-31 · accession 0001737953-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-03-31 · accession 0001737953-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-03-31 · accession 0001628280-26-045886 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-03-31 · accession 0001737953-23-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-03-31 · accession 0001737953-25-000009 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2025-03-31 · accession 0001628280-26-045886 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2022-03-31 · accession 0001737953-23-000009 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-03-31 · accession 0001737953-24-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-03-31 · accession 0001737953-25-000009 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2025-03-31 · accession 0001628280-26-045886 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-03-31 · accession 0001737953-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-03-31 · accession 0001737953-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-03-31 · accession 0001737953-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-03-31 · accession 0001628280-26-045886 (CashAndCashEquivalentsAtCarryingValue)