MeritValue

Roivant Sciences Ltd.

ROIVdata completeness 88%6 fiscal years on file
The thesis, from the filings

Roivant Sciences Ltd. earns about -1466% on invested capital, but has diluted owners by 4% 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$55.3M1$31.5M2$32.7M3$29.1M3$8.26M3
Net income−$845.3M4−$1.01B5$4.35B6−$172M6−$299.8M6
Operating cash flow−$677.7M7−$843.4M8−$765.3M9−$839.5M9−$750.3M9
Capital expenditure$17.4M10$12.7M11$1.38M12$4.6M12$8.21M12
Free cash flow (derived)−$695.2M7−$856.1M8−$766.7M9−$844.1M9−$758.6M9
Total debt$420.1M13$416.2M14$442.6M14——
Cash & equivalents$2.06B15$1.68B16$6.49B17$2.72B18$1.42B18
Diluted shares669.8M712.8M831.0M725.4M693.9M

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
$65.25
your share of equity
Profit it earned you last year
−$4.32
Free cash flow it threw off
−$10.93
Debt you’d be carrying
—

10 shares is a claim on $65.25 of net worth that earned you −$4.32 and generated −$10.93 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1466% avg · 5y
FY22 -4364%FY23 —FY24 —FY25 -27%FY26 -7%

It earned an average -1466% 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
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0001140361-23-031798 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001140361-25-020715 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001635088-26-000061 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001140361-23-031798 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001140361-25-020715 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001635088-26-000061 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001140361-23-031798 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001140361-25-020715 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001635088-26-000061 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001140361-23-031798 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001140361-25-020715 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001635088-26-000061 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001193125-22-183362 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001140361-24-028145 (LongTermDebtCurrent)
  15. 10-K · period ending 2022-03-31 · accession 0001140361-23-031798 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-03-31 · accession 0001140361-24-028145 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-03-31 · accession 0001140361-25-020715 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-03-31 · accession 0001635088-26-000061 (CashAndCashEquivalentsAtCarryingValue)