MeritValue

SAB Biotherapeutics, Inc.

SABSdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

SAB Biotherapeutics, Inc. earns about -1210% on invested capital, but has diluted owners by 124% 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$60.9M1$23.9M2$2.24M3$1.32M4$04
Net income−$17.1M5−$18.7M6−$42.2M7−$34.1M8$13.3M8
Operating cash flow$1.99M9−$23.5M10−$25.1M11−$34.3M12−$44.8M12
Capital expenditure$10.9M13$2.17M14$197,15415$337,26216$933,15616
Free cash flow (derived)−$8.96M9−$25.6M10−$25.3M11−$34.6M12−$45.7M12
Total debt—————
Cash & equivalents$33.2M17$15M18$56.6M19$8.9M20$10.5M20
Diluted shares27.3M4.4M5.5M9.3M61.3M

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
$24.7
your share of equity
Profit it earned you last year
$2.16
Free cash flow it threw off
−$7.45
Debt you’d be carrying
—

10 shares is a claim on $24.7 of net worth that earned you $2.16 and generated −$7.45 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1210% avg · 5y
FY21 -249%FY22 -91%FY23 -4511%FY24 —FY25 9%

It earned an average -1210% 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
+124% shares · 5y

Share count is up 124% 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/A · period ending 2021-12-31 · accession 0001437749-23-011640 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038219 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046994 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001833214-26-000003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001437749-23-011640 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038219 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046994 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001833214-26-000003 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001437749-23-011640 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038219 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046994 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001833214-26-000003 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001437749-23-011640 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-038219 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-046994 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001833214-26-000003 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001437749-23-011640 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-038219 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-046994 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001833214-26-000003 (CashAndCashEquivalentsAtCarryingValue)