MeritValue

SANGAMO THERAPEUTICS, INC

SGMOQdata completeness 88%17 fiscal years on file

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

The thesis, from the filings

SANGAMO THERAPEUTICS, INC earns about -234% on invested capital, but has diluted owners by 94% 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$110.7M1$111.3M1$176.2M2$57.8M3$39.6M3
Net income−$178.3M4−$192.3M4−$257.8M5−$97.9M6−$122.9M6
Operating cash flow−$233.3M7−$223.6M7−$224.8M8−$67.1M9−$97.2M9
Capital expenditure$23.3M10$20.2M10$21.2M11$267,00012$102,00012
Free cash flow (derived)−$256.5M7−$243.8M7−$246M8−$67.4M9−$97.3M9
Total debt—————
Cash & equivalents$178.9M13$100.4M14$45.2M15$41.9M16$20.9M16
Diluted shares144.6M154.3M174.4M201.7M280.2M

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
−$0.51
your share of equity
Profit it earned you last year
−$4.39
Free cash flow it threw off
−$3.47
Debt you’d be carrying
—

10 shares is a claim on −$0.51 of net worth that earned you −$4.39 and generated −$3.47 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-234% avg · 5y
FY21 -72%FY22 -78%FY23 -551%FY24 —FY25 —

It earned an average -234% 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
+94% shares · 5y

Share count is up 94% 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 0001628280-24-010788 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-013088 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-022029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-010788 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-25-013088 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-022029 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-010788 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-25-013088 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001628280-26-022029 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-010788 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-013088 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-022029 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-004666 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-010788 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-013088 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-022029 (CashAndCashEquivalentsAtCarryingValue)