MeritValue

SOPHiA GENETICS SA

SOPHdata completeness 88%7 fiscal years on file
The thesis, from the filings

SOPHiA GENETICS SA earns about -192% on invested capital, but has diluted owners by 7% 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$40.5M1$47.6M2$62.4M3$65.2M3$77.3M3
Net income−$73.7M4−$87.4M5−$79M6−$62.5M6−$79M6
Operating cash flow−$57.9M7−$70.1M8−$53.2M9−$44.5M9−$35.9M9
Capital expenditure$2.68M10$4.1M11$1.49M12$244,00012$574,00012
Free cash flow (derived)−$60.6M7−$74.2M8−$54.7M9−$44.8M9−$36.5M9
Total debt$013————
Cash & equivalents$193M14$161.3M15$123.3M15$80.2M15$70.3M15
Diluted shares63.9M64.2M65.2M66.7M68.5M

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
$6.88
your share of equity
Profit it earned you last year
−$11.54
Free cash flow it threw off
−$5.32
Debt you’d be carrying
—

10 shares is a claim on $6.88 of net worth that earned you −$11.54 and generated −$5.32 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-192% avg · 5y
FY21 -70%FY22 -178%FY23 -220%FY24 -298%FY25 —

It earned an average -192% 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
+7% shares · 5y

Share count is up 7% 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. 20-F · period ending 2021-12-31 · accession 0001840706-24-000012 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-12-31 · accession 0001840706-25-000009 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-12-31 · accession 0001840706-26-000006 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-12-31 · accession 0001840706-24-000012 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001840706-25-000009 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001840706-26-000006 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001840706-24-000012 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001840706-25-000009 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001840706-26-000006 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001840706-24-000012 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001840706-25-000009 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001840706-26-000006 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001564590-22-010219 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001840706-25-000009 (CashAndCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001840706-26-000006 (CashAndCashEquivalents)