MeritValue

Sarepta Therapeutics, Inc.

SRPTdata completeness 100%17 fiscal years on file
The thesis, from the filings

Sarepta Therapeutics, Inc. earns about -30% on invested capital, but has diluted owners by 23% 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$612.4M1$843.8M2$1.14B3$1.79B3$1.86B3
Net income−$418.8M4−$703.5M5−$536M6$235.2M6−$713.4M6
Operating cash flow−$443.2M7−$325.3M8−$501M9−$205.8M9−$205.5M9
Capital expenditure$38.5M10$30.8M11$76.1M12$137M12$102M12
Free cash flow (derived)−$481.7M7−$356.2M8−$577.1M9−$342.7M9−$307.5M9
Total debt$563.7M13$1.54B14$1.34B15$1.14B15$829M16
Cash & equivalents$2.12B17$966.8M18$428.4M19$1.1B19$801.3M19
Diluted shares81.3M87.6M92.4M107.9M100.1M

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
$113.93
your share of equity
Profit it earned you last year
−$71.26
Free cash flow it threw off
−$30.71
Debt you’d be carrying
$82.8

10 shares is a claim on $113.93 of net worth that earned you −$71.26 and generated −$30.71 of cash last year, against $82.8 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-30% avg · 5y
FY21 —FY22 -61%FY23 -24%FY24 14%FY25 -50%

It earned an average -30% 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
+23% shares · 5y

Share count is up 23% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 47% over the same window.

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 0000950170-24-022036 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029973 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-084144 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-022036 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029973 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-084144 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-022036 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029973 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-084144 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-022036 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029973 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-084144 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-005062 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-022036 (LongTermDebtCurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-029973 (LongTermDebtCurrent)
  16. 10-K · period ending 2025-12-31 · accession 0001193125-26-084144 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-24-022036 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-25-029973 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001193125-26-084144 (CashAndCashEquivalentsAtCarryingValue)