MeritValue

Theravance Biopharma, Inc.

TBPHdata completeness 88%14 fiscal years on file
The thesis, from the filings

Theravance Biopharma, Inc. earns about -24% on invested capital, and has bought back 26% of its shares over 5 years. 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$55.3M1$51.3M2$57.4M3$64.4M4$107.5M4
Net income−$199.4M5$872.1M6−$55.2M7−$56.4M8$105.9M8
Operating cash flow−$207.9M9−$187M10−$27M11−$11.5M12$238.5M12
Capital expenditure$3.41M13$572,00014$2.49M15$332,00016$42,00016
Free cash flow (derived)−$211.3M9−$187.6M10−$29.5M11−$11.9M12$238.5M12
Total debt$616.3M17—$018——
Cash & equivalents$90M19$298.2M20$39.5M21$37.8M22$167.8M22
Diluted shares69.5M73.6M55.3M48.8M51.5M

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
$57.61
your share of equity
Profit it earned you last year
$20.56
Free cash flow it threw off
$46.3
Debt you’d be carrying
—

10 shares is a claim on $57.61 of net worth that earned you $20.56 and generated $46.3 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-24% avg · 5y
FY21 -108%FY22 -48%FY23 -21%FY24 -26%FY25 82%

It earned an average -24% 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
−26% shares · 5y

Share count is down 26% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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
$16.34
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-002595 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002267 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002447 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-033077 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-002595 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002267 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002447 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-033077 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-002595 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002267 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002447 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-033077 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-002595 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002267 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002447 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-033077 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-002595 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-24-002267 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001558370-23-002595 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001558370-24-002267 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001558370-25-002447 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001104659-26-033077 (CashAndCashEquivalentsAtCarryingValue)