MeritValue

Tango Therapeutics, Inc.

TNGXdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Tango Therapeutics, Inc. earns about -43% on invested capital, but has diluted owners by 87% 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$37M1$24.9M2$36.5M3$42.1M3$62.4M3
Net income−$58.2M4−$108.2M5−$101.7M6−$130.3M6−$101.6M6
Operating cash flow−$59.5M7−$109.1M8−$118M9−$131.5M9−$138.9M9
Capital expenditure$1.84M10$7.69M11$1.53M12$754,00012$1.05M12
Free cash flow (derived)−$61.4M7−$116.8M8−$119.5M9−$132.3M9−$139.9M9
Total debt—————
Cash & equivalents$142.7M13$60M14$66.4M15$69.5M15$112.3M15
Diluted shares62.1M87.8M94.6M109.2M116.2M

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
$29.8
your share of equity
Profit it earned you last year
−$8.75
Free cash flow it threw off
−$12.05
Debt you’d be carrying
—

10 shares is a claim on $29.8 of net worth that earned you −$8.75 and generated −$12.05 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-43% avg · 5y
FY21 -22%FY22 -44%FY23 -40%FY24 -74%FY25 -32%

It earned an average -43% 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
+87% shares · 5y

Share count is up 87% 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 0000950170-23-009854 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-028353 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-092518 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-009854 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-028353 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-092518 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-009854 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-028353 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-092518 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-009854 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-028353 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-092518 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009854 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-028353 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-092518 (CashAndCashEquivalentsAtCarryingValue)