MeritValue

Travere Therapeutics, Inc.

TVTXdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Travere Therapeutics, Inc. earns about -11803% on invested capital, but has diluted owners by 49% 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$131.8M1$109.5M2$145.2M3$233.2M3$490.7M3
Net income−$180.1M4−$278.5M5−$111.4M6−$321.5M6−$25.5M6
Operating cash flow−$14.8M7−$186.3M8−$280M9−$237.5M9$37.8M9
Capital expenditure$5.1M10$191,00010$668,00010——
Free cash flow (derived)−$19.9M7−$186.5M8−$280.7M9——
Total debt—————
Cash & equivalents$165.8M11$61.7M12$58.2M13$58.5M14$93M14
Diluted shares59.8M63.8M74.3M78.9M89.2M

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
$12.87
your share of equity
Profit it earned you last year
−$2.86
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $12.87 of net worth that earned you −$2.86 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-11803% avg · 5y
FY21 -114%FY22 —FY23 -202%FY24 -46716%FY25 -179%

It earned an average -11803% 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
+49% shares · 5y

Share count is up 49% 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 0001438533-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001438533-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001438533-26-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001438533-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001438533-25-000010 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001438533-26-000014 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001438533-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001438533-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001438533-26-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001438533-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001438533-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001438533-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001438533-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001438533-26-000014 (CashAndCashEquivalentsAtCarryingValue)