MeritValue

UroGen Pharma Ltd.

URGNdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

UroGen Pharma Ltd. earns about -1317% on equity, but has diluted owners by 115% 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$48M1$64.4M2$82.7M3$90.4M4$109.8M4
Net income−$110.8M5−$109.8M6−$102.2M7−$126.9M8−$153.5M8
Operating cash flow−$84.9M9−$87.6M10−$76.4M11−$96.8M12−$162.4M12
Capital expenditure$752,00013$254,00014$194,00015$295,00016$289,00016
Free cash flow (derived)−$85.6M9−$87.8M10−$76.6M11−$97.1M12−$162.7M12
Total debt$017$97.5M18$98.6M19$121.7M20$247.2M20
Cash & equivalents$44.4M21$55.4M22$95M23$172M24$110.7M24
Diluted shares22.3M22.8M28.8M42.9M48.1M

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
−$21.92
your share of equity
Profit it earned you last year
−$31.9
Free cash flow it threw off
−$33.82
Debt you’d be carrying
$51.38

10 shares is a claim on −$21.92 of net worth that earned you −$31.9 and generated −$33.82 of cash last year, against $51.38 of debt.

iii. Is this a good business?
Moat signal · return on equity
-1317% avg · 5y
FY21 -1317%FY22 —FY23 —FY24 —FY25 —

It earned an average -1317% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+115% shares · 5y

Share count is up 115% 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 0001437749-23-007710 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-007753 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-006842 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-006234 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007710 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-007753 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-006842 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-006234 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007710 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-007753 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-006842 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-006234 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-007710 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-007753 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-006842 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-006234 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-007710 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-007753 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-006842 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-006234 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001437749-23-007710 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001437749-24-007753 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001437749-25-006842 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001437749-26-006234 (CashAndCashEquivalentsAtCarryingValue)