MeritValue

VOLITIONRX LTD

VNRXdata completeness 100%15 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

VOLITIONRX LTD earns about -152% on equity, but has diluted owners by 99% 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$90,0351$306,3922$775,3023$1.23M4$1.73M4
Net income−$27M5−$30.6M6−$35.7M7−$27M8−$23.4M8
Operating cash flow−$20.9M9−$15.3M10−$18.1M11−$25.9M12−$19.7M12
Capital expenditure$973,55913$1.57M14$1.08M15$277,49916$89,55816
Free cash flow (derived)−$21.8M9−$16.8M10−$19.1M11−$26.2M12−$19.8M12
Total debt$6.14M17$7.69M18$9.66M19$9.63M20$13.4M20
Cash & equivalents$20.6M21$10.9M22$20.7M23$3.26M24$1.12M24
Diluted shares53.8M57.9M71.2M86.5M106.8M

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
−$3.21
your share of equity
Profit it earned you last year
−$2.19
Free cash flow it threw off
−$1.85
Debt you’d be carrying
$1.26

10 shares is a claim on −$3.21 of net worth that earned you −$2.19 and generated −$1.85 of cash last year, against $1.26 of debt.

iii. Is this a good business?
Moat signal · return on equity
-152% avg · 5y
FY21 -152%FY22 —FY23 —FY24 —FY25 —

It earned an average -152% 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
+99% shares · 5y

Share count is up 99% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 119% 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 0001477932-23-001497 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-001453 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002231 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-001832 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-001497 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-001453 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002231 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-001832 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-001497 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-001453 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002231 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-001832 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-001497 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001477932-24-001453 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001477932-25-002231 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001477932-26-001832 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001477932-23-001497 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001477932-24-001453 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001477932-25-002231 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001477932-26-001832 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001477932-23-001497 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001477932-24-001453 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001477932-25-002231 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001477932-26-001832 (CashAndCashEquivalentsAtCarryingValue)