MeritValue

Vor Biopharma Inc.

VORdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Vor Biopharma Inc. earns about -67% on equity, and has bought back 70% 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—————
Net income−$68.9M1−$92.1M2−$117.9M3−$116.9M4−$696M4
Operating cash flow−$69.1M5−$85.1M6−$100.3M7−$99.7M8−$142.7M8
Capital expenditure$3.89M9$8.46M10$1.07M11$229,00012$941,00012
Free cash flow (derived)−$73M5−$93.6M6−$101.4M7−$99.9M8−$143.7M8
Total debt—————
Cash & equivalents$119.8M13$57.7M14$31.4M15$81.9M16$396.5M16
Diluted shares33.4M39.6M67.2M3.4M9.9M

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
−$166.44
your share of equity
Profit it earned you last year
−$705.01
Free cash flow it threw off
−$145.52
Debt you’d be carrying
—

10 shares is a claim on −$166.44 of net worth that earned you −$705.01 and generated −$145.52 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-67% avg · 5y
FY21 -32%FY22 -37%FY23 -78%FY24 -121%FY25 —

It earned an average -67% 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
−70% shares · 5y

Share count is down 70% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0000950170-23-009472 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-034146 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-042623 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-130451 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009472 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-034146 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-042623 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-130451 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-009472 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-034146 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-042623 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-130451 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-009472 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-034146 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-042623 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-130451 (CashAndCashEquivalentsAtCarryingValue)