MeritValue

Virax Biolabs Group Ltd

VRAXdata completeness 88%5 fiscal years on file
The thesis, from the filings

Virax Biolabs Group Ltd earns about -97% on equity, but has diluted owners by 175% 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$123,8201$02$8,5613$156,4193$6,3313
Net income−$650,9844−$1.71M5−$5.46M6−$6.73M6−$6.06M6
Operating cash flow−$590,1867−$809,0708−$4.18M9−$6.25M9−$4.56M9
Capital expenditure———$952,49710$603,89010
Free cash flow (derived)———−$7.2M9−$5.17M9
Total debt—————
Cash & equivalents$17,62111$21,75612$9.35M12$3.59M12$4.23M12
Diluted shares1.6M815.7M15.5M2.6M4.3M

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
$13.12
your share of equity
Profit it earned you last year
−$13.96
Free cash flow it threw off
−$11.9
Debt you’d be carrying
—

10 shares is a claim on $13.12 of net worth that earned you −$13.96 and generated −$11.9 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-97% avg · 5y
FY21 —FY22 —FY23 -60%FY24 -125%FY25 -106%

It earned an average -97% 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
+175% shares · 5y

Share count is up 175% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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. 20-F · period ending 2021-03-31 · accession 0000950170-22-017130 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-03-31 · accession 0000950170-24-099115 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-03-31 · accession 0000950170-25-093260 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-03-31 · accession 0000950170-22-017130 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-03-31 · accession 0000950170-24-099115 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-03-31 · accession 0000950170-25-093260 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-03-31 · accession 0000950170-22-017130 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-03-31 · accession 0000950170-24-099115 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-03-31 · accession 0000950170-25-093260 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2024-03-31 · accession 0000950170-25-093260 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-03-31 · accession 0000950170-24-099115 (CashAndCashEquivalents)
  12. 20-F · period ending 2022-03-31 · accession 0000950170-25-093260 (CashAndCashEquivalents)