MeritValue

Viatris Inc

VTRSdata completeness 88%8 fiscal years on file
The thesis, from the filings

Viatris Inc earns about -0% on invested capital, with a roughly flat share count. 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$17.8B1$16.2B2$15.4B3$14.7B3$14.3B3
Net income−$1.27B4$2.08B5$54.7M6−$634.2M6−$3.51B6
Operating cash flow$3.02B7$3B8$2.9B9$2.3B9$2.32B9
Capital expenditure$457.2M10$406M11$377M12$326M12$378.8M12
Free cash flow (derived)$2.56B7$2.59B8$2.52B9$1.98B9$1.94B9
Total debt$24.9B13$20.5B14$20.1B15$14B16$16.3B16
Cash & equivalents$701.2M17$1.26B18$991.9M19$734.8M19$1.32B19
Diluted shares1.21B1.22B1.21B——

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 -0%FY22 6%FY23 1%FY24 -0%FY25 -8%

It earned an average -0% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 34% — deleveraging.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
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 0001792044-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001792044-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001792044-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001792044-24-000008 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001792044-25-000008 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001792044-26-000013 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001792044-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001792044-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001792044-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001792044-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001792044-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001792044-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001792044-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001792044-24-000008 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001792044-25-000008 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001792044-26-000013 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001792044-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001792044-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001792044-26-000013 (CashAndCashEquivalentsAtCarryingValue)