MeritValue

GeneDx Holdings Corp.

WGSdata completeness 100%7 fiscal years on file
The thesis, from the filings

GeneDx Holdings Corp. earns about -480% on invested capital, and has bought back 73% 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$212.2M1$234.7M2$202.6M3$305.5M3$427.5M3
Net income−$245.4M4−$549M5−$175.8M6−$52.3M6−$21M6
Operating cash flow−$190.4M7−$319.2M8−$180.1M9−$28.5M9$33.3M9
Capital expenditure$9.4M10$7.16M11$5.25M12$5.49M12$19M12
Free cash flow (derived)−$199.8M7−$326.3M8−$185.4M9−$34M9$14.3M9
Total debt$22M13$22M14$109.4M15$108.9M16$107.3M16
Cash & equivalents$400.6M17$123.9M18$99.7M19$85.2M20$105M20
Diluted shares108.1M10.2M24.3M26.9M28.6M

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
$107.6
your share of equity
Profit it earned you last year
−$7.34
Free cash flow it threw off
$4.98
Debt you’d be carrying
$37.45

10 shares is a claim on $107.6 of net worth that earned you −$7.34 and generated $4.98 of cash last year, against $37.45 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-480% avg · 5y
FY21 -2010%FY22 -310%FY23 -58%FY24 -15%FY25 -5%

It earned an average -480% 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
−73% shares · 5y

Share count is down 73% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 388% 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 0001818331-23-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001818331-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001818331-26-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001818331-23-000024 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001818331-24-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001818331-26-000015 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001818331-23-000024 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001818331-24-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001818331-26-000015 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001818331-23-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001818331-24-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001818331-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001818331-23-000024 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001818331-24-000008 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001818331-25-000021 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001818331-26-000015 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001818331-23-000024 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001818331-24-000008 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001818331-25-000021 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001818331-26-000015 (CashAndCashEquivalentsAtCarryingValue)