MeritValue

XBiotech Inc.

XBITdata completeness 75%13 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

XBiotech Inc. earns about -151% 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$18.4M1$4.01M2$02——
Net income−$17.4M3−$32.9M4−$24.6M5−$38.5M6−$45.5M6
Operating cash flow$69.4M7−$14.8M8−$18.7M9−$31M10−$39.9M10
Capital expenditure$3.53M11$585,00012$362,00013$1.3M14$289,00014
Free cash flow (derived)$65.9M7−$15.4M8−$19.1M9−$32.3M10−$40.2M10
Total debt—————
Cash & equivalents$237M15$157.3M16$200M17$172.7M18$125.6M18
Diluted shares30.0M30.4M30.4M30.5M30.5M

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
$46.03
your share of equity
Profit it earned you last year
−$14.94
Free cash flow it threw off
−$13.19
Debt you’d be carrying
—

10 shares is a claim on $46.03 of net worth that earned you −$14.94 and generated −$13.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-151% avg · 5y
FY21 -62%FY22 -32%FY23 -102%FY24 -318%FY25 -242%

It earned an average -151% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 0001171843-23-001705 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001171843-24-001382 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001171843-23-001705 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001171843-24-001382 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001171843-25-001527 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001171843-26-001561 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001171843-23-001705 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001171843-24-001382 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001171843-25-001527 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001171843-26-001561 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001171843-23-001705 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001171843-24-001382 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001171843-25-001527 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001171843-26-001561 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001171843-23-001705 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001171843-24-001382 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001171843-25-001527 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001171843-26-001561 (CashAndCashEquivalentsAtCarryingValue)