Quality
Return on invested capital, after tax
-237.5% Computed
From the FY2025 filing
ValueScreener company report
Summit Therapeutics Inc. (SMMT)
NASDAQ / Healthcare / Biotechnology
Share price
15.37 USD Market dataClose of Oct 15, 2026Market capitalisation
12.26B USD Market dataClose of Oct 15, 2026- Market data
- Oct 15, 2026
- Filed accounts
- FY2025, filed Feb 23, 2026
- Ratios computed
- Oct 15, 2026
- Filed years
- 7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Debt to equity
0.03 Computed
From the FY2025 filing
Valuation
Price to book
17.44x Computed
FY2025 accounts, priced at the latest close
Cash generation
Free cash flow yield
-2.8% Computed
FY2025 accounts, priced at the latest close
Revenue and net income, by fiscal year
- Named tests met
- 0 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it good
Return on invested capital was -237.5% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.
Today, against the Biotechnology industry (78 companies), -237.5% sits at the 13th percentile; the middle half of that group runs from -124.0% to -4.0%.
- Is it safe
Debt to equity was 0.03 in FY2025, in the band labelled "Conservative" (below 0.50), on lines anchored on Graham's defensive-investor criteria, suggesting a balance sheet that relies little on borrowing.
Today, against the Biotechnology industry (252 companies), 0.03 sits at the 40th percentile; the middle half of that group runs from 0.01 to 0.29.
- Year by year against peers
- Whether Summit Therapeutics Inc.'s return on invested capital stayed above the median of the Biotechnology industry, year by year. (FY2023 to FY2025, 3 fiscal years of Summit Therapeutics Inc. with a comparable figure)
- The direction
- Which way Summit Therapeutics Inc.'s return on equity has moved, and how steadily. (FY2020 to FY2025, 6 filed years of Summit Therapeutics Inc.)
- What could explain it
- What in Summit Therapeutics Inc.'s filed statements could explain the movements. (4 readings drawn from the statement lines Summit Therapeutics Inc. filed)
- What to check next
- What to check next on Summit Therapeutics Inc., and where in its filings. (3 questions for Summit Therapeutics Inc.)
- In one paragraph
- One paragraph on Summit Therapeutics Inc.'s returns, cash, balance sheet and price. (6 of sixteen figures read for Summit Therapeutics Inc.)
These are SMMT’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research SMMTPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 23, 2026, accession 0001599298-26-000015.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Return on invested capital, after tax | -237.5% ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Return on equity | -163.9% ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Return on capital employed, pre-taxWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Return on assets | -143.7% ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Gross marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Operating marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Net marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
| Debt to equity | 0.03 ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Current ratio | 9.87 ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Quick ratio | 9.87 ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Interest coverageWhy n/aNo operating income line is filed for this year. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Altman Z-scoreWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Net debt | -692.6M ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
The balance sheet, line by line
Financial health
What Summit Therapeutics Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 23, 2026, 0001599298-26-000015).
| Total assets | 751.2M FiledFY2025 10-K, filed Feb 23, 2026 |
|---|---|
| Total liabilities | 92.3M FiledFY2025 10-K, filed Feb 23, 2026 |
| Shareholders' equity | 658.9M FiledFY2025 10-K, filed Feb 23, 2026 |
| Cash | 713.4M FiledFY2025 10-K, filed Feb 23, 2026 |
| Total debt | 20.9M FiledFY2025 10-K, filed Feb 23, 2026 |
| Net debt | -692.6M |
| Current ratio | 9.87 |
| Debt to equity | 0.03 |
- Interest cover: FY2025: No operating income line is filed for this year.
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
Price to earningsWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| P/E on trailing twelve months | 85.08x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 17.44x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Price to salesWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Enterprise value to EBITWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Enterprise value to EBITDAWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Price to earnings over growthWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Diluted earnings per share | -1.44 USD FiledFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Graham numberWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
We publish no fair value or price target of our own. Value SMMT on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for Summit Therapeutics Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 15.37 USD |
|---|---|
| Market capitalisation | 12.26B USD |
| Enterprise value to EBITDA | n/a |
| Graham number | n/m |
| Diluted earnings per share, FY2025 | -1.44 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since May 17, 2021: low 6.29x, median 64.84x, high 103.00x, latest 85.08x. 203 trading days with a meaningful ratio, 1,155 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like Summit Therapeutics Inc
- Vaxcyte, Inc. (PCVX)Market cap 10.01B USD
- BioMarin Pharmaceutical Inc. (BMRN)Market cap 10.85B USD
- BioNTech SE (BNTX)Market cap 22.62B USD
- ImmunityBio, Inc. (IBRX)Market cap 10.60B USD
- Halozyme Therapeutics, Inc. (HALO)Market cap 13.79B USD
Same industry (Biotechnology) and size band (Large, 10B to 200B), nearest in market value and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
| Free cash flow yield | -2.8% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Free cash flow | -323.6M USD ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Free cash flow marginWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Dividend yieldWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Payout ratioWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| 17.44x | FY2025 | Oct 15, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a Operating profit is zero or negative, so there is no profit for a buyer's price to be a multiple of. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tabForm10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| -2.8% | FY2025 | Oct 15, 2026 | |
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| -237.5% | FY2025 | Feb 23, 2026 | |
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tabForm10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one. | |||
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| 0.03 | FY2025 | Feb 23, 2026 | |
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| 9.87 | FY2025 | Feb 23, 2026 | |
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| n/m | FY2025 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Oct 15, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tabForm10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 23, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tabForm10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tabForm10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
| n/a | FY2025 | Feb 23, 2026 | |
| n/a Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itIncome statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tabForm10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itBalance sheetFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tabForm10-KFiledFeb 23, 2026PeriodFY2025Accession0001599298-26-000015What we read from itCash flow statementFY2025Open on SEC.gov, accession 0001599298-26-000015, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
10 fiscal years, FY2016 to FY2025. 7 read from the annual reports Summit Therapeutics Inc filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in the currency each report was stated in.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2025 | n/a | -1.08B USD | -1.08B USD | -1.44 USD | -323.6M USD | n/a | -163.9% | 10-K, Feb 23, 20260001599298-26-000015 |
| FY2024 | 0.00 USD | -226.0M USD | -221.3M USD | -0.31 USD | -142.2M USD | n/m | -56.9% | 10-K, Feb 24, 20250001599298-25-000048 |
| FY2023 | 0.00 USD | -609.6M USD | -614.9M USD | -0.99 USD | -76.9M USD | n/m | -791.5% | 10-K, Feb 20, 20240001599298-24-000031 |
| FY2022 | 705.0K USD | -72.1M USD | -78.8M USD | -0.41 USD | -42.2M USD | -10225.4% | -62.2% | 10-K, Mar 9, 20230001599298-23-000034 |
| FY2021 | 1.8M USD | -86.2M USD | -88.6M USD | -0.67 USD | -72.9M USD | -4764.3% | -106.4% | 10-K, Mar 17, 20220001599298-22-000032 |
| FY2020 | 860.0K USD | -53.2M USD | -52.7M USD | -0.76 USD | -48.5M USD | -6185.2% | -66.3% | 10-K, Mar 31, 20210001599298-21-000011 |
| FY2019 | 57.1M USD | 5.4M USD | 10.9M USD | 0.63 USD | -35.3M USD | 9.4% | n/a | 10-K, Mar 31, 20210001599298-21-000011 |
| FY2018 | 14.2M GBP | -25.8M GBP | -20.2M GBP | -0.31 GBP | -21.3M GBP | -182.3% | n/m | Market data, supplied Oct 15, 2026accession n/a |
| FY2017 | 2.4M GBP | -24.9M GBP | -21.4M GBP | -0.35 GBP | 15.1M GBP | -1046.0% | n/m | Market data, supplied Oct 15, 2026accession n/a |
| FY2016 | 1.3M GBP | -20.3M GBP | -20.1M GBP | -0.34 GBP | -24.6M GBP | -1588.3% | -87.9% | Market data, supplied Oct 15, 2026accession n/a |
- Revenue: Revenue was not positive in both 2016 and 2024, so a compound rate across the window is not defined. Both figures are in the table.
- Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
- Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
- Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
Piotroski F-scoreWhy n/aOur archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing. | n/a ComputedFY2025 10-K, filed Feb 23, 2026, 0001599298-26-000015 |
| Named tests met | 0 of 30 Computed |
| Beta | 1.95 ComputedClose of Oct 15, 2026 |
The named tests
Of 30 tests value investors published: 0 met, 20 not met, 10 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- None of the named tests.
- Does not
- Defensive investor (Benjamin Graham); Deep value; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); High returns and growth; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
- Not measured
- Large cap, low P/E; Three forensic scores; Low PEG, low debt (Peter Lynch); Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; Z-score and coverage (Edward Altman); P/E times P/B (Benjamin Graham); Cash-covered dividend; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(18)
- Piotroski F-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
- EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
- Altman Z-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Beneish M-Score: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
- Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
- Rev Growth 5Y: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Gross Margin: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Asset Turnover: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
- Interest Coverage: No operating income line is filed for this year.
- Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
- Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
- Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
- P/S Ratio: Our archived income statement for this filer carries no revenue line. A development-stage company files exactly that, with no revenue to report. Either way there is no denominator, and a ratio measured against a missing denominator is not zero, it is nothing.
- Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
- Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 18 figures could not be read on this company, among them Piotroski F-Score, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 10 named tests come back incomplete because of them, which is neither met nor missed.
- We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.