Share count
266Mpeak FY2025
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AUTL, Autolus Therapeutics PLC
We are an early commercial-stage biopharmaceutical company developing, manufacturing and delivering next-generation T cell therapies and candidates for the treatment of cancer and autoimmune diseases.
The United Kingdom Medicines and Healthcare products Regulatory Agency ("MHRA") granted AUCATZYL conditional marketing authorization in April 2025.
Evaluation of potential pricing and feasibility of market entry opportunities in certain European Union ("EU") countries is ongoing; however, at this time, launch in the EU is on hold and we do not anticipate any EU sales of AUCATZYL in 2026.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$75M
+644.9% YoY
Vital signs · TTM
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is Products (80%) and License (1%).
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Operating margin has run around −2386% through the cycle on a −13% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. Capital spending runs about 218% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Products is 80% of revenue, so this is largely a single-line business.
Revenue by product line, FY2025
- Products80%$74M
- License1%$1M
- Royalty0%$0
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $2M | $10M | $75M | $93M | RevenueRevenue |
| — | −13% | −28% | −11% | Gross marginGross mgn |
| n/m | n/m | 175% | 154% | SG&A / revenueSG&A/rev |
| n/m | n/m | 156% | 121% | R&D / revenueR&D/rev |
| ($180M) | ($241M) | ($271M) | ($265M) | Operating incomeOp. inc. |
| n/m | n/m | −358.9% | −285.9% | Operating marginOp. mgn |
| ($208M) | ($221M) | ($288M) | ($289M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| ($146M) | ($206M) | ($284M) | ($273M) | Operating cash flowOp. cash |
| $7M | $8M | $8M | $9M | DepreciationDeprec. |
| $56M | $7M | ($4M) | $7M | Working capital & otherWC & other |
| $11M | $22M | $19M | $13M | CapexCapex |
| 647.0% | 218.1% | 25.3% | 14.6% | Capex / revenueCapex/rev |
| ($152M) | ($214M) | ($292M) | ($282M) | Owner earningsOwner earn. |
| n/m | n/m | −387.1% | −304.3% | Owner earnings marginOE mgn |
| ($157M) | ($228M) | ($303M) | ($287M) | Free cash flowFCF |
| n/m | n/m | −401.4% | −309.6% | Free cash flow marginFCF mgn |
| — | -95% | -289% | — | ROICROIC |
| -187% | -52% | -161% | -266% | Return on equityROE |
| −187% | −52% | −161% | −266% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $240M | $227M | $104M | $131M | Cash & investmentsCash+inv |
| $109K | $15K | $24M | $28M | ReceivablesReceiv. |
| $0 | $4M | $33M | $33M | InventoryInvent. |
| $103K | $2M | $3M | $2M | Accounts payablePayables |
| $6K | $2M | $54M | $59M | Operating working capitalOper. WC |
| $275M | $661M | $436M | $369M | Current assetsCur. assets |
| $45M | $61M | $73M | $64M | Current liabilitiesCur. liab. |
| 6.2× | 10.9× | 5.9× | 5.8× | Current ratioCurr. ratio |
| $375M | $783M | $589M | $527M | Total assetsAssets |
| ($240M) | ($227M) | ($104M) | ($131M) | Net debt / (cash)Net debt |
| -4.0× | -26.0× | -7.4× | -7.0× | Interest coverageInt. cov. |
| $111M | $427M | $178M | $109M | Shareholders’ equityEquity |
| Per share | ||||
| 174M | 255M | 266M | 266M | Shares out (diluted)Shares |
| $0.01 | $0.04 | $0.28 | $0.35 | Revenue / shareRev/sh |
| $-1.20 | $-0.86 | $-1.08 | $-1.09 | EPS (diluted)EPS |
| $-0.87 | $-0.84 | $-1.10 | $-1.06 | Owner earnings / shareOE/sh |
| $-0.90 | $-0.89 | $-1.14 | $-1.08 | Free cash flow / shareFCF/sh |
| $0.06 | $0.09 | $0.07 | $0.05 | Cap. spending / shareCapex/sh |
| $0.64 | $1.67 | $0.67 | $0.41 | Book value / shareBVPS |
The diluted share count moved ×1.47 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($292M)owner earningsvs.($288M)net incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business earned ($292M) of owner earnings, the operating cash left after the $8M it takes just to hold its position. It put $11M more into growth; free cash flow, after that spending, was ($303M).
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | ($288M) | ($221M) | ($208M) |
| Depreciation & amortizationnon-cash charge added back | +$8M | +$8M | +$7M |
| Working capital & othertiming of cash in and out, other non-cash items | −$4M | +$7M | +$56M |
| Cash from operations | ($284M) | ($206M) | ($146M) |
| Maintenance capital expenditurethe spending needed just to hold position and volume | −$8M | −$8M | −$7M |
| Owner earnings | ($292M) | ($214M) | ($152M) |
| Growth capital expenditurediscretionary; spent to get bigger, not to stand still | −$11M | −$15M | −$4M |
| Free cash flow | ($303M) | ($228M) | ($157M) |
| Owner-earnings marginowner earnings ÷ revenue | -387% | -2113% | -8961% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $8M, roughly its depreciation, the rate its assets wear out). The other $11M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Material weakness in financial controls
“We previously identified material weaknesses in our internal control over financial reporting.”
Restated past financials
“Refer to Note 3, Restatement of Previously Issued Consolidated Financial Statements, in the Consolidated Financial Statements in Part II, Item 8 of our Annual Report for additional information.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- Can it pay its interest? -7.4×Does not cover its interestOperating income ($271M) ÷ interest expense $37M
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cash, debt-freeCash $104M − debt $0
What this means
Cash and short-term investments exceed every dollar of debt by $104M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 116 + DIO 126 − DPO 12 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median -49%
What this means
The filing data didn't include the inputs for this check.
- Owner-earnings margin -2113%Consumes cash through the cycle3-yr median margin, range -8961%–-387%; latest ($292M) = operating cash ($284M) − maintenance capex $8MIndustry peers: median -392%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -387% of revenue this year, a -2113% median across 3 years.
- Are earnings backed by cash? ($284M)Loss, and burning cashNet income ($288M) · cash from operations ($284M)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 2.30×ExpandingCapex $19M ÷ depreciation $8M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 1 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $75M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 5.94×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.90/share (latest year $-1.08), the averaged base the calculator's gate runs on, and book value is $0.67/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“These companies may also render our product candidates obsolete or non-competitive via advances in existing technological approaches or the development of new or different approaches, such as using AI and machine learning, potentially eliminating the advantages in our drug discovery process.…”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$369M
- Cash & short-term investments$131M
- Receivables$28M
- Inventory$33M
- Other current assets$177M
Current liabilities$64M
- Accounts payable$2M
- Other current liabilities$62M
Current ratio5.80×all current assets ÷ what's due · Graham looked for 2×
Quick ratio5.28×stricter: inventory excluded
Cash ratio2.06×strictest: cash alone against what's due
Working capital$305Mthe cushion left after near-term bills
Cash runway0.5 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+191.9%the freshest read on whether the business is still growing
Current ratio, recent quarters18.5× → 5.8×
Deeper floors
Tangible book value$90Mequity stripped of goodwill & intangibles
Net current asset value($49M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$80M$80M of it operating leases
Deferred revenue$258Mcustomer cash collected before delivery; operating float
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Biotechnology
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| IBRXImmunityBio Inc. | $113M | 100% | -47374.3% | -50% | -46423% |
| STROSutro Biopharma Inc. | $102M | — | -142.2% | -49% | -29% |
| FDMT4D Molecular Therapeutics Inc. | $85M | — | -544.6% | -41% | -392% |
| MGTXMeiraGTx Holdings plc | $81M | — | -438.4% | -134% | -329% |
| AUTLAutolus Therapeutics PLC | $75M | -28% | -2385.6% | -289% | -2113% |
| RXRXRecursion Pharmaceuticals Inc. | $75M | 5% | -867.9% | -106% | -672% |
| VIRVir Biotechnology Inc. | $69M | 99% | -791.3% | -45% | -611% |
| PLXProtalix BioTherapeutics Inc. (DE) | $53M | 58% | -23.5% | -1% | -33% |
| Group median | — | 58% | -668.0% | -49% | -502% |
The price
What a price has to assume.
What the price implies
reverse-DCFAutolus Therapeutics PLC is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
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The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−310%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Autolus Therapeutics PLC (AUTL), the owner's record," https://ownerscorecard.com/c/AUTL, data as of 2026-07-09.
Manual order: ← AUROW its page in the Manual AVA →
Industry order: ← AMGN the Biotechnology chapter BCRX →