NAMS · Health care(pharmaceutical preparations) · 7 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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NewAmsterdam Pharma Co N.V. reported revenue of $22.5 million in fiscal 2025. On the accounting screens, it passes 2 of 7 Piotroski tests, its Altman Z'' of 8.19 is in the safe zone and its Beneish M-score is above the -1.78 line; none of the six cross-checks between its statements fires.
Revenue, fiscal 202522.5M
Operating margin-1002.9%gross margin —
Return on invested capital—
Free cash flow after stock pay-207.5M-921.9% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score2/7tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
4-for-1 before fiscal 2023.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
-300M-200M-100M0100M200M
2020
2021Operating income -35.0M
2022
2022Revenue 102.7MOperating income -3.6M
2023Revenue 14.1MOperating income -183.0M
2024Revenue 45.6MOperating income -176.3M
2025Revenue 22.5MOperating income -225.7M
2020202120222022202320242025
Compound growth a year
3 yrs
5 yrs
6 yrs
Revenue
-39.7%
—
—
Shares
+16.0%
+21.9%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Needs a cost of capital, which comes from the valuation below.
Return on equity
-29.8%
Return on assets
-26.5%
Asset turnover
0.03×
Research & development
630.3% of revenue
Overheads (SG&A)
472.6% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
-300M-200M-100M0100M
2020
2021Net income -41.8MFree cash flow -29.5MAfter stock-based pay -30.8M
2022
2022Net income -22.6MFree cash flow 10.4MAfter stock-based pay 6.3M
2023Net income -176.9MFree cash flow -141.2MAfter stock-based pay -165.8M
2024Net income -241.6MFree cash flow -159.2MAfter stock-based pay -192.9M
2025Net income -203.8MFree cash flow -148.0MAfter stock-based pay -207.5M
2020202120222022202320242025
Per share
Earnings per shareFree cash flow per shareDividend per share
-$3-$2-$1$0$1
2020
2021Earnings per share $-0.95Free cash flow per share $-0.67
2022
2022Earnings per share $-0.30Free cash flow per share $0.14
2023Earnings per share $-2.15Free cash flow per share $-1.72
2024Earnings per share $-2.56Free cash flow per share $-1.69
2025Earnings per share $-1.72Free cash flow per share $-1.25
2020202120222022202320242025
Shares outstanding
Diluted shares
25M50M75M100M125M
2020
2021Diluted shares 43.9M
2022Diluted shares 36.3M
2022Diluted shares 75.9M
2023Diluted shares 82.2M
2024Diluted shares 94.4M
2025Diluted shares 118.4M
2020202120222022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
7.88 current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
2of 7 tests passed
✕ProfitableReturn on assets above zerofailed
✕Cash from operationsOperating cash flow above zerofailed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✕More liquidCurrent ratio higher than a year beforefailed
✕No new sharesShare count did not growfailed
–Better gross marginGross margin higher than a year before — not reportedno data
✕Sells more per assetAsset turnover higher than a year beforefailed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
8.19safe zone
1.12.6
Working capital ÷ assets 0.77 × 6.56+5.03
Retained earnings ÷ assets -0.99 × 3.26-3.23
Operating income ÷ assets -0.29 × 6.72-1.97
Equity ÷ liabilities 7.96 × 1.05+8.36
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
39.84above the -1.78 line
-1.78
Receivables vs sales 1.00 (not reported, set to 1)+0.92
Gross margin slipping 1.00 (not reported, set to 1)+0.53
Soft assets 108.55+43.85
Sales growth 0.49+0.44
Slower depreciation 0.87+0.10
Overheads vs sales 3.06-0.53
Profit not in cash -0.07-0.34
Leverage rising 0.90-0.29
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
With a free cash flow margin at or below zero in year ten, the business never generates cash for its owners and a DCF says nothing useful. Set a positive margin for year ten to see what it would take.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market$226,5001 purchase(s) by 1 insider(s)
Sold on the open market$7.8M7 sale(s) by 3 insider(s)
Under pre-arranged plans86%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
