MeritValue

Aclarion, Inc.

ACONdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Aclarion, Inc. earns about -780% on invested capital, and has bought back 41% 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$60,2921$60,4442$75,4043$45,7244$75,7304
Net income−$4.95M5−$7.07M6−$4.91M7−$6.99M8−$7.23M8
Operating cash flow−$2.4M9−$4.95M10−$3.65M11−$5.27M12−$7.16M12
Capital expenditure——$013$5,11514$21,52814
Free cash flow (derived)——−$3.65M11−$5.28M12−$7.19M12
Total debt—————
Cash & equivalents$432,53015$1.47M16$1.02M17$453,66118$12M18
Diluted shares905,685381,59862943532,036

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
$241.25
your share of equity
Profit it earned you last year
−$135.96
Free cash flow it threw off
−$135.06
Debt you’d be carrying
—

10 shares is a claim on $241.25 of net worth that earned you −$135.96 and generated −$135.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-780% avg · 5y
FY21 —FY22 -583%FY23 —FY24 -1060%FY25 -697%

It earned an average -780% 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
−41% shares · 5y

Share count is down 41% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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/A · period ending 2021-12-31 · accession 0001683168-23-004066 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-001821 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002351 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-001986 (Revenues)
  5. 10-K/A · period ending 2021-12-31 · accession 0001683168-23-004066 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-001821 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002351 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-001986 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001683168-23-004066 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-001821 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002351 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-001986 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001683168-25-002351 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001683168-26-001986 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2021-12-31 · accession 0001683168-23-004066 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001683168-24-001821 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001683168-25-002351 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001683168-26-001986 (CashAndCashEquivalentsAtCarryingValue)