MeritValue

Aditxt, Inc.

ADTXdata completeness 88%7 fiscal years on file

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

The thesis, from the filings

Aditxt, Inc. earns about -1466% on invested capital, and has bought back 90% 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$105,0341$933,7152$645,1763$133,9854$3,1954
Net income−$46.4M5−$27.6M6−$32.7M7−$40.4M8−$43.1M8
Operating cash flow−$22.3M9−$22.4M10−$19.2M11−$16.8M12−$25.7M12
Capital expenditure—$367,07913$14,40713—$13,74314
Free cash flow (derived)—−$22.8M10−$19.2M11—−$25.7M12
Total debt—————
Cash & equivalents$7.87M15$2.77M16$97,10217$833,03117$3.2M18
Diluted shares381,81146,3691,209237,355

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
$1,501.73
your share of equity
Profit it earned you last year
−$11,538.34
Free cash flow it threw off
−$6,880.5
Debt you’d be carrying
—

10 shares is a claim on $1,501.73 of net worth that earned you −$11,538.34 and generated −$6,880.5 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1466% avg · 5y
FY21 -1586%FY22 -896%FY23 -160%FY24 -3288%FY25 -1402%

It earned an average -1466% 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
−90% shares · 5y

Share count is down 90% 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 · period ending 2021-12-31 · accession 0001213900-23-030316 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-033466 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026256 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-037529 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-030316 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-033466 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026256 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-037529 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-030316 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-033466 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-026256 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-037529 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-033466 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-12-31 · accession 0001213900-26-037529 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-23-030316 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001213900-24-033466 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001213900-25-026256 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-12-31 · accession 0001213900-26-037529 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)