MeritValue

AETHLON MEDICAL INC

AEMDdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

AETHLON MEDICAL INC earns about -152% on equity, and has bought back 95% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$294,1651$574,2452$02——
Net income−$10.4M3−$12M4−$12.2M5−$13.4M6−$7.15M6
Operating cash flow−$9.77M7−$10.5M8−$10.1M9−$7.65M10−$7M10
Capital expenditure$349,19311$943,10912$250,86713$014$3,70414
Free cash flow (derived)−$10.1M7−$11.4M8−$10.4M9−$7.65M10−$7M10
Total debt—————
Cash & equivalents$17.1M15$14.5M16$5.44M17$5.5M18$5.03M18
Diluted shares14.8M2.1M314,097156,085673,945

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
$72.5
your share of equity
Profit it earned you last year
−$106.11
Free cash flow it threw off
−$103.9
Debt you’d be carrying
—

10 shares is a claim on $72.5 of net worth that earned you −$106.11 and generated −$103.9 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-152% avg · 5y
FY22 -61%FY23 -80%FY24 -212%FY25 -261%FY26 -146%

It earned an average -152% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−95% shares · 5y

Share count is down 95% 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 2022-03-31 · accession 0001683168-23-004487 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001683168-24-004530 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-03-31 · accession 0001683168-23-004487 (NetIncomeLoss)
  4. 10-K · period ending 2023-03-31 · accession 0001683168-24-004530 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001683168-25-004780 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001683168-26-004710 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001683168-23-004487 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001683168-24-004530 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001683168-25-004780 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2025-03-31 · accession 0001683168-26-004710 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-03-31 · accession 0001683168-23-004487 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-03-31 · accession 0001683168-24-004530 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-03-31 · accession 0001683168-25-004780 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-03-31 · accession 0001683168-26-004710 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-03-31 · accession 0001683168-23-004487 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-03-31 · accession 0001683168-24-004530 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-03-31 · accession 0001683168-25-004780 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-03-31 · accession 0001683168-26-004710 (CashAndCashEquivalentsAtCarryingValue)