MeritValue

AIM ImmunoTech Inc.

AIMdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

AIM ImmunoTech Inc. earns about -122% on equity, and has bought back 97% 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$135,0001$141,0002$202,0003$170,0004$88,0004
Net income−$19.1M5−$19.4M6−$29M7−$17.3M8−$14M8
Operating cash flow−$14M9−$16.1M10−$21.3M11−$14.9M12−$11M12
Capital expenditure$41,00013$86,00014—$18,00015—
Free cash flow (derived)−$14M9−$16.2M10—−$14.9M12—
Total debt———$5.11M16$8.95M17
Cash & equivalents$32.1M18$27.1M19$5.44M20$1.7M21$2.99M21
Diluted shares48.0M48.0M48.6M560,1691.6M

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
−$60.44
your share of equity
Profit it earned you last year
−$86.23
Free cash flow it threw off
—
Debt you’d be carrying
$55.31

10 shares is a claim on −$60.44 of net worth that earned you −$86.23 last year, against $55.31 of debt.

iii. Is this a good business?
Moat signal · return on equity
-122% avg · 5y
FY21 -34%FY22 -51%FY23 -283%FY24 —FY25 —

It earned an average -122% 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
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 75% over the same window.

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 0001493152-23-010351 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012058 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000847 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013301 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010351 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012058 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000847 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013301 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010351 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012058 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000847 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013301 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010351 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012058 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-013301 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013301 (LongTermDebtCurrent)
  17. 10-K · period ending 2025-12-31 · accession 0001493152-26-013301 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-010351 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-012058 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-000847 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-013301 (CashAndCashEquivalentsAtCarryingValue)