MeritValue

Ainos, Inc.

AIMDdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Ainos, Inc. earns about -69% on invested capital, and has bought back 56% 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$594,5631$3.52M2$122,1123$20,7294$124,1574
Net income−$3.89M5−$14M6−$13.8M7−$14.9M8−$14.8M8
Operating cash flow−$1.25M9−$3.04M10−$4.69M11−$5.81M12−$4.61M12
Capital expenditure$143,79213$633,82314$92,98415$21,33116$34,56116
Free cash flow (derived)−$1.39M9−$3.67M10−$4.79M11−$5.83M12−$4.65M12
Total debt—————
Cash & equivalents$1.75M17$1.85M18$1.89M19$3.89M20$417,35320
Diluted shares9.6M4.0M4.1M1.9M4.3M

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
$17.71
your share of equity
Profit it earned you last year
−$34.59
Free cash flow it threw off
−$10.89
Debt you’d be carrying
—

10 shares is a claim on $17.71 of net worth that earned you −$34.59 and generated −$10.89 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-69% avg · 5y
FY21 -0%FY22 -34%FY23 -48%FY24 -101%FY25 -163%

It earned an average -69% 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
−56% shares · 5y

Share count is down 56% 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 0001654954-23-004157 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-002897 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-009568 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013579 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-004157 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-002897 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-009568 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013579 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-004157 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-002897 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009568 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013579 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-004157 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-002897 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-009568 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013579 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-23-004157 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001654954-24-002897 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-009568 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013579 (CashAndCashEquivalentsAtCarryingValue)