MeritValue

Airsculpt Technologies, Inc.

AIRSdata completeness 100%7 fiscal years on file
The thesis, from the filings

Airsculpt Technologies, Inc. earns about -1% on invested capital, but has diluted owners by 9% over 5 years — worth asking whether the growth reaches owners. 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$133.3M1$168.8M2$195.9M3$180.4M3$151.8M3
Net income$10.6M4−$14.7M5−$4.24M6−$8.02M6−$11.7M6
Operating cash flow$26.6M7$24.4M8$24M9$11.4M9$3.1M9
Capital expenditure$7.12M10$12.9M11$9.92M12$14M12$2.4M12
Free cash flow (derived)$19.5M7$11.5M8$14M9−$2.66M9$692,0009
Total debt$165.2M13$167.1M14$143.3M15$139.4M16$112.1M16
Cash & equivalents$25.3M17$9.62M18$10.3M19$8.24M20$8.45M20
Diluted shares55.6M55.7M56.8M57.7M60.5M

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
$14.51
your share of equity
Profit it earned you last year
−$1.93
Free cash flow it threw off
$0.11
Debt you’d be carrying
$18.54

10 shares is a claim on $14.51 of net worth that earned you −$1.93 and generated $0.11 of cash last year, against $18.54 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 7%FY22 -2%FY23 2%FY24 -3%FY25 -7%

It earned an average -1% 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
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 32% — deleveraging.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$692,000
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$692,000
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 0001870940-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001870940-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001870940-26-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001870940-24-000005 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001870940-25-000008 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-12-31 · accession 0001870940-26-000021 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001870940-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001870940-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-12-31 · accession 0001870940-26-000021 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001870940-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001870940-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2023-12-31 · accession 0001870940-26-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001870940-23-000008 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001870940-24-000005 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001870940-25-000008 (LongTermDebtNoncurrent)
  16. 10-K/A · period ending 2024-12-31 · accession 0001870940-26-000021 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001870940-23-000008 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001870940-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001870940-25-000008 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2024-12-31 · accession 0001870940-26-000021 (CashAndCashEquivalentsAtCarryingValue)