MeritValue

Avalon GloboCare Corp.

ALBTdata completeness 63%11 fiscal years on file
The thesis, from the filings

Avalon GloboCare Corp. earns about -135% on invested capital, and has bought back 62% 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$1.39M1$1.2M2$1.26M3$1.33M3—
Net income−$9.09M4−$11.9M5−$16.7M6−$7.9M7−$18.3M7
Operating cash flow−$5.02M8−$7.04M9−$6.5M10−$4.97M10−$4.58M11
Capital expenditure$17,50212$1,74913$22,15914——
Free cash flow (derived)−$5.04M8−$7.04M9−$6.53M10——
Total debt$3M15—$1M16——
Cash & equivalents$807,53817$1.99M18$285,40019$2.66M20$109,09120
Diluted shares8.5M9.3M701,932936,6143.2M

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
$28.75
your share of equity
Profit it earned you last year
−$56.87
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $28.75 of net worth that earned you −$56.87 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-135% avg · 5y
FY21 -136%FY22 -101%FY23 -163%FY24 -124%FY25 -152%

It earned an average -135% 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
−62% shares · 5y

Share count is down 62% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 67% — 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
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 0001213900-23-024687 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-033023 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026308 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-024687 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-033023 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-026308 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-036474 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-024687 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-033023 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-026308 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2025-12-31 · accession 0001213900-26-036474 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-024687 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-033023 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-026308 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-22-016231 (LongTermDebt)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-24-033023 (DebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-23-024687 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001213900-24-033023 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001213900-25-026308 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001213900-26-036474 (CashAndCashEquivalentsAtCarryingValue)