MeritValue

ALLURION TECHNOLOGIES, INC.

ALURdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$64.2M1$53.5M1$32.1M2$15.2M2
Net income−$37.7M3−$82.8M3−$7.2M4−$28.8M4
Operating cash flow−$47M5−$64M5−$42.3M6−$28.9M6
Capital expenditure$1.55M7$1.61M7$611,0008—
Free cash flow (derived)−$48.5M5−$65.6M5−$42.9M6—
Total debt$56.5M9$38.6M10$35.7M11—
Cash & equivalents$7.69M12$38M12$15.4M13$5.41M13
Diluted shares1.1M1.4M2.2M7.5M

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
−$102.31
your share of equity
Profit it earned you last year
−$38.11
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$102.31 of net worth that earned you −$38.11 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+601% shares · 4y

Share count is up 601% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 37% — 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 v0.5.0
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/A · period ending 2022-12-31 · accession 0000950170-25-111978 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-130483 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-111978 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-130483 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-111978 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-130483 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-111978 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-130483 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-111978 (LongTermDebtNoncurrent)
  10. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-111978 (LongTermDebtCurrent)
  11. 10-K/A · period ending 2024-12-31 · accession 0000950170-25-110133 (LongTermDebtNoncurrent)
  12. 10-K/A · period ending 2022-12-31 · accession 0000950170-25-111978 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-130483 (CashAndCashEquivalentsAtCarryingValue)