ALLURION TECHNOLOGIES, INC.

ALURdata completeness 75%4 fiscal years on file

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 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 shares	1.1M	1.4M	2.2M	7.5M

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

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.

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.

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