MeritValue

Autonomix Medical, Inc.

AMIXdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Autonomix Medical, Inc. earns about -234% on equity, and has bought back 40% of its shares over 4 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 2023FY 2024FY 2025FY 2026
Revenue$01$02$03$03
Net income−$1.99M4−$15.4M5−$11.4M6−$16.7M6
Operating cash flow−$1.85M7−$6.6M8−$8.26M9−$12.3M9
Capital expenditure$010$19,00010$14,00011$10,00011
Free cash flow (derived)−$1.85M7−$6.62M8−$8.27M9−$12.3M9
Total debt————
Cash & equivalents$865,00012$8.61M13$9.14M14$7M14
Diluted shares12.0M1.0M1.8M7.2M

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
$8.17
your share of equity
Profit it earned you last year
−$23.16
Free cash flow it threw off
−$17.03
Debt you’d be carrying
—

10 shares is a claim on $8.17 of net worth that earned you −$23.16 and generated −$17.03 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-234% avg · 4y
FY23 -309%FY24 -202%FY25 -141%FY26 -284%

It earned an average -234% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−40% shares · 4y

Share count is down 40% over 4 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 2023-03-31 · accession 0001437749-24-018932 (Revenues)
  2. 10-K · period ending 2024-03-31 · accession 0001437749-25-018831 (Revenues)
  3. 10-K · period ending 2025-03-31 · accession 0001437749-26-018573 (Revenues)
  4. 10-K · period ending 2023-03-31 · accession 0001437749-24-018932 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001437749-25-018831 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001437749-26-018573 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001437749-24-018932 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-03-31 · accession 0001437749-25-018831 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-03-31 · accession 0001437749-26-018573 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001437749-24-018932 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2025-03-31 · accession 0001437749-26-018573 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-03-31 · accession 0001437749-24-018932 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-03-31 · accession 0001437749-25-018831 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2025-03-31 · accession 0001437749-26-018573 (CashAndCashEquivalentsAtCarryingValue)