MeritValue

AMERICAN SHARED HOSPITAL SERVICES

AMSdata completeness 100%17 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'

The thesis, from the filings

AMERICAN SHARED HOSPITAL SERVICES earns about 3% on invested capital, but has diluted owners by 9% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.95 a share.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$17.6M1$19.7M2$21.3M3$28.3M4$28.1M4
Net income$194,0005$1.33M6$610,0007$2.19M8−$1.55M8
Operating cash flow$6.27M9$7.24M10$5.72M11$167,00012$3.1M12
Capital expenditure$1.67M13$388,00014$6.27M15$7.94M16$7.63M16
Free cash flow (derived)$4.59M9$6.85M10−$555,00011−$7.77M12−$4.54M12
Total debt$31.1M17$27.1M18$26.4M19$40.6M20$34.7M20
Cash & equivalents$8.15M21$12.3M22$13.7M23$11M24$3.46M24
Diluted shares6.1M6.3M6.4M6.7M6.6M

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
$36.33
your share of equity
Profit it earned you last year
−$2.35
Free cash flow it threw off
−$6.86
Debt you’d be carrying
$52.44

10 shares is a claim on $36.33 of net worth that earned you −$2.35 and generated −$6.86 of cash last year, against $52.44 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 3%FY22 6%FY23 3%FY24 5%FY25 -2%

It earned an average 3% 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 risen 12% over the same window.

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
$0.95
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$610,000
  • growthAssumed0.0%
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 0001437749-23-008796 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010308 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-011052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010731 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008796 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010308 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-011052 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010731 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008796 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010308 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-011052 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010731 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008796 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010308 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-011052 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010731 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-008796 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-010308 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-011052 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-010731 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001437749-23-008796 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001437749-24-010308 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001437749-25-011052 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001437749-26-010731 (CashAndCashEquivalentsAtCarryingValue)