MeritValue

ANGIODYNAMICS INC

ANGOdata completeness 88%17 fiscal years on file
The thesis, from the filings

ANGIODYNAMICS INC earns about -36% on invested capital, but has diluted owners by 6% over 5 years — worth asking whether the growth reaches owners. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$316.2M1$338.8M2$303.9M3$292.5M3$320.2M3
Net income−$26.5M4−$52.4M5−$184.3M6−$34M6−$36.7M6
Operating cash flow−$7.19M7$78,0008−$28.2M9−$10.1M9$3.09M9
Capital expenditure$4.3M10$3.81M11$2.52M12$4.46M12$2.58M12
Free cash flow (derived)−$11.5M7−$3.73M8−$30.7M9−$14.6M9$508,0009
Total debt$25M13$49.8M14$014——
Cash & equivalents$28.8M15$44.6M16$76.1M17$55.9M18$53.9M18
Diluted shares39.0M39.5M40.2M40.9M41.5M

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
$41.14
your share of equity
Profit it earned you last year
−$8.85
Free cash flow it threw off
$0.12
Debt you’d be carrying
—

10 shares is a claim on $41.14 of net worth that earned you −$8.85 and generated $0.12 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-36% avg · 5y
FY22 -5%FY23 -11%FY24 -118%FY25 -21%FY26 -25%

It earned an average -36% 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
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — 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 2022-05-31 · accession 0001628280-24-032989 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-05-31 · accession 0001275187-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-05-31 · accession 0001628280-26-048138 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-05-31 · accession 0001628280-24-032989 (NetIncomeLoss)
  5. 10-K · period ending 2023-05-31 · accession 0001275187-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2024-05-31 · accession 0001628280-26-048138 (NetIncomeLoss)
  7. 10-K · period ending 2022-05-31 · accession 0001628280-24-032989 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-05-31 · accession 0001275187-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-05-31 · accession 0001628280-26-048138 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-05-31 · accession 0001628280-24-032989 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-05-31 · accession 0001275187-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-05-31 · accession 0001628280-26-048138 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-05-31 · accession 0001628280-23-027335 (LongTermDebt)
  14. 10-K · period ending 2023-05-31 · accession 0001628280-24-032989 (LongTermDebt)
  15. 10-K · period ending 2022-05-31 · accession 0001628280-23-027335 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-05-31 · accession 0001628280-24-032989 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-05-31 · accession 0001275187-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-05-31 · accession 0001628280-26-048138 (CashAndCashEquivalentsAtCarryingValue)