MeritValue

Anika Therapeutics, Inc.

ANIKdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Anika Therapeutics, Inc. earns about -1% on invested capital, and has bought back 2% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$147.8M1$113.8M2$120.8M3$119.9M3$112.8M3
Net income$4.13M4−$14.9M5−$82.7M6−$56.4M6−$10.9M6
Operating cash flow$8.4M7$4.41M8−$1.79M9$5.4M9$11.2M9
Capital expenditure$5.14M10$7.49M11$5.43M12$7.73M12$6.83M12
Free cash flow (derived)$3.25M7−$3.08M8−$7.22M9−$2.33M9$4.36M9
Total debt—————
Cash & equivalents$94.4M13$86.3M14$68.7M15$55.6M16$57.5M16
Diluted shares14.6M14.8M14.7M14.7M14.3M

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
$100.05
your share of equity
Profit it earned you last year
−$7.59
Free cash flow it threw off
$3.04
Debt you’d be carrying
—

10 shares is a claim on $100.05 of net worth that earned you −$7.59 and generated $3.04 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY21 1%FY22 1%FY23 1%FY24 -2%FY25 -9%

It earned an average -1% 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
−2% shares · 5y

Share count is down 2% over 5 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 2021-12-31 · accession 0001171843-24-001380 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001171843-25-001486 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001171843-26-001275 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001171843-24-001380 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001171843-25-001486 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001171843-26-001275 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001171843-24-001380 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001171843-25-001486 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001171843-26-001275 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001171843-24-001380 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001171843-25-001486 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001171843-26-001275 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001171843-23-001729 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001171843-24-001380 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001171843-25-001486 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001171843-26-001275 (CashAndCashEquivalentsAtCarryingValue)