MeritValue

Anixa Biosciences Inc

ANIXdata completeness 63%16 fiscal years on file
The thesis, from the filings

Anixa Biosciences Inc earns about -52% on equity, and has bought back 100% 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$512,0001—$210,0002$210,0003—
Net income−$13M4−$13.6M5−$9.81M6−$12.6M7−$10.9M7
Operating cash flow−$4.94M8−$6.49M9−$6.21M10−$7.34M11−$7.17M11
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$29.1M12$12.4M13$915,00014$1.27M15$1.24M15
Diluted shares28.6M30,37430,98031,89832,454

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
$4,671.54
your share of equity
Profit it earned you last year
−$3,366.92
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4,671.54 of net worth that earned you −$3,366.92 last year.

iii. Is this a good business?
Moat signal · return on equity
-52% avg · 5y
FY21 -37%FY22 -47%FY23 -40%FY24 -63%FY25 -72%

It earned an average -52% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 2021-10-31 · accession 0001493152-23-000346 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-10-31 · accession 0001493152-25-001787 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-10-31 · accession 0001493152-25-001787 (Revenues)
  4. 10-K · period ending 2021-10-31 · accession 0001493152-23-000346 (NetIncomeLoss)
  5. 10-K · period ending 2022-10-31 · accession 0001493152-24-002453 (NetIncomeLoss)
  6. 10-K · period ending 2023-10-31 · accession 0001493152-25-001787 (NetIncomeLoss)
  7. 10-K · period ending 2024-10-31 · accession 0001493152-26-001845 (NetIncomeLoss)
  8. 10-K · period ending 2021-10-31 · accession 0001493152-23-000346 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-10-31 · accession 0001493152-24-002453 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-10-31 · accession 0001493152-25-001787 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-10-31 · accession 0001493152-26-001845 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-10-31 · accession 0001493152-23-000346 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-10-31 · accession 0001493152-24-002453 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-10-31 · accession 0001493152-25-001787 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-10-31 · accession 0001493152-26-001845 (CashAndCashEquivalentsAtCarryingValue)