MeritValue

ARTIVION, INC.

AORTdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$298.8M1$313.8M2$354M3$388.5M3$441.3M3
Net income−$14.8M4−$19.2M5−$30.7M6−$13.4M6$9.77M6
Operating cash flow−$2.59M7−$5.15M8$18.8M9$22.2M9$39.9M9
Capital expenditure$13.1M10$10.7M11$9.75M12$11.2M12$39M12
Free cash flow (derived)−$15.7M7−$15.9M8$9.07M9$11M9$839,0009
Total debt$618.2M13$616.2M14$614M15$628.7M16$430.2M16
Cash & equivalents$55M17$39.4M18$58.9M19$53.5M20$64.9M20
Diluted shares39.0M40.0M40.7M41.7M47.2M

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
You’d own
0.000021%
of the whole company
Your share of last year’s profit
$2.07
Your share of its debt
$91.22
Your share of free cash flow
$0.18
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$9.07M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$9.07M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$6.7
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000784199-24-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000784199-25-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-009046 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000784199-24-000033 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000784199-25-000029 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-009046 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000784199-24-000033 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000784199-25-000029 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-009046 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000784199-24-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000784199-25-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-009046 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000784199-23-000040 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000784199-24-000033 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000784199-25-000029 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-009046 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000784199-23-000040 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000784199-24-000033 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000784199-25-000029 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-009046 (CashAndCashEquivalentsAtCarryingValue)