MeritValue

Apyx Medical Corp

APYXdata completeness 100%17 fiscal years on file
The thesis, from the filings

Apyx Medical Corp earns about -52% on invested capital, but has diluted owners by 20% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$48.5M1$44.5M2$52.3M3$48.1M4$52.8M4
Net income−$15.2M5−$23.2M6−$18.7M7−$23.5M8−$11.2M8
Operating cash flow−$10.4M9−$20.3M10−$5.25M11−$18M12−$8M12
Capital expenditure$723,00013$1.01M14$533,00015$722,00016$1.11M16
Free cash flow (derived)−$11.2M9−$21.3M10−$5.78M11−$18.8M12−$9.12M12
Total debt—$017$33.2M18$71.4M19$72.3M19
Cash & equivalents$30.9M20$10.2M21$43.7M22$31.7M23$31.7M23
Diluted shares34.3M34.5M34.6M35.5M41.1M

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
$3.54
your share of equity
Profit it earned you last year
−$2.73
Free cash flow it threw off
−$2.22
Debt you’d be carrying
$17.61

10 shares is a claim on $3.54 of net worth that earned you −$2.73 and generated −$2.22 of cash last year, against $17.61 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-52% avg · 5y
FY21 -51%FY22 -66%FY23 -92%FY24 -34%FY25 -16%

It earned an average -52% 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
+20% shares · 5y

Share count is up 20% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0000719135-23-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000719135-24-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-007521 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-007471 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000719135-23-000018 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000719135-24-000016 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-007521 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-007471 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000719135-23-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000719135-24-000016 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-007521 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-007471 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000719135-23-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000719135-24-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-007521 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-007471 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0000719135-24-000016 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001437749-25-007521 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001437749-26-007471 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0000719135-23-000018 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0000719135-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001437749-25-007521 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001437749-26-007471 (CashAndCashEquivalentsAtCarryingValue)