MeritValue

AQUABOUNTY TECHNOLOGIES INC

AQBdata completeness 75%11 fiscal years on file
The thesis, from the filings

AQUABOUNTY TECHNOLOGIES INC earns about -22% on invested capital, and has bought back 94% 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$1.17M1$3.14M2$2.47M2——
Net income−$22.3M3−$22.2M4−$27.6M5−$149.2M6−$18.5M6
Operating cash flow−$20.5M7−$21M8−$24.2M9−$13.9M10−$8.74M10
Capital expenditure$5.71M11$67.5M12$68.9M13$2.93M14—
Free cash flow (derived)−$26.2M7−$88.5M8−$93.1M9−$16.8M10—
Total debt$18.4M15$17.4M16$10.1M17$6.52M18$7.61M18
Cash & equivalents$88.5M19$101.6M20$8.2M21$230,36222$501,29522
Diluted shares69.4M3.8M3.8M3.9M3.9M

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
−$4.88
your share of equity
Profit it earned you last year
−$47.73
Free cash flow it threw off
—
Debt you’d be carrying
$19.65

10 shares is a claim on −$4.88 of net worth that earned you −$47.73 last year, against $19.65 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-22% avg · 5y
FY21 -12%FY22 -16%FY23 -6%FY24 -41%FY25 -34%

It earned an average -22% 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
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 59% — 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 2021-12-31 · accession 0001603978-23-000007 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001603978-24-000013 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001603978-23-000007 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001603978-24-000013 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001603978-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001603978-26-000029 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001603978-23-000007 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001603978-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001603978-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001603978-26-000029 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001603978-23-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001603978-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001603978-25-000014 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001603978-26-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001603978-23-000007 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-31 · accession 0001603978-24-000013 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001603978-25-000014 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001603978-26-000029 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001603978-23-000007 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001603978-24-000013 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001603978-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001603978-26-000029 (CashAndCashEquivalentsAtCarryingValue)