MeritValue

Aquestive Therapeutics, Inc.

AQSTdata completeness 100%9 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$50.8M1$47.7M2$50.6M3$57.6M4$44.5M4
Net income−$70.5M5−$54.4M6−$7.87M7−$44.1M8−$83.8M8
Operating cash flow−$33M9−$9.82M10−$6.38M11−$35.8M12−$52.4M12
Capital expenditure$913,00013$1.02M14$995,00015$159,00016$562,00016
Free cash flow (derived)−$33.9M9−$10.8M10−$7.38M11−$35.9M12−$53M12
Total debt——$45M17$45M18$45M19
Cash & equivalents$28M20$27.3M21$23.9M22$71.5M22$121.2M22
Diluted shares38.1M48.7M61.3M86.7M106.9M

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
−$3.15
your share of equity
Profit it earned you last year
−$7.84
Free cash flow it threw off
−$4.96
Debt you’d be carrying
$4.21

10 shares is a claim on −$3.15 of net worth that earned you −$7.84 and generated −$4.96 of cash last year, against $4.21 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+181% shares · 5y

Share count is up 181% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0001628280-23-010180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-009010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-010506 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001398733-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-010180 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-009010 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-010506 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001398733-26-000018 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-010180 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-009010 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-010506 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001398733-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-010180 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-009010 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-010506 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001398733-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0001628280-24-009010 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001628280-25-010506 (LongTermDebt)
  19. 10-K · period ending 2025-12-31 · accession 0001398733-26-000018 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0001628280-24-009010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2022-12-31 · accession 0001628280-25-010506 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2023-12-31 · accession 0001398733-26-000018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)