MeritValue

Actinium Pharmaceuticals, Inc.

ATNMdata completeness 88%25 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

Actinium Pharmaceuticals, Inc. earns about -153% on equity, but has diluted owners by 52% 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$1.14M1$1.03M2$81,0003—$90,0004
Net income−$24.8M5−$33M6−$48.8M7−$38.2M8−$33.9M8
Operating cash flow−$20.9M9$8.64M10−$47.3M11−$33.1M12−$24.6M12
Capital expenditure$133,00013$366,00014$153,00015$11,00016$104,00016
Free cash flow (derived)−$21M9$8.28M10−$47.5M11−$33.1M12−$24.7M12
Total debt—————
Cash & equivalents$77.8M17$108.9M18$76.7M19$72.9M20$48M20
Diluted shares20.6M24.1M26.6M30.1M31.2M

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
Net assets behind them
$2.51
your share of equity
Profit it earned you last year
−$10.86
Free cash flow it threw off
−$7.91
Debt you’d be carrying
—

10 shares is a claim on $2.51 of net worth that earned you −$10.86 and generated −$7.91 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-153% avg · 5y
FY21 -34%FY22 -50%FY23 -134%FY24 -117%FY25 -433%

It earned an average -153% 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
+52% shares · 5y

Share count is up 52% 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 0001213900-23-025597 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-028038 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026371 (Revenues)
  4. 10-K · period ending 2025-12-31 · accession 0001213900-26-036504 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-025597 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-028038 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026371 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-036504 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-025597 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-028038 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-026371 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-036504 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-025597 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-028038 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-25-026371 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001213900-26-036504 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-23-025597 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001213900-24-028038 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001213900-25-026371 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001213900-26-036504 (CashAndCashEquivalentsAtCarryingValue)