MeritValue

AtriCure, Inc.

ATRCdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$274.3M1$330.4M2$399.2M3$465.3M3$534.5M3
Net income$50.2M4−$46.5M5−$30.4M6−$44.7M6−$11.4M6
Operating cash flow−$13.8M7−$22.1M8$4.48M9$12.2M9$57.3M9
Capital expenditure$9.75M10$16.9M11$12M12$11.5M12$9.05M12
Free cash flow (derived)−$23.5M7−$39M8−$7.51M9$745,0009$48.3M9
Total debt$119.7M13$116.8M14$60.6M15$61.9M16$61.9M16
Cash & equivalents$43.7M17$58.1M18$84.3M19$122.7M20$167.4M20
Diluted shares46.0M45.7M46.3M47.0M47.8M

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
−$2.4
Your share of its debt
$12.96
Your share of free cash flow
$10.11
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$2.52
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$745,000
DCF · Growth Exit 5Y
$2.49
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$745,000
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 →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $2.49

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001323885-24-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001323885-25-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001323885-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001323885-24-000016 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001323885-25-000009 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001323885-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001323885-24-000016 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001323885-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001323885-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001323885-24-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001323885-25-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001323885-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001323885-23-000015 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001323885-24-000016 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001323885-25-000009 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001323885-26-000007 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001323885-23-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001323885-24-000016 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001323885-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001323885-26-000007 (CashAndCashEquivalentsAtCarryingValue)