MeritValue

authID Inc.

AUIDdata completeness 75%14 fiscal years on file
The thesis, from the filings

authID Inc. earns about -361% on invested capital, and has bought back 39% 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$64,7991$156,6461$190,2892$886,4853$2.04M3
Net income−$17.7M4−$24.2M5−$19.4M6−$14.3M7−$17.9M7
Operating cash flow−$8.76M8−$12.8M9−$8.37M10−$11.6M11−$15M11
Capital expenditure$90,03612$7,02713———
Free cash flow (derived)−$8.85M8−$12.8M9———
Total debt$277,66414$135,40514———
Cash & equivalents$5.77M15$3.24M16$10.2M16$8.47M17$4.61M17
Diluted shares21.3M3.1M6.2M10.2M13.0M

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
$6.63
your share of equity
Profit it earned you last year
−$13.79
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.63 of net worth that earned you −$13.79 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-361% avg · 5y
FY21 -235%FY22 —FY23 -484%FY24 -371%FY25 -353%

It earned an average -361% 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
−39% shares · 5y

Share count is down 39% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 51% — 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 0001213900-23-024677 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-023697 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-037459 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-024677 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-024363 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-023697 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-037459 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-024677 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-024363 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-023697 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-037459 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-22-014214 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-024363 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-23-024677 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-24-024363 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-12-31 · accession 0001213900-25-023697 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-037459 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)