MeritValue

Nuo Therapeutics, Inc.

AURXdata completeness 88%15 fiscal years on file
The thesis, from the filings

Nuo Therapeutics, Inc. earns about -1618% on invested capital, but has diluted owners by 56% 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$01$112,2502$608,5253$1.37M4$3.31M4
Net income−$90,6705−$3.17M6−$3.17M7−$2.32M8−$2.51M8
Operating cash flow−$119,9559−$3.71M10−$3.17M11−$2.23M12−$864,97112
Capital expenditure$013$59,99214$7,24415$154,96216$274,75616
Free cash flow (derived)−$119,9559−$3.77M10−$3.18M11−$2.39M12−$1.14M12
Total debt$017————
Cash & equivalents$1.41M18$2.05M19$928,68119$283,71420$548,94620
Diluted shares30.3M40.0M42.1M45.4M47.3M

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
−$0.2
your share of equity
Profit it earned you last year
−$0.53
Free cash flow it threw off
−$0.24
Debt you’d be carrying
—

10 shares is a claim on −$0.2 of net worth that earned you −$0.53 and generated −$0.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1618% avg · 5y
FY21 —FY22 -1788%FY23 -2268%FY24 -798%FY25 —

It earned an average -1618% 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
+56% shares · 5y

Share count is up 56% 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 0001437749-23-010351 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-012587 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010379 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010360 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-010351 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-012587 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-010379 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010360 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-010351 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-012587 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-010379 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010360 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-010351 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-012587 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-010379 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010360 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-22-009050 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001437749-24-012587 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001437749-25-010379 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-010360 (CashAndCashEquivalentsAtCarryingValue)