MeritValue

Aspira Women's Health Inc.

AWHLdata completeness 100%16 fiscal years on file
The thesis, from the filings

Aspira Women's Health Inc. earns about -267% on equity, but has diluted owners by 360% 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$6.81M1$8.18M2$9.15M3$9.18M4$9.22M4
Net income−$31.7M5−$29.9M6−$16.7M7−$13.1M8−$12.8M8
Operating cash flow−$27.4M9−$31.1M10−$15.9M11−$12.1M12−$7.03M12
Capital expenditure$184,00013$232,00014$24,00015$37,00016$16,00016
Free cash flow (derived)−$27.6M9−$31.3M10−$15.9M11−$12.2M12−$7.05M12
Total debt$6.62M17$6.2M18$3.86M19$3.63M20$3.05M20
Cash & equivalents$37.2M21$13.3M22$2.6M23$1.77M24$1.76M24
Diluted shares7.4M7.8M9.2M14.1M34.1M

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
−$2.03
your share of equity
Profit it earned you last year
−$3.75
Free cash flow it threw off
−$2.07
Debt you’d be carrying
$0.89

10 shares is a claim on −$2.03 of net worth that earned you −$3.75 and generated −$2.07 of cash last year, against $0.89 of debt.

iii. Is this a good business?
Moat signal · return on equity
-267% avg · 5y
FY21 -105%FY22 -428%FY23 —FY24 —FY25 —

It earned an average -267% 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
+360% shares · 5y

Share count is up 360% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 54% — 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
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/A · period ending 2021-12-31 · accession 0000926617-23-000089 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000926617-24-000015 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000983 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0000926617-26-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0000926617-23-000089 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000926617-24-000015 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000983 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000926617-26-000020 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0000926617-23-000089 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000926617-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000983 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000926617-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0000926617-23-000089 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000926617-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000983 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0000926617-26-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0000926617-23-000089 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000926617-24-000015 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-000983 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0000926617-26-000020 (LongTermDebtNoncurrent)
  21. 10-K/A · period ending 2021-12-31 · accession 0000926617-23-000089 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0000926617-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001641172-25-000983 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0000926617-26-000020 (CashAndCashEquivalentsAtCarryingValue)