MeritValue

Azitra, Inc.

AZTRdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Azitra, Inc. earns about -634% on invested capital, but has diluted owners by 362% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$284,0001$686,0002$7,5003$03
Net income−$10.7M4−$11.3M5−$8.97M6−$11M6
Operating cash flow−$8.35M7−$7.36M8−$10.2M9−$11.2M9
Capital expenditure$33,10110$26,54411$8,56912$24,21312
Free cash flow (derived)−$8.38M7−$7.39M8−$10.2M9−$11.2M9
Total debt————
Cash & equivalents$3.49M13$1.8M14$4.55M15$2.07M15
Diluted shares1.1M229,866571,1624.9M

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
$7.8
your share of equity
Profit it earned you last year
−$22.48
Free cash flow it threw off
−$23.08
Debt you’d be carrying
—

10 shares is a claim on $7.8 of net worth that earned you −$22.48 and generated −$23.08 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-634% avg · 4y
FY22 —FY23 -785%FY24 -619%FY25 -499%

It earned an average -634% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+362% shares · 4y

Share count is up 362% over 4 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 2022-12-31 · accession 0001493152-24-010091 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001701478-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001701478-26-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-010091 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001701478-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001701478-26-000013 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-010091 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001701478-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001701478-26-000013 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-010091 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001701478-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001701478-26-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-010091 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001701478-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001701478-26-000013 (CashAndCashEquivalentsAtCarryingValue)