MeritValue

IMAC Holdings, Inc.

BACKdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

IMAC Holdings, Inc. earns about -125% on invested capital, and has bought back 88% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$12.8M1$14.4M2$16.2M2—$72,0503
Net income−$5.54M4−$10.5M5−$18.3M6−$9.42M7−$9.05M7
Operating cash flow−$5.99M8−$7.59M9−$10.3M10−$2.79M11−$3.16M11
Capital expenditure$125,98712$694,37613$331,38214——
Free cash flow (derived)−$6.12M8−$8.29M9−$10.6M10——
Total debt$4.49M15$359,18416$2.82M17$3M18$3M19
Cash & equivalents$2.62M20$7.12M21$763,21122$221,51122—
Diluted shares12.7M22.6M942,4631.1M1.6M

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
−$35.92
your share of equity
Profit it earned you last year
−$57.63
Free cash flow it threw off
—
Debt you’d be carrying
$19.11

10 shares is a claim on −$35.92 of net worth that earned you −$57.63 last year, against $19.11 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-125% avg · 5y
FY20 -41%FY21 -71%FY22 -139%FY23 -248%FY24 —

It earned an average -125% 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
−88% shares · 5y

Share count is down 88% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 33% — 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 · period ending 2020-12-31 · accession 0001493152-22-009946 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-010385 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2024-12-31 · accession 0001641172-25-017216 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001493152-22-009946 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010385 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-017491 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-017216 (NetIncomeLoss)
  8. 10-K · period ending 2020-12-31 · accession 0001493152-22-009946 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010385 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-017491 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-017216 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2020-12-31 · accession 0001493152-22-009946 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010385 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-017491 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2020-12-31 · accession 0001493152-21-005333 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-22-009946 (LongTermDebt)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-23-010385 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2023-12-31 · accession 0001493152-24-017491 (DebtCurrent)
  19. 10-K/A · period ending 2024-12-31 · accession 0001641172-25-017216 (DebtCurrent)
  20. 10-K · period ending 2020-12-31 · accession 0001493152-22-009946 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2021-12-31 · accession 0001493152-23-010385 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-017491 (CashAndCashEquivalentsAtCarryingValue)