MeritValue

Beta Bionics, Inc.

BBNXdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Beta Bionics, Inc. earns about -25% on equity, but has diluted owners by 664% over 3 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 2023FY 2024FY 2025
Revenue$12M1$65.1M2$100.3M2
Net income−$44.1M3−$54.8M4−$73.2M4
Operating cash flow−$32.4M5−$48.3M6−$50.9M6
Capital expenditure$402,0007$3.4M8$5.3M8
Free cash flow (derived)−$32.8M5−$51.7M6−$56.2M6
Total debt———
Cash & equivalents$26.6M9$30.4M10$31.6M10
Diluted shares5.3M6.4M40.5M

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
$70.96
your share of equity
Profit it earned you last year
−$18.06
Free cash flow it threw off
−$13.87
Debt you’d be carrying
—

10 shares is a claim on $70.96 of net worth that earned you −$18.06 and generated −$13.87 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-25% avg · 3y
FY23 —FY24 —FY25 -25%

It earned an average -25% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+664% shares · 3y

Share count is up 664% over 3 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/A · period ending 2023-12-31 · accession 0000950170-25-046762 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001193125-26-067065 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046762 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-067065 (NetIncomeLoss)
  5. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046762 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-067065 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046762 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-067065 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-046762 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-067065 (CashAndCashEquivalentsAtCarryingValue)