MeritValue

BioCardia, Inc.

BCDAdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

BioCardia, Inc. earns about -558% on equity, and has bought back 61% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.02M1$1.35M2$477,0003$58,0004$04
Net income−$12.6M5−$11.9M6−$11.6M7−$7.95M8−$8.23M8
Operating cash flow−$10.4M9−$10.6M10−$9.97M11−$7.89M12−$7.44M12
Capital expenditure$116,00013$70,00014$12,00015$6,00016$7,00016
Free cash flow (derived)−$10.5M9−$10.6M10−$9.99M11−$7.89M12−$7.44M12
Total debt—————
Cash & equivalents$12.9M17$7.36M18$1.1M19$2.37M20$2.5M20
Diluted shares16.9M17.7M1.4M2.7M6.7M

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
$1.34
your share of equity
Profit it earned you last year
−$12.34
Free cash flow it threw off
−$11.16
Debt you’d be carrying
—

10 shares is a claim on $1.34 of net worth that earned you −$12.34 and generated −$11.16 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-558% avg · 5y
FY21 -122%FY22 -243%FY23 —FY24 -949%FY25 -919%

It earned an average -558% 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
−61% shares · 5y

Share count is down 61% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001437749-23-008312 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009587 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009397 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-009587 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008312 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009587 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009397 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-009587 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008312 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009587 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009397 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-009587 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008312 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009587 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009397 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-009587 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-008312 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-009587 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-009397 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-009587 (CashAndCashEquivalentsAtCarryingValue)