MeritValue

HeartBeam, Inc.

BEATdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

HeartBeam, Inc. earns about -531% on equity, but has diluted owners by 687% 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—————
Net income−$4.43M1−$13M2−$14.6M3−$19.4M4−$21M4
Operating cash flow−$3.23M5−$9.95M6−$12.1M7−$14.5M8−$14M8
Capital expenditure—$09$256,00010$201,00011$600,00011
Free cash flow (derived)—−$9.95M6−$12.3M7−$14.7M8−$14.6M8
Total debt—————
Cash & equivalents$13.2M12$3.59M13$16.2M14$2.38M15$4.38M15
Diluted shares4.3M8.2M20.3M26.6M33.7M

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
$0.77
your share of equity
Profit it earned you last year
−$6.23
Free cash flow it threw off
−$4.33
Debt you’d be carrying
—

10 shares is a claim on $0.77 of net worth that earned you −$6.23 and generated −$4.33 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-531% avg · 5y
FY21 -33%FY22 -546%FY23 -92%FY24 -1176%FY25 -807%

It earned an average -531% 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
+687% shares · 5y

Share count is up 687% over 5 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 2021-12-31 · accession 0001779372-23-000006 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001779372-24-000002 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-012614 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-104080 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001779372-23-000006 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001779372-24-000002 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-012614 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-104080 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001779372-24-000002 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001628280-25-012614 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-104080 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001779372-23-000006 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001779372-24-000002 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001628280-25-012614 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-104080 (CashAndCashEquivalentsAtCarryingValue)