MeritValue

Bio Green Med Solution, Inc.

BGMSdata completeness 75%28 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Bio Green Med Solution, Inc. earns about -985% on equity, and has bought back 76% 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$01$02$420,0003$43,0004$747,0004
Net income−$18.5M5−$21.2M6−$22.6M7−$11.2M8−$3M8
Operating cash flow−$18.5M9−$20.8M10−$16.1M11−$7.99M12−$4.77M12
Capital expenditure$27,00013$7,00014$6,00015——
Free cash flow (derived)−$18.6M9−$20.8M10−$16.1M11——
Total debt—————
Cash & equivalents$36.6M16$18.3M17$3.38M18$3.14M19$3.51M19
Diluted shares8.9M11.3M3.5M22,3142.2M

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
$31.31
your share of equity
Profit it earned you last year
−$13.72
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $31.31 of net worth that earned you −$13.72 last year.

iii. Is this a good business?
Moat signal · return on equity
-985% avg · 5y
FY21 -49%FY22 -133%FY23 -3716%FY24 —FY25 -44%

It earned an average -985% 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
−76% shares · 5y

Share count is down 76% 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/A · period ending 2021-12-31 · accession 0001558370-23-019369 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003713 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001493152-25-025179 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013669 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-019369 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003713 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001493152-25-025179 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013669 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-019369 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003713 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001493152-25-025179 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013669 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-019369 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003713 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001493152-25-025179 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-019369 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-003713 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2023-12-31 · accession 0001493152-25-025179 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-013669 (CashAndCashEquivalentsAtCarryingValue)