MeritValue

bioAffinity Technologies, Inc.

BIAFdata completeness 88%5 fiscal years on file
The thesis, from the filings

bioAffinity Technologies, Inc. earns about -734% on invested capital, and has bought back 36% 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—$4,8031$2.53M2$9.36M3$6.16M3
Net income−$6.33M4−$8.15M5−$7.94M6−$9.04M7−$14.9M7
Operating cash flow−$2.05M8−$4.07M9−$6.04M10−$7.26M11−$9.33M11
Capital expenditure—$219,98712$22,90213$79,08314$60,56814
Free cash flow (derived)—−$4.29M9−$6.06M10−$7.34M11−$9.39M11
Total debt—————
Cash & equivalents$1.36M15$11.4M16$2.82M17$1.11M18$6.45M18
Diluted shares2.7M4.5M8.7M404,1671.7M

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
$42.29
your share of equity
Profit it earned you last year
−$86.63
Free cash flow it threw off
−$54.56
Debt you’d be carrying
—

10 shares is a claim on $42.29 of net worth that earned you −$86.63 and generated −$54.56 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-734% avg · 5y
FY21 —FY22 —FY23 -306%FY24 -477%FY25 -1419%

It earned an average -734% 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
−36% shares · 5y

Share count is down 36% 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 2022-12-31 · accession 0001493152-24-012358 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001840 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-010143 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-010186 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-012358 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-001840 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-010143 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-010186 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-012358 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001840 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-010143 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-012358 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001840 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-010143 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-010186 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-012358 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-001840 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-010143 (CashAndCashEquivalentsAtCarryingValue)