MeritValue

Bluejay Diagnostics, Inc.

BJDXdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

Bluejay Diagnostics, Inc. earns about -138% on equity, and has bought back 95% 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—$249,0401———
Net income−$3.49M2−$9.3M3−$9.95M4−$7.72M5−$6.85M5
Operating cash flow−$4.37M6−$7.74M7−$8.31M8−$7.82M9−$6.05M9
Capital expenditure$23,94710$1.2M11$704,16612$306,78313$173,73513
Free cash flow (derived)−$4.39M6−$8.94M7−$9.02M8−$8.13M9−$6.23M9
Total debt—————
Cash & equivalents$19M14$10.1M15$2.21M16$4.3M17$5.16M17
Diluted shares8.5M1.0M2,74145,848449,043

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
$133.07
your share of equity
Profit it earned you last year
−$152.51
Free cash flow it threw off
−$138.68
Debt you’d be carrying
—

10 shares is a claim on $133.07 of net worth that earned you −$152.51 and generated −$138.68 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-138% avg · 5y
FY21 -17%FY22 -81%FY23 -344%FY24 -135%FY25 -115%

It earned an average -138% 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
−95% shares · 5y

Share count is down 95% 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 0001213900-24-027305 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001213900-23-021454 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-027305 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-25-026275 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-024616 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-23-021454 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-027305 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-026275 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-024616 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001213900-23-021454 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-027305 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-026275 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-024616 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-23-021454 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-027305 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-026275 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-024616 (CashAndCashEquivalentsAtCarryingValue)