MeritValue

BIOLARGO, INC.

BLGOdata completeness 88%16 fiscal years on file
The thesis, from the filings

BIOLARGO, INC. earns about -149% on equity, but has diluted owners by 24% 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$2.53M1$5.88M2$12.2M3$17.8M4$7.77M4
Net income−$6.89M5−$5.13M6−$4.65M7−$4.35M8−$15.2M8
Operating cash flow−$3.94M9−$2.76M10−$2.37M11−$3.21M12−$8.3M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$808,00013$437,00014$355,00014$1.63M15$2.08M16
Cash & equivalents$962,00017$1.85M18$3.54M19$3.55M20$3.88M20
Diluted shares247.2M268.3M286.0M298.1M307.0M

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
$0.13
your share of equity
Profit it earned you last year
−$0.49
Free cash flow it threw off
—
Debt you’d be carrying
$0.07

10 shares is a claim on $0.13 of net worth that earned you −$0.49 last year, against $0.07 of debt.

iii. Is this a good business?
Moat signal · return on equity
-149% avg · 5y
FY21 -148%FY22 -105%FY23 -68%FY24 -49%FY25 -376%

It earned an average -149% 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
+24% shares · 5y

Share count is up 24% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 157% over the same window.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001437749-23-008876 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010394 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010172 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-006926 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008876 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010394 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-010172 (ProfitLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-006926 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008876 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010394 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-010172 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-006926 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008876 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010394 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-25-010172 (LongTermDebtCurrent)
  16. 10-K · period ending 2025-12-31 · accession 0001437749-26-006926 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-008876 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-010394 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-010172 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-006926 (CashAndCashEquivalentsAtCarryingValue)