MeritValue

BIOMERICA INC

BMRAdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

BIOMERICA INC earns about -215% on invested capital, and has bought back 77% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$18.9M1$5.34M2$5.42M3$5.31M4$4.45M4
Net income−$4.53M5−$7.14M6−$5.98M7−$4.97M8−$3.78M8
Operating cash flow−$479,0009−$5.47M10−$5.36M11−$3.84M12−$3.42M12
Capital expenditure$57,00013$64,00014$51,00015——
Free cash flow (derived)−$536,0009−$5.54M10−$5.41M11——
Total debt—————
Cash & equivalents$5.92M16$9.72M17$4.17M18$2.4M19$1.31M19
Diluted shares12.7M14.2M2.1M2.3M2.9M

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
$9.02
your share of equity
Profit it earned you last year
−$12.95
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $9.02 of net worth that earned you −$12.95 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-215% avg · 5y
FY22 -148%FY23 -279%FY24 -194%FY25 -230%FY26 -224%

It earned an average -215% 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
−77% shares · 5y

Share count is down 77% 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 v0.5.0
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 2022-05-31 · accession 0001493152-23-030254 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-05-31 · accession 0001493152-24-034208 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-05-31 · accession 0001641172-25-026041 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-05-31 · accession 0001493152-26-040851 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-05-31 · accession 0001493152-23-030254 (NetIncomeLoss)
  6. 10-K · period ending 2023-05-31 · accession 0001493152-24-034208 (NetIncomeLoss)
  7. 10-K · period ending 2024-05-31 · accession 0001641172-25-026041 (NetIncomeLoss)
  8. 10-K · period ending 2025-05-31 · accession 0001493152-26-040851 (NetIncomeLoss)
  9. 10-K · period ending 2022-05-31 · accession 0001493152-23-030254 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-05-31 · accession 0001493152-24-034208 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-05-31 · accession 0001641172-25-026041 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-05-31 · accession 0001493152-26-040851 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-05-31 · accession 0001493152-23-030254 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-05-31 · accession 0001493152-24-034208 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-05-31 · accession 0001641172-25-026041 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-05-31 · accession 0001493152-23-030254 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-05-31 · accession 0001493152-24-034208 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-05-31 · accession 0001641172-25-026041 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-05-31 · accession 0001493152-26-040851 (CashAndCashEquivalentsAtCarryingValue)