MeritValue

biote Corp.

BTMDdata completeness 100%5 fiscal years on file

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

The thesis, from the filings

biote Corp. earns about 21% on invested capital, far above its ~9% cost of capital, but has diluted owners by 355% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.93 and $12.79 a share.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$139.4M1$165M2$185.4M3$197.2M4$192.2M4
Net income$11.1M5−$969,0006$3.32M7$3.16M8$27M8
Operating cash flow$33.7M9−$9.16M10$26.9M11$45.2M12$35.2M12
Capital expenditure$1.45M13$333,00014$359,00015$6.43M16$5.02M16
Free cash flow (derived)$32.3M9−$9.49M10$26.5M11$38.8M12$30.2M12
Total debt$37M17$240.2M18$228.5M19$216.8M20$205.2M20
Cash & equivalents$130,35921$79.2M22$89M23$39.3M24$24.1M24
Diluted shares—8.1M25.7M34.3M36.7M

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
−$15.97
your share of equity
Profit it earned you last year
$7.38
Free cash flow it threw off
$8.23
Debt you’d be carrying
$55.95

10 shares is a claim on −$15.97 of net worth that earned you $7.38 and generated $8.23 of cash last year, against $55.95 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
21% avg · 5y
FY21 80%FY22 1%FY23 -0%FY24 1%FY25 26%

It earned about 21% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+355% shares · 5y

Share count is up 355% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 455% 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 v0.5.0

The 3 estimate methods that apply put fair value between $0.93 and $12.79 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$12.79
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth6.7%
  • fcfBase$30.2M
DCF · Growth Exit 5Y
$10.53
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth6.7%
  • fcfBase$30.2M
Earnings Power Value
$0.93
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.32M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years6.7%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $10.53
The three cases
Bear0.0%$6.67
Base6.7%$10.53
Bull11.7%$14.08

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 6.7%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-010664 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-032101 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-039394 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-106099 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-22-097864 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-032101 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-039394 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-106099 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-010664 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-032101 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-039394 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-106099 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-010664 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-032101 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-039394 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-106099 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-010664 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-032101 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-039394 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-106099 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001193125-22-097864 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0000950170-24-032101 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0000950170-25-039394 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001193125-26-106099 (CashAndCashEquivalentsAtCarryingValue)