MeritValue

Nuburu, Inc.

BURUdata completeness 100%5 fiscal years on file
The thesis, from the filings

Nuburu, Inc. earns about 186% on equity, but has diluted owners by 485% 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—$1.44M1$2.09M2$152,1273$03
Net income$17.8M4−$29.5M5−$20.7M6−$34.5M7−$79.1M7
Operating cash flow−$1.75M8−$10.2M9−$17.5M10−$6.62M11−$16.1M11
Capital expenditure—$536,03812$1.17M13—$4.71M14
Free cash flow (derived)—−$10.8M9−$18.7M10—−$20.8M11
Total debt—$22.7M15$9.12M16$9.24M16$25.5M17
Cash & equivalents$479,69418$2.88M19$2.15M20$209,33721$24.7M21
Diluted shares—5.5M33.1M1.2M31.9M

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
−$4.76
your share of equity
Profit it earned you last year
−$24.78
Free cash flow it threw off
−$6.52
Debt you’d be carrying
$7.98

10 shares is a claim on −$4.76 of net worth that earned you −$24.78 and generated −$6.52 of cash last year, against $7.98 of debt.

iii. Is this a good business?
Moat signal · return on equity
186% avg · 5y
FY21 186%FY22 —FY23 —FY24 —FY25 —

It earned an average 186% 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
+485% shares · 5y

Share count is up 485% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 12% 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
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/A · period ending 2022-12-31 · accession 0000950170-24-124234 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-054321 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-134922 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-23-011357 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-124234 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-054321 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-134922 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-011357 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-124234 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-054321 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-134922 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-124234 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-054321 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-12-31 · accession 0001193125-26-134922 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-124234 (LongTermDebt)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-054321 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001193125-26-134922 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-011357 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2022-12-31 · accession 0000950170-24-124234 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-054321 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001193125-26-134922 (CashAndCashEquivalentsAtCarryingValue)