MeritValue

Cardio Diagnostics Holdings, Inc.

CDIOdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Cardio Diagnostics Holdings, Inc. earns about -64% on invested capital, but has diluted owners by 51% 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$9011$9502$17,0653$34,8904$14,8254
Net income−$620,4485−$4.66M6−$8.38M7−$8.38M8−$6.5M8
Operating cash flow−$585,2919−$5.09M10−$5.67M11−$4.99M12−$5.73M12
Capital expenditure——$575,66313$214,76514$187,31714
Free cash flow (derived)——−$6.25M11−$5.21M12−$5.91M12
Total debt—————
Cash & equivalents$015$016$017$018$018
Diluted shares1.2M3.1M12.7M896,4241.8M

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
$39.82
your share of equity
Profit it earned you last year
−$37.1
Free cash flow it threw off
−$33.77
Debt you’d be carrying
—

10 shares is a claim on $39.82 of net worth that earned you −$37.1 and generated −$33.77 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-64% avg · 5y
FY21 -46%FY22 -86%FY23 -44%FY24 -69%FY25 -73%

It earned an average -64% 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
+51% shares · 5y

Share count is up 51% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2021-12-31 · accession 0001079973-23-000412 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001079973-24-000480 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001079973-25-000428 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001553350-26-000023 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001079973-23-000412 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001079973-24-000480 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001079973-25-000428 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001553350-26-000023 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001079973-23-000412 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001079973-24-000480 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001079973-25-000428 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001553350-26-000023 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001079973-25-000428 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001553350-26-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001079973-23-000412 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001079973-24-000480 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001079973-25-000428 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001553350-26-000023 (CashAndCashEquivalentsAtCarryingValue)