MeritValue

Cingulate Inc.

CINGdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Cingulate Inc. earns about -418% on equity, and has bought back 32% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$20.7M1−$17.7M2−$23.5M3−$16.6M4−$22.4M4
Operating cash flow−$10.4M5−$15.9M6−$15M7−$18.5M8−$17.2M8
Capital expenditure$814,7369$153,42010$224,09611$211,80012$162,13812
Free cash flow (derived)−$11.2M5−$16M6−$15.3M7−$18.7M8−$17.4M8
Total debt—————
Cash & equivalents$16.5M13$5.36M14$52,41615$12.2M16$11M16
Diluted shares7.4M602,34075,4351.5M5.1M

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
$4.96
your share of equity
Profit it earned you last year
−$44.41
Free cash flow it threw off
−$34.43
Debt you’d be carrying
—

10 shares is a claim on $4.96 of net worth that earned you −$44.41 and generated −$34.43 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-418% avg · 5y
FY21 -99%FY22 -455%FY23 —FY24 -222%FY25 -895%

It earned an average -418% 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
−32% shares · 5y

Share count is down 32% 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 v0.1.0
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 0001493152-23-007252 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012159 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000970 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-010882 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-007252 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012159 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000970 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-010882 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-007252 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012159 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000970 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-010882 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-007252 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012159 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000970 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-010882 (CashAndCashEquivalentsAtCarryingValue)