MeritValue

Calidi Biotherapeutics, Inc.

CLDIdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Calidi Biotherapeutics, Inc. earns about -987% on equity, and has bought back 100% of its shares over 4 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 2025
Revenue$45,0001———
Net income−$25.4M2−$29.2M3−$22.1M4−$19.9M4
Operating cash flow−$13.2M5−$27M6−$19.7M7−$21.3M7
Capital expenditure————
Free cash flow (derived)————
Total debt$5.43M8$2.87M9$3.82M10$690,00010
Cash & equivalents$590,00011$2.17M12$9.6M13$5.82M12
Diluted shares8.5M1.7M6674,302

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
$8,737.8
your share of equity
Profit it earned you last year
−$46,271.5
Free cash flow it threw off
—
Debt you’d be carrying
$1,603.91

10 shares is a claim on $8,737.8 of net worth that earned you −$46,271.5 last year, against $1,603.91 of debt.

iii. Is this a good business?
Moat signal · return on equity
-987% avg · 4y
FY22 —FY23 —FY24 -1443%FY25 -530%

It earned an average -987% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 4y

Share count is down 100% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 87% — deleveraging.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2022-12-31 · accession 0001493152-24-010158 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-010158 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001810 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013242 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-010158 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-001810 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-013242 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001493152-24-010158 (LongTermDebtCurrent)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-001810 (LongTermDebtCurrent)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-013242 (LongTermDebtCurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001641172-25-001810 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-12-31 · accession 0001493152-26-013242 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2024-12-31 · accession 0001641172-25-001810 (CashAndCashEquivalentsAtCarryingValue)