MeritValue

CNS Pharmaceuticals, Inc.

CNSPdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'pretaxIncome'

The thesis, from the filings

CNS Pharmaceuticals, Inc. earns about -254% on equity, and has bought back 50% 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−$14.5M1−$15.3M2−$18.9M3−$14.9M4−$15.9M4
Operating cash flow−$13.5M5−$10.6M6−$14.1M7−$17.1M8−$13.8M8
Capital expenditure$5,7489$4,42210$3,90111$4,18812$18,17512
Free cash flow (derived)−$13.5M5−$10.6M6−$14.1M7−$17.1M8−$13.8M8
Total debt—————
Cash & equivalents$5M13$10.1M14$548,72115$6.46M16$7.2M16
Diluted shares878,4431.4M1,50731,823443,369

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
$102
your share of equity
Profit it earned you last year
−$357.5
Free cash flow it threw off
−$311.91
Debt you’d be carrying
—

10 shares is a claim on $102 of net worth that earned you −$357.5 and generated −$311.91 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-254% avg · 5y
FY21 -235%FY22 -188%FY23 —FY24 -241%FY25 -350%

It earned an average -254% 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
−50% shares · 5y

Share count is down 50% 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 0001683168-23-002086 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-002032 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002139 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002550 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-002086 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-002032 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002139 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002550 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-002086 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-002032 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002139 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002550 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-002086 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-002032 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-002139 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-26-002550 (CashAndCashEquivalentsAtCarryingValue)