Envoy Medical, Inc.
COCHdata completeness 88%5 fiscal years on fileData notes: no data for concept 'totalDebt'
i. The business — what you’d actually own
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | $237,0001 | $316,0002 | $225,0003 | $241,0003 |
| Net income | −$251,6334 | −$15.9M5 | −$29.9M6 | −$20.8M7 | −$23.8M7 |
| Operating cash flow | −$3.24M8 | −$8.81M9 | −$17.1M10 | −$17.9M11 | −$18.2M11 |
| Capital expenditure | — | $218,00012 | $153,00013 | $980,00014 | $179,00014 |
| Free cash flow (derived) | — | −$9.02M9 | −$17.2M10 | −$18.9M11 | −$18.4M11 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $149,84515 | $183,00016 | $4.22M16 | $5.48M17 | $3.74M17 |
| Diluted shares | — | 10.1M | 12.3M | 18.8M | 23.3M |
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
−$5.23
your share of equity
Profit it earned you last year
−$10.21
Free cash flow it threw off
−$7.9
Debt you’d be carrying
—
10 shares is a claim on −$5.23 of net worth that earned you −$10.21 and generated −$7.9 of cash last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 5y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
+130% shares · 5y
Share count is up 130% 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
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028894 (Revenues)
- 10-K · period ending 2023-12-31 · accession 0001013762-25-004299 (Revenues)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-032683 (Revenues)
- 10-K · period ending 2021-12-31 · accession 0001104659-23-040842 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028894 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001013762-25-004299 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-032683 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001104659-23-040842 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028894 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001013762-25-004299 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-032683 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028894 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001013762-25-004299 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-032683 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001104659-23-040842 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-028894 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001213900-26-032683 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)