MeritValue

Cosmos Health Inc.

COSMdata completeness 100%18 fiscal years on file
The thesis, from the filings

Cosmos Health Inc. earns about -39% on invested capital, but has diluted owners by 4511% 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$56.2M1$50.3M2$53.4M3$54.4M4$65.3M4
Net income−$7.96M5−$13.8M6−$18.5M7−$16.2M8−$19.1M8
Operating cash flow−$7.1M9−$14.9M10−$15.6M11−$7.72M12−$8.45M12
Capital expenditure$581,39813$74,20714$1.31M15$418,07516$55,67516
Free cash flow (derived)−$7.68M9−$14.9M10−$16.9M11−$8.14M12−$8.5M12
Total debt$18.4M17$5.02M18$4.61M19$4.11M20$3.78M21
Cash & equivalents$286,48722$20.7M22$3.83M23$315,10524$715,67424
Diluted shares656,9331.9M12.0M19.1M30.3M

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
$6.08
your share of equity
Profit it earned you last year
−$6.32
Free cash flow it threw off
−$2.81
Debt you’d be carrying
$1.25

10 shares is a claim on $6.08 of net worth that earned you −$6.32 and generated −$2.81 of cash last year, against $1.25 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-39% avg · 5y
FY21 -18%FY22 -36%FY23 -38%FY24 -42%FY25 -63%

It earned an average -39% 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
+4511% shares · 5y

Share count is up 4511% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 79% — 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
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 0001477932-23-002443 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-004545 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002759 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-002278 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-002443 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-004545 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002759 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-002278 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-002443 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-004545 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002759 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-002278 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-002443 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001477932-24-004545 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001477932-25-002759 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001477932-26-002278 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001477932-22-009347 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001477932-23-002443 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001477932-24-004545 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0001477932-25-002759 (LongTermDebt)
  21. 10-K · period ending 2025-12-31 · accession 0001477932-26-002278 (LongTermDebt)
  22. 10-K · period ending 2021-12-31 · accession 0001477932-23-002443 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001477932-26-002278 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  24. 10-K · period ending 2024-12-31 · accession 0001477932-26-002278 (CashAndCashEquivalentsAtCarryingValue)