MeritValue

CareView Communications Inc

CRVWdata completeness 88%17 fiscal years on file
The thesis, from the filings

The estimate methods put fair value between $0.02 and $0.03 a share.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$7.8M1$7.9M2$9.68M3$8.25M4$9.02M4
Net income−$10.1M5−$6.04M6−$3.95M7−$4.7M8−$3.2M8
Operating cash flow$678,7669−$370,08710$703,61411−$305,02912$805,18412
Capital expenditure$99,24113$5,18914$16,79115$46,09616$8,65216
Free cash flow (derived)$579,5259−$375,27610$686,82311−$351,12512$796,53212
Total debt—$14.2M17———
Cash & equivalents$659,22818$420,16619$1.15M20$759,26621$1.55M21
Diluted shares139.4M141.9M448.5M583.9M583.9M

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
−$0.74
your share of equity
Profit it earned you last year
−$0.05
Free cash flow it threw off
$0.01
Debt you’d be carrying
—

10 shares is a claim on −$0.74 of net worth that earned you −$0.05 and generated $0.01 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
+319% shares · 5y

Share count is up 319% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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

The 2 estimate methods that apply put fair value between $0.02 and $0.03 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$686,823
DCF · Growth Exit 5Y
$0.02
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$686,823
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.02
The three cases
Bear0.0%$0.02
Base5.0%$0.02
Bull10.0%$0.03

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001839882-23-013771 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001999371-24-004190 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010329 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010356 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001839882-23-013771 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001999371-24-004190 (ProfitLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-010329 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010356 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001839882-23-013771 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001999371-24-004190 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-010329 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010356 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001839882-23-013771 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001999371-24-004190 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-010329 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010356 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2022-12-31 · accession 0001839882-23-013771 (LongTermDebtCurrent)
  18. 10-K/A · period ending 2021-12-31 · accession 0001839882-23-013771 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001999371-24-004190 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001437749-25-010329 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001437749-26-010356 (CashAndCashEquivalentsAtCarryingValue)