MeritValue

CHAMPIONS ONCOLOGY, INC.

CSBRdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

CHAMPIONS ONCOLOGY, INC. earns about -4% on equity, and has bought back 2% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$49.1M1$53.9M2$50.2M3$56.9M4$59.4M4
Net income$548,0005−$5.34M6−$7.28M7$4.7M8−$1.18M8
Operating cash flow$6.5M9$3.97M10−$6.14M11$7.39M12−$4.47M12
Capital expenditure$2.38M13$2.87M14$836,00015$389,00016$564,00016
Free cash flow (derived)$4.11M9$1.1M10−$6.97M11$7M12−$5.04M12
Total debt—————
Cash & equivalents$9.01M17$10.1M18$2.62M19$9.79M19$4.87M19
Diluted shares14.2M13.5M13.5M14.3M13.8M

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
$2.85
your share of equity
Profit it earned you last year
−$0.85
Free cash flow it threw off
−$3.64
Debt you’d be carrying
—

10 shares is a claim on $2.85 of net worth that earned you −$0.85 and generated −$3.64 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-4% avg · 5y
FY22 6%FY23 -115%FY24 —FY25 125%FY26 -30%

It earned an average -4% 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
−2% shares · 5y

Share count is down 2% 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 2022-04-30 · accession 0001628280-23-025464 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-30 · accession 0001628280-24-032321 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-04-30 · accession 0001628280-25-035765 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-04-30 · accession 0001628280-26-049834 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-04-30 · accession 0001628280-23-025464 (NetIncomeLoss)
  6. 10-K · period ending 2023-04-30 · accession 0001628280-24-032321 (NetIncomeLoss)
  7. 10-K · period ending 2024-04-30 · accession 0001628280-25-035765 (NetIncomeLoss)
  8. 10-K · period ending 2025-04-30 · accession 0001628280-26-049834 (NetIncomeLoss)
  9. 10-K · period ending 2022-04-30 · accession 0001628280-23-025464 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-04-30 · accession 0001628280-24-032321 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-04-30 · accession 0001628280-25-035765 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-04-30 · accession 0001628280-26-049834 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-04-30 · accession 0001628280-23-025464 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-04-30 · accession 0001628280-24-032321 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-04-30 · accession 0001628280-25-035765 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-04-30 · accession 0001628280-26-049834 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-04-30 · accession 0001628280-24-032321 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-04-30 · accession 0001628280-25-035765 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2024-04-30 · accession 0001628280-26-049834 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)