MeritValue

Cytosorbents Corp

CTSOdata completeness 100%29 fiscal years on file
The thesis, from the filings

Cytosorbents Corp earns about -117% on invested capital, but has diluted owners by 44% 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$43.2M1$34.7M1$31.1M2$35.6M3$37.1M3
Net income−$24.6M4−$32.8M4−$29.2M5−$20.7M6−$8.2M6
Operating cash flow−$14M7−$28.2M7−$21.7M8−$14.4M9−$12.4M9
Capital expenditure$3.64M10$6.09M10$538,11511$284,00012$164,00012
Free cash flow (derived)−$17.6M7−$34.3M7−$22.2M8−$14.7M9−$12.5M9
Total debt—$5M13$10.1M14$14M15$16.7M15
Cash & equivalents$52.1M16$22.1M17$14.1M18$3.28M19$6.25M19
Diluted shares43.4M43.6M44.7M54.4M62.2M

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
$0.95
your share of equity
Profit it earned you last year
−$1.32
Free cash flow it threw off
−$2.02
Debt you’d be carrying
$2.68

10 shares is a claim on $0.95 of net worth that earned you −$1.32 and generated −$2.02 of cash last year, against $2.68 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-117% avg · 5y
FY21 -191%FY22 -147%FY23 -122%FY24 -81%FY25 -42%

It earned an average -117% 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
+44% shares · 5y

Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 233% over the same window.

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 0001410578-24-000201 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001410578-25-000591 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-036451 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-24-000201 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001410578-25-000591 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-036451 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001410578-24-000201 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001410578-25-000591 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001104659-26-036451 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001410578-24-000201 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000591 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-036451 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001410578-24-000201 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001410578-25-000591 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-036451 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001410578-23-000234 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001410578-24-000201 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001410578-25-000591 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-036451 (CashAndCashEquivalentsAtCarryingValue)