MeritValue

CVRx, Inc.

CVRXdata completeness 100%6 fiscal years on file
The thesis, from the filings

CVRx, Inc. earns about -405% on invested capital, but has diluted owners by 152% 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$13M1$22.5M2$39.3M3$51.3M4$56.7M4
Net income−$43.1M5−$41.4M6−$41.2M7−$60M8−$53.3M8
Operating cash flow−$27.7M9−$42.7M10−$39M11−$39.1M12−$40.2M12
Capital expenditure$1.18M13$685,00014$591,00015$1.36M16$580,00016
Free cash flow (derived)−$28.9M9−$43.4M10−$39.6M11−$40.5M12−$40.8M12
Total debt$017$6.75M18$29.2M19$49.3M20$49.5M20
Cash & equivalents$142.1M21$106.2M22$90.6M23$105.9M24$75.7M24
Diluted shares10.4M20.5M20.8M22.6M26.1M

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
$15.08
your share of equity
Profit it earned you last year
−$20.44
Free cash flow it threw off
−$15.62
Debt you’d be carrying
$18.98

10 shares is a claim on $15.08 of net worth that earned you −$20.44 and generated −$15.62 of cash last year, against $18.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-405% avg · 5y
FY21 -829%FY22 -334%FY23 -212%FY24 -329%FY25 -321%

It earned an average -405% 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
+152% shares · 5y

Share count is up 152% 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
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-001114 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-000932 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-001055 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-014708 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-001114 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-000932 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-001055 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-014708 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-001114 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-000932 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-001055 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-014708 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-001114 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-000932 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-001055 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-014708 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-001114 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-000932 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-001055 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-014708 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001558370-23-001114 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001558370-24-000932 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001558370-25-001055 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001104659-26-014708 (CashAndCashEquivalentsAtCarryingValue)