MeritValue

CV Sciences, Inc.

CVSIdata completeness 100%15 fiscal years on file
The thesis, from the filings

CV Sciences, Inc. earns about -103% on invested capital, but has diluted owners by 71% 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$20M1$16.2M2$16M3$15.7M4$13.8M4
Net income−$15.6M5−$8.21M6$3.1M7−$2.39M8−$958,0008
Operating cash flow−$7.49M9−$1.89M10$2.25M11−$861,00012−$407,00012
Capital expenditure$35,00013$013$014$18,00015$109,00015
Free cash flow (derived)−$7.52M9−$1.89M10$2.25M11−$879,00012−$516,00012
Total debt$310,00016——$677,00017$3.3M17
Cash & equivalents$1.38M18$611,00018$1.32M19$454,00019$278,00019
Diluted shares107.8M138.0M154.0M175.6M184.3M

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
$0.08
your share of equity
Profit it earned you last year
−$0.05
Free cash flow it threw off
−$0.03
Debt you’d be carrying
$0.18

10 shares is a claim on $0.08 of net worth that earned you −$0.05 and generated −$0.03 of cash last year, against $0.18 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-103% avg · 5y
FY21 -497%FY22 —FY23 195%FY24 -94%FY25 -17%

It earned an average -103% 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
+71% shares · 5y

Share count is up 71% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 964% 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 0001510964-23-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-038736 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-046180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-126598 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001510964-23-000016 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-038736 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-046180 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-126598 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001510964-23-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-038736 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-046180 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-126598 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001510964-23-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-046180 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-126598 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001510964-22-000033 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-126598 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001510964-23-000016 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001193125-26-126598 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)