MeritValue

DiaMedica Therapeutics Inc.

DMACdata completeness 75%9 fiscal years on file

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

The thesis, from the filings

DiaMedica Therapeutics Inc. earns about -43% on invested capital, but has diluted owners by 126% 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—————
Net income−$13.6M1−$13.7M2−$19.4M3−$24.4M4−$32.8M4
Operating cash flow−$12.3M5−$11.5M6−$18.7M7−$22.1M8−$29.1M8
Capital expenditure$22,0009$81,00010$24,00011$25,00012$40,00012
Free cash flow (derived)−$12.3M5−$11.6M6−$18.8M7−$22.1M8−$29.1M8
Total debt—————
Cash & equivalents$4.71M13$4.73M14$4.54M15$3.03M16$15.6M16
Diluted shares20.8M26.4M32.6M40.4M47.0M

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
$11.94
your share of equity
Profit it earned you last year
−$6.97
Free cash flow it threw off
−$6.19
Debt you’d be carrying
—

10 shares is a claim on $11.94 of net worth that earned you −$6.97 and generated −$6.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-43% avg · 5y
FY21 -27%FY22 -40%FY23 -33%FY24 -51%FY25 -64%

It earned an average -43% 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
+126% shares · 5y

Share count is up 126% 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 0001437749-23-008189 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-008522 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-008018 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010342 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008189 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-008522 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-008018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010342 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008189 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-008522 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-008018 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010342 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008189 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-008522 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-008018 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010342 (CashAndCashEquivalentsAtCarryingValue)