DAXOR CORP

DXRdata completeness 88%2 fiscal years on file

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

The thesis, from the filings

DAXOR CORP earns about -5% on equity, with a roughly flat share count. 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

Figure	FY 2010	FY 2011
Revenue	$1.58M¹	$1.45M¹
Net income	$4.97M²	−$7.19M²
Operating cash flow	−$5.69M³	−$6.51M³
Capital expenditure	$324,710⁴	$123,150⁴
Free cash flow (derived)	−$6.01M³	−$6.63M³
Total debt	—	—
Cash & equivalents	$57,741⁵	$59,625⁵
Diluted shares	4.2M	4.2M

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

Net assets behind them

$86.18

your share of equity

Profit it earned you last year

−$17.1

Free cash flow it threw off

−$15.78

Debt you’d be carrying

—

10 shares is a claim on $86.18 of net worth that earned you −$17.1 and generated −$15.78 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-5% avg · 2y

FY10 11%FY11 -20%

It earned an average -5% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−1% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback.

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

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

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

10-K · period ending 2010-12-31 · accession 0001019056-12-000401 (Revenues)
10-K · period ending 2010-12-31 · accession 0001019056-12-000401 (NetIncomeLoss)
10-K · period ending 2010-12-31 · accession 0001019056-12-000401 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2010-12-31 · accession 0001019056-12-000401 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2010-12-31 · accession 0001019056-12-000401 (CashAndCashEquivalentsAtCarryingValue)