MeritValue

EBR Systems, Inc.

EBRCZdata completeness 100%3 fiscal years on file
The thesis, from the filings

EBR Systems, Inc. earns about -83% on invested capital, but has diluted owners by 44% over 3 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 2023FY 2024FY 2025
Revenue——$1.62M1
Net income−$35M2−$40.8M3−$48.8M3
Operating cash flow−$32.7M4−$41.2M5−$53.2M5
Capital expenditure$354,0546$273,0007$3.68M7
Free cash flow (derived)−$33.1M4−$41.5M5−$56.9M5
Total debt—$41.8M8$41.8M9
Cash & equivalents$14.6M10$6.92M11$5.79M11
Diluted shares288.9M325.0M417.3M

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
$0.61
your share of equity
Profit it earned you last year
−$1.17
Free cash flow it threw off
−$1.36
Debt you’d be carrying
$1

10 shares is a claim on $0.61 of net worth that earned you −$1.17 and generated −$1.36 of cash last year, against $1 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-83% avg · 3y
FY23 -146%FY24 -46%FY25 -55%

It earned an average -83% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+44% shares · 3y

Share count is up 44% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2025-12-31 · accession 0001214659-26-003451 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001214659-25-004709 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001214659-26-003451 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001214659-25-004709 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001214659-26-003451 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001214659-25-004709 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 10-K · period ending 2024-12-31 · accession 0001214659-26-003451 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001214659-25-004709 (LongTermDebt)
  9. 10-K · period ending 2025-12-31 · accession 0001214659-26-003451 (LongTermDebt)
  10. 10-K · period ending 2023-12-31 · accession 0001214659-25-004709 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001214659-26-003451 (CashAndCashEquivalentsAtCarryingValue)