electroCore, Inc.
ECORdata completeness 100%9 fiscal years on fileelectroCore, Inc. earns about -390% on invested capital, but has diluted owners by 115% 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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $5.45M1 | $8.59M2 | $16M3 | $25.2M4 | $32M4 |
| Net income | −$17.2M5 | −$22.2M6 | −$18.8M7 | −$11.9M8 | −$14M8 |
| Operating cash flow | −$13.6M9 | −$16.6M10 | −$14.7M11 | −$6.95M12 | −$8.19M12 |
| Capital expenditure | — | — | $206,00013 | — | $66,00014 |
| Free cash flow (derived) | — | — | −$14.9M11 | — | −$8.25M12 |
| Total debt | — | — | — | — | $14.4M15 |
| Cash & equivalents | $34.7M16 | $17.7M17 | $10.3M18 | $3.7M19 | $7.04M19 |
| Diluted shares | 3,945 | 4,729 | 5.5M | 7,483 | 8,483 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on −$2,014.62 of net worth that earned you −$16,463.52 and generated −$9,728.87 of cash last year, against $16,938.58 of debt.
It earned an average -390% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 115% over 5 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.
Different models answer different questions — which to trust when →
- 10-K · period ending 2021-12-31 · accession 0001213900-23-018560 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-022212 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-023259 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-011636 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001213900-23-018560 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-022212 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-023259 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-011636 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001213900-23-018560 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-022212 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-023259 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-011636 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-023259 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-12-31 · accession 0001493152-26-011636 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-12-31 · accession 0001493152-26-011636 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001213900-23-018560 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001213900-24-022212 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001213900-25-023259 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001493152-26-011636 (CashAndCashEquivalentsAtCarryingValue)