MeritValue

Elite Health Systems Inc.

EHSIdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Elite Health Systems Inc. earns about -520% on invested capital, but has diluted owners by 190% 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$1.06M1$02$03$04$1.02M4
Net income−$881,0005−$1.34M6−$816,0006−$2.06M7−$7.8M7
Operating cash flow$174,0008−$1.41M9−$891,00010−$1.52M11−$2.94M11
Capital expenditure———$012$7,00012
Free cash flow (derived)———−$1.52M11−$2.95M11
Total debt—————
Cash & equivalents$2.18M13$1.54M14$466,00015$4.03M16$3.76M16
Diluted shares7.8M7.8M9.3M15.4M22.6M

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
$2.35
your share of equity
Profit it earned you last year
−$3.45
Free cash flow it threw off
−$1.3
Debt you’d be carrying
—

10 shares is a claim on $2.35 of net worth that earned you −$3.45 and generated −$1.3 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-520% avg · 5y
FY21 -109%FY22 —FY23 -359%FY24 -1217%FY25 -396%

It earned an average -520% 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
+190% shares · 5y

Share count is up 190% 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
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
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 0001140361-23-018265 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-018303 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010652 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-012312 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001140361-23-018265 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-018303 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001437749-26-012312 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001140361-23-018265 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001140361-24-018303 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-010652 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-012312 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-012312 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001140361-23-018265 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-018303 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-010652 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-012312 (CashAndCashEquivalentsAtCarryingValue)