MeritValue

ELUTIA INC.

ELUTdata completeness 88%7 fiscal years on file
The thesis, from the filings

ELUTIA INC. earns about 5% on equity, but has diluted owners by 340% 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$47.4M1$23.8M2$24.7M3$14.5M4$12.3M4
Net income−$24.8M5−$32.9M6−$37.7M7−$53.9M8$53.4M8
Operating cash flow−$15.4M9−$21.4M10−$21.8M11−$22.7M12−$44.8M12
Capital expenditure$369,00013$540,00014$346,00015$654,00016$1.88M16
Free cash flow (derived)−$15.8M9−$22M10−$22.1M11−$23.3M12−$46.7M12
Total debt$45M17$24.3M18$23.7M19$23.9M20—
Cash & equivalents$30.4M21$17M22$19.3M23$13.2M24$36.4M24
Diluted shares10.4M13.8M18.2M29.1M45.9M

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
$6.02
your share of equity
Profit it earned you last year
$11.62
Free cash flow it threw off
−$10.16
Debt you’d be carrying
—

10 shares is a claim on $6.02 of net worth that earned you $11.62 and generated −$10.16 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
5% avg · 5y
FY21 -184%FY22 —FY23 —FY24 —FY25 193%

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

seeing a moat in the numbers →
Management signal · capital allocation
+340% shares · 5y

Share count is up 340% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 47% — deleveraging.

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
$3.43
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-004475 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002864 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002719 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-027664 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004475 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002864 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002719 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-027664 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004475 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002864 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002719 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-027664 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004475 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002864 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002719 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-027664 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-004475 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-002864 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-002719 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-027664 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001558370-23-004475 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001558370-24-002864 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001558370-25-002719 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001104659-26-027664 (CashAndCashEquivalentsAtCarryingValue)