MeritValue

Emmaus Life Sciences, Inc.

EMMAdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$20.6M1$18.4M2$29.6M3$16.7M4$12.5M4
Net income−$15.9M5−$10.6M6−$3.73M7−$6.45M8−$7.49M8
Operating cash flow−$1.25M9−$5.07M10−$1.5M11−$2.29M12−$11,00012
Capital expenditure$73,00013$26,00014$17,00015$12,00016$1,00016
Free cash flow (derived)−$1.33M9−$5.1M10−$1.52M11−$2.3M12−$12,00012
Total debt$22.3M17$30.4M18$30.6M19$29M20$27.1M21
Cash & equivalents$2.28M22$2.02M23$2.55M24$1.39M25$2.13M25
Diluted shares49.3M49.4M53.1M63.2M64.0M

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
−$9.93
your share of equity
Profit it earned you last year
−$1.17
Free cash flow it threw off
−$0
Debt you’d be carrying
$4.24

10 shares is a claim on −$9.93 of net worth that earned you −$1.17 and generated −$0 of cash last year, against $4.24 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+30% shares · 5y

Share count is up 30% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 21% over the same window.

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 2021-12-31 · accession 0000950170-23-011328 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-080918 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-053744 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-132925 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-011328 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-080918 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-053744 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-132925 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-011328 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-080918 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-053744 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-132925 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-011328 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-080918 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-053744 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-132925 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001564590-22-013054 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-23-011328 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-24-080918 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0000950170-25-053744 (LongTermDebt)
  21. 10-K · period ending 2025-12-31 · accession 0001193125-26-132925 (LongTermDebt)
  22. 10-K · period ending 2021-12-31 · accession 0000950170-23-011328 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2022-12-31 · accession 0000950170-24-080918 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2023-12-31 · accession 0000950170-25-053744 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K · period ending 2024-12-31 · accession 0001193125-26-132925 (CashAndCashEquivalentsAtCarryingValue)