MeritValue

Viskase Holdings, Inc.

ENZNdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Viskase Holdings, Inc. earns about 4% on equity, but has diluted owners by 99900% 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$701,0001$26,0002—$26,0003—
Net income−$469,0004−$186,0005$1.37M6$778,0007−$3.41M7
Operating cash flow−$501,0008−$659,0009$1.31M10$1.12M11−$3.01M11
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$47.6M12$47M13$47M14$46.9M15$42.6M15
Diluted shares74,21574.2M74.2M74.2M74.2M

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
−$0.34
your share of equity
Profit it earned you last year
−$0.46
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.34 of net worth that earned you −$0.46 last year.

iii. Is this a good business?
Moat signal · return on equity
4% avg · 5y
FY21 -10%FY22 -5%FY23 —FY24 26%FY25 —

It earned an average 4% 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
+99900% shares · 5y

Share count is up 99900% 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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 0001410578-23-000136 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000245 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-022313 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-23-000136 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001410578-24-000245 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001410578-25-000177 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001104659-26-022313 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001410578-23-000136 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001410578-24-000245 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001410578-25-000177 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001104659-26-022313 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001410578-23-000136 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001410578-24-000245 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001410578-25-000177 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-022313 (CashAndCashEquivalentsAtCarryingValue)