MeritValue

Evofem Biosciences, Inc.

EVFMdata completeness 100%13 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$8.24M1$16.8M2$18.2M3$19.4M4$20.2M4
Net income−$205.2M5−$76.7M6$53M7−$8.86M8$391,0008
Operating cash flow−$146.7M9−$70.4M10−$8.97M11−$3.89M12−$1.99M12
Capital expenditure$2.94M13$341,00014$4,00015$14,00016$5,00016
Free cash flow (derived)−$149.6M9−$70.8M10−$8.97M11−$3.9M12−$2M12
Total debt———$135,00017$147,00017
Cash & equivalents$7.73M18$2.77M19$580,00020$741,00021$578,00021
Diluted shares8.7M465,967984.0M80.0M6.42B

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
−$0.12
your share of equity
Profit it earned you last year
$0
Free cash flow it threw off
−$0
Debt you’d be carrying
$0

10 shares is a claim on −$0.12 of net worth that earned you $0 and generated −$0 of cash last year, against $0 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
+73483% shares · 5y

Share count is up 73483% 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.

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 0001618835-23-000023 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011404 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000188 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-009686 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001618835-23-000023 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011404 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000188 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-009686 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001618835-23-000023 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011404 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000188 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-009686 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001618835-23-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011404 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000188 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-009686 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-009686 (ShortTermBorrowings)
  18. 10-K · period ending 2021-12-31 · accession 0001618835-23-000023 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-011404 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001493152-26-009686 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-009686 (CashAndCashEquivalentsAtCarryingValue)