MeritValue

EyePoint, Inc.

EYPTdata completeness 88%17 fiscal years on file
The thesis, from the filings

EyePoint, Inc. earns about -86% on invested capital, and has bought back 100% of its shares over 5 years. 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$36.9M1$41.4M2$46M3$43.3M4$31.4M4
Net income−$58.4M5−$102.3M6−$70.8M7−$130.9M8−$232M8
Operating cash flow−$50.1M9−$65M10$1.88M11−$126.2M12−$240.1M12
Capital expenditure$156,00013$2.15M14$3.48M15$4.05M16$3.28M16
Free cash flow (derived)−$50.3M9−$67.2M10−$1.61M11−$130.3M12−$243.4M12
Total debt$36.6M17$69.8M18$019——
Cash & equivalents$178.6M20$95.6M21$281.3M22$99.7M23$101.8M23
Diluted shares28.8M37.3M38,90456,29873,251

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
$41,789.6
your share of equity
Profit it earned you last year
−$31,666.73
Free cash flow it threw off
−$33,226.85
Debt you’d be carrying
—

10 shares is a claim on $41,789.6 of net worth that earned you −$31,666.73 and generated −$33,226.85 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-86% avg · 5y
FY21 -99%FY22 -111%FY23 —FY24 -44%FY25 -90%

It earned an average -86% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — 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
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 0000950170-23-007180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-028523 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034601 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-093917 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-007180 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-028523 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-034601 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-093917 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-007180 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-028523 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-034601 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-093917 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-007180 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-028523 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-034601 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-093917 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-007180 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-028523 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-24-028523 (ShortTermBorrowings)
  20. 10-K · period ending 2021-12-31 · accession 0000950170-23-007180 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0000950170-24-028523 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0000950170-25-034601 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001193125-26-093917 (CashAndCashEquivalentsAtCarryingValue)