MeritValue

First Choice Healthcare Solutions, Inc.

FCHSdata completeness 63%12 fiscal years on file
The thesis, from the filings

First Choice Healthcare Solutions, Inc. earns about 35% on equity, but has diluted owners by 24% 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 2017FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$3.89M1−$9.94M2−$8.17M3−$3.85M4−$6.96M4
Operating cash flow−$1.55M5−$3.38M6−$6.8M7−$1.71M8−$549,0198
Capital expenditure$330,4399$80,68010$82,91811——
Free cash flow (derived)−$1.89M5−$3.46M6−$6.88M7——
Total debt$2.69M12————
Cash & equivalents$2.02M13$7,21914$12,60715$19,91516$5,89616
Diluted shares26.7M33.0M33.0M33.0M33.0M

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
−$11.99
your share of equity
Profit it earned you last year
−$2.11
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$11.99 of net worth that earned you −$2.11 last year.

iii. Is this a good business?
Moat signal · return on equity
35% avg · 5y
FY17 35%FY22 —FY23 —FY24 —FY25 —

It earned an average 35% 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
+24% shares · 5y

Share count is up 24% 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/A · period ending 2017-12-31 · accession 0001575705-18-000046 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-018817 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004752 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-009679 (NetIncomeLoss)
  5. 10-K/A · period ending 2017-12-31 · accession 0001575705-18-000046 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-018817 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004752 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-009679 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2017-12-31 · accession 0001575705-18-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-018817 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004752 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2017-12-31 · accession 0001575705-18-000046 (LongTermDebtNoncurrent)
  13. 10-K/A · period ending 2017-12-31 · accession 0001575705-18-000046 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-018817 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004752 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-009679 (CashAndCashEquivalentsAtCarryingValue)