MeritValue

ENvue Medical, Inc.

FEEDdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

ENvue Medical, Inc. earns about -405% on invested capital, and has bought back 50% 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$1.7M1$752,0002$2.28M3$2.56M4$2.55M4
Net income−$14.3M5−$5.45M6−$3.71M7−$3.71M8−$18.2M8
Operating cash flow−$4.37M9−$7.04M10−$3.6M11−$2.52M12−$9.37M12
Capital expenditure$3,00013$3,00014$1,00015$3,00016$60,00016
Free cash flow (derived)−$4.37M9−$7.04M10−$3.6M11−$2.52M12−$9.43M12
Total debt—————
Cash & equivalents$7.74M17$2.71M18$3.28M19$752,00020$4.22M20
Diluted shares1.3M1.4M159,10526,985628,534

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
$532.94
your share of equity
Profit it earned you last year
−$289.32
Free cash flow it threw off
−$150.06
Debt you’d be carrying
—

10 shares is a claim on $532.94 of net worth that earned you −$289.32 and generated −$150.06 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-405% avg · 5y
FY21 —FY22 -770%FY23 -397%FY24 —FY25 -50%

It earned an average -405% 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
−50% shares · 5y

Share count is down 50% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001493152-23-012570 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-013966 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001613 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016871 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012570 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-013966 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001613 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016871 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012570 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-013966 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001613 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016871 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012570 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-013966 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001613 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-016871 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-009985 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001641172-25-001613 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-26-016871 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-016871 (CashAndCashEquivalentsAtCarryingValue)