MeritValue

FEMASYS INC

FEMYdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

FEMASYS INC earns about -263% on equity, but has diluted owners by 489% 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$1.18M1$1.21M2$1.07M3$1.63M4$2.29M4
Net income−$7.54M5−$11.4M6−$14.2M7−$18.8M8−$18.6M8
Operating cash flow−$7.93M9−$10.7M10−$11.3M11−$19.4M12−$18.7M12
Capital expenditure$306,86813$407,47514$143,91715$761,70616$525,00716
Free cash flow (derived)−$8.24M9−$11.1M10−$11.4M11−$20.2M12−$19.2M12
Total debt—————
Cash & equivalents$24.8M17$13M18$21.7M19$3.45M20$9.27M20
Diluted shares6.7M11.8M15.4M22.3M39.5M

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
$1.48
your share of equity
Profit it earned you last year
−$4.71
Free cash flow it threw off
−$4.86
Debt you’d be carrying
—

10 shares is a claim on $1.48 of net worth that earned you −$4.71 and generated −$4.86 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-263% avg · 5y
FY21 -29%FY22 -75%FY23 -78%FY24 -817%FY25 -317%

It earned an average -263% 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
+489% shares · 5y

Share count is up 489% 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
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 2021-12-31 · accession 0001140361-23-035663 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001140361-24-016230 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001140361-25-010598 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001140361-26-012375 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-035663 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001140361-24-016230 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001140361-25-010598 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001140361-26-012375 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-035663 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001140361-24-016230 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001140361-25-010598 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001140361-26-012375 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-035663 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001140361-24-016230 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001140361-25-010598 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001140361-26-012375 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001140361-23-035663 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001140361-24-016230 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001140361-25-010598 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001140361-26-012375 (CashAndCashEquivalentsAtCarryingValue)