MeritValue

EDAP TMS SA

FOCLdata completeness 88%16 fiscal years on file
The thesis, from the filings

EDAP TMS SA earns about -100% on equity, but has diluted owners by 28% 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 2020FY 2021FY 2022FY 2024FY 2025
Revenue$41.6M1$44.1M1$55.1M1$69.4M2$70.5M2
Net income———−$20.6M3−$29.2M3
Operating cash flow———−$14.7M4−$16.4M4
Capital expenditure—————
Free cash flow (derived)—————
Total debt———$16M5$42M5
Cash & equivalents———$31M6$20.5M6
Diluted shares29.1M32.4M34.4M37.3M37.4M

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
$5.18
your share of equity
Profit it earned you last year
−$7.81
Free cash flow it threw off
—
Debt you’d be carrying
$11.23

10 shares is a claim on $5.18 of net worth that earned you −$7.81 last year, against $11.23 of debt.

iii. Is this a good business?
Moat signal · return on equity
-100% avg · 5y
FY20 —FY21 —FY22 —FY24 -48%FY25 -151%

It earned an average -100% 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
+28% shares · 5y

Share count is up 28% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 163% over the same window.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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. 20-F · period ending 2020-12-31 · accession 0001558370-23-005629 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001104659-26-034528 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-034528 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-034528 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001104659-26-034528 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-034528 (CashAndCashEquivalentsAtCarryingValue)