MeritValue

SELECTIS HEALTH, INC.

GBCSdata completeness 100%15 fiscal years on file
The thesis, from the filings

SELECTIS HEALTH, INC. earns about -162% on equity, but has diluted owners by 11% 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$29.3M1$40.6M2$36.8M3$39.5M4$41.4M4
Net income−$2.25M5−$2.4M6−$3.97M7−$2.42M8−$1.02M8
Operating cash flow−$270,9309−$305,14810$536,66611−$1.82M12$1.88M12
Capital expenditure$519,57513$222,36114$29,80515$36,06316$443,61116
Free cash flow (derived)−$790,5059−$527,50910$506,86111−$1.86M12$1.44M12
Total debt$43.8M17$36.7M18$36.3M19$43.6M20$41.8M20
Cash & equivalents$3.94M21$1.42M22$1.48M23$680,33224$1.01M24
Diluted shares2.8M3.1M3.1M3.1M3.1M

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
−$20.25
your share of equity
Profit it earned you last year
−$3.31
Free cash flow it threw off
$4.69
Debt you’d be carrying
$136.44

10 shares is a claim on −$20.25 of net worth that earned you −$3.31 and generated $4.69 of cash last year, against $136.44 of debt.

iii. Is this a good business?
Moat signal · return on equity
-162% avg · 5y
FY21 -73%FY22 -251%FY23 —FY24 —FY25 —

It earned an average -162% 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
+11% shares · 5y

Share count is up 11% 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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$506,861
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$506,861
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 0001493152-23-022985 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-039543 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004859 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016827 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-022985 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-039543 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004859 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016827 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-022985 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-039543 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004859 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016827 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-022985 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-039543 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004859 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-016827 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-022985 (LongTermDebtNoncurrent)
  18. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-039543 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-004859 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-016827 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001493152-23-022985 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-039543 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001641172-25-004859 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001493152-26-016827 (CashAndCashEquivalentsAtCarryingValue)