MeritValue

GeoVax Labs, Inc.

GOVXdata completeness 88%24 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

GeoVax Labs, Inc. earns about -397% on equity, and has bought back 84% 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$385,5011$81,5262$03$3.95M4$2.49M4
Net income−$18.6M5−$14M6−$26M7−$25M8−$21.5M8
Operating cash flow−$11.2M9−$19M10−$25.2M11−$24.7M12−$21.5M12
Capital expenditure$47,71813$134,25814$48,94615$20,65316$27,61216
Free cash flow (derived)−$11.2M9−$19.2M10−$25.2M11−$24.7M12−$21.5M12
Total debt—————
Cash & equivalents$11.4M17$27.6M18$6.45M19$5.51M20$3.09M20
Diluted shares6.1M1.1M1.8M207,482958,443

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
$39.91
your share of equity
Profit it earned you last year
−$223.95
Free cash flow it threw off
−$224.34
Debt you’d be carrying
—

10 shares is a claim on $39.91 of net worth that earned you −$223.95 and generated −$224.34 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-397% avg · 5y
FY21 -426%FY22 -53%FY23 -451%FY24 -495%FY25 -561%

It earned an average -397% 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
−84% shares · 5y

Share count is down 84% 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 0001437749-23-007636 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-006086 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009614 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-012377 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007636 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-006086 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009614 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-012377 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007636 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-006086 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009614 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-012377 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-007636 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-006086 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009614 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-012377 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-007636 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-006086 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-009614 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-012377 (CashAndCashEquivalentsAtCarryingValue)