MeritValue

Healthier Choices Management Corp.

HCMCdata completeness 75%16 fiscal years on file
The thesis, from the filings

Healthier Choices Management Corp. earns about -108% on equity, but has diluted owners by 56% 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$13.3M1$29.3M2$6173$5014$2,9794
Net income−$4.04M5−$7.22M6−$18.5M7−$11.9M8−$7.02M8
Operating cash flow−$3.53M9−$3.87M10−$4.74M11−$3.66M12−$3.88M12
Capital expenditure$56,41813$480,92514$184,34915$47,18516—
Free cash flow (derived)−$3.58M9−$4.35M10−$4.92M11−$3.7M12—
Total debt$6,83817$5.83M18$7.12M18——
Cash & equivalents$26.5M19$24.7M20$3.66M21$1.19M22$1.14M22
Diluted shares307.91B339.74B429.92B479.70B481.27B

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
−$0
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0 of net worth that earned you −$0 last year.

iii. Is this a good business?
Moat signal · return on equity
-108% avg · 5y
FY21 -14%FY22 -36%FY23 -273%FY24 —FY25 —

It earned an average -108% 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
+56% shares · 5y

Share count is up 56% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 104016% 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
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 0000844856-23-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011537 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004607 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013232 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000844856-23-000010 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011537 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004607 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013232 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000844856-23-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011537 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004607 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013232 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000844856-23-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011537 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004607 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013232 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000844856-23-000010 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011537 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0000844856-22-000019 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-011537 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-004607 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-013232 (CashAndCashEquivalentsAtCarryingValue)