MeritValue

Healthcare Triangle, Inc.

HCTIdata completeness 100%6 fiscal years on file
The thesis, from the filings

Healthcare Triangle, Inc. earns about -188% on invested capital, and has bought back 100% 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$35.3M1$45.9M1$33.2M2$11.7M3$13.9M3
Net income−$5.95M4−$14.4M5−$8.69M6−$5.97M7−$9.48M7
Operating cash flow−$7.11M8−$5.35M9−$2.15M10−$1.08M11−$16.5M11
Capital expenditure—$40,00012$12,00013—$6,00014
Free cash flow (derived)—−$5.39M9−$2.16M10—−$16.5M11
Total debt$2.21M15$2.69M16$3.79M17$2.65M18$10.7M18
Cash & equivalents$1.77M19$1.34M20$1.23M21$20,00022$7.63M22
Diluted shares29.4M3.7M4.2M35361,873

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
$1,607.16
your share of equity
Profit it earned you last year
−$1,531.52
Free cash flow it threw off
−$2,671.44
Debt you’d be carrying
$1,735.33

10 shares is a claim on $1,607.16 of net worth that earned you −$1,531.52 and generated −$2,671.44 of cash last year, against $1,735.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-188% avg · 5y
FY21 -29%FY22 -146%FY23 -522%FY24 —FY25 -54%

It earned an average -188% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 386% 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 0001607062-23-000154 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-026218 (Revenues)
  3. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-044671 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001607062-23-000154 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-014503 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-026218 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-044671 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001607062-23-000154 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-014503 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-026218 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-044671 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-014503 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-026218 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2025-12-31 · accession 0001213900-26-044671 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001607062-23-000154 (ShortTermBorrowings)
  16. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-014503 (ShortTermBorrowings)
  17. 10-K · period ending 2023-12-31 · accession 0001213900-25-026218 (ShortTermBorrowings)
  18. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-044671 (ShortTermBorrowings)
  19. 10-K · period ending 2021-12-31 · accession 0001607062-23-000154 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-014503 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001213900-25-026218 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-044671 (CashAndCashEquivalentsAtCarryingValue)