MeritValue

HEALTHY CHOICE WELLNESS CORP.

HCWCdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

HEALTHY CHOICE WELLNESS CORP. earns about -30% on invested capital, but has diluted owners by 80% over 3 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 2023FY 2024FY 2025
Revenue$55.7M1$69.4M2$78.2M2
Net income−$9.93M3−$4.51M4−$3.94M4
Operating cash flow−$2.53M5−$3.06M6$996,0546
Capital expenditure$179,6237$251,7938$320,6348
Free cash flow (derived)−$2.7M5−$3.32M6$675,4206
Total debt$6.21M9$22.7M10$13.5M10
Cash & equivalents$1.4M11$2.06M12$3.02M12
Diluted shares9.2M9.4M16.6M

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
$4.41
your share of equity
Profit it earned you last year
−$2.38
Free cash flow it threw off
$0.41
Debt you’d be carrying
$8.13

10 shares is a claim on $4.41 of net worth that earned you −$2.38 and generated $0.41 of cash last year, against $8.13 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-30% avg · 3y
FY23 -57%FY24 -15%FY25 -18%

It earned an average -30% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+80% shares · 3y

Share count is up 80% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 117% 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 2023-12-31 · accession 0001641172-25-001000 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-010208 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001000 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-010208 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001000 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-010208 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001000 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-010208 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-001000 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-010208 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001000 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-010208 (CashAndCashEquivalentsAtCarryingValue)