MeritValue

Vyome Holdings, Inc

HINDdata completeness 75%12 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Vyome Holdings, Inc earns about -622% on invested capital, but has diluted owners by 889% 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$13.6M1$11.2M2$8.68M3$8.01M3$319,7144
Net income−$63.1M5−$46.2M6−$11.4M7−$1.45M8−$10.3M8
Operating cash flow−$15.4M9−$21.9M10−$17M11−$614,13612−$3.75M12
Capital expenditure$352,00013$131,00014$43,00015——
Free cash flow (derived)−$15.7M9−$22M10−$17M11——
Total debt———$811,00016—
Cash & equivalents$22.8M17$3.86M18$4.46M19$101,90420$4.98M20
Diluted shares218,522424,390102,7072412.2M

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
$17.41
your share of equity
Profit it earned you last year
−$47.48
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $17.41 of net worth that earned you −$47.48 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-622% avg · 5y
FY21 -232%FY22 —FY23 -406%FY24 -1228%FY25 —

It earned an average -622% 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
+889% shares · 5y

Share count is up 889% 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
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 0001558370-23-006079 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004559 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004477 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001213900-26-029500 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-006079 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004559 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004477 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-029500 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-006079 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004559 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004477 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-029500 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-006079 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004559 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-004477 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2024-12-31 · accession 0001558370-25-004477 (DebtCurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-23-006079 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-004559 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001558370-25-004477 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001213900-26-029500 (CashAndCashEquivalentsAtCarryingValue)