MeritValue

HealthLynked Corp

HLYKdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

HealthLynked Corp earns about -947% on invested capital, and has bought back 99% 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$5.76M1$5.41M1$5.72M2$3.01M3$2.07M3
Net income−$10.4M4−$8.82M5−$1.01M6−$6.13M7−$3.28M7
Operating cash flow−$3.77M8−$4.36M9−$4.14M10−$3.49M11−$1.71M11
Capital expenditure$19,25012$23,56413$1,50014$2,59815—
Free cash flow (derived)−$3.79M8−$4.39M9−$4.15M10−$3.5M11—
Total debt$551,25016$45,00016———
Cash & equivalents$3.29M17$61,89118$247,22219$76,24119$37,13620
Diluted shares224.7M243.4M262.9M2.8M2.8M

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
−$20.32
your share of equity
Profit it earned you last year
−$11.57
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$20.32 of net worth that earned you −$11.57 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-947% avg · 5y
FY21 -189%FY22 -2142%FY23 -509%FY24 —FY25 —

It earned an average -947% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 92% — deleveraging.

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 0001213900-23-025432 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-026262 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-037499 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-025432 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-028696 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-026262 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-037499 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-025432 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001213900-24-028696 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-026262 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-037499 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-025432 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-028696 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-026262 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-037499 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-025432 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001213900-22-016741 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001213900-25-026262 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001213900-25-026262 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-12-31 · accession 0001213900-26-037499 (CashAndCashEquivalentsAtCarryingValue)