MeritValue

HeartSciences Inc.

HSCSdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

HeartSciences Inc. earns about -2791% on equity, and has bought back 21% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$14,3731$5,1502$18,6003$4,3504$4,3194
Net income−$4.83M5−$6.35M6−$6.61M7−$8.77M8−$9.14M8
Operating cash flow−$3.64M9−$5.77M10−$6.07M11−$7.41M12−$7.43M12
Capital expenditure$1,93213$18,30814$64,45515$3,15716$3,55416
Free cash flow (derived)−$3.65M9−$5.79M10−$6.13M11−$7.42M12−$7.43M12
Total debt—————
Cash & equivalents$918,26017$1.66M18$5.81M19$1.1M20$1.7M20
Diluted shares3.3M79,506352,520938,2572.6M

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
$0.86
your share of equity
Profit it earned you last year
−$34.82
Free cash flow it threw off
−$28.3
Debt you’d be carrying
—

10 shares is a claim on $0.86 of net worth that earned you −$34.82 and generated −$28.3 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-2791% avg · 5y
FY22 —FY23 -2756%FY24 -90%FY25 -4272%FY26 -4044%

It earned an average -2791% 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
−21% shares · 5y

Share count is down 21% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2022-04-30 · accession 0000950170-23-033424 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-30 · accession 0000950170-24-087271 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-04-30 · accession 0000950170-25-098326 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-04-30 · accession 0001437749-26-024337 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-04-30 · accession 0000950170-23-033424 (NetIncomeLoss)
  6. 10-K · period ending 2023-04-30 · accession 0000950170-24-087271 (NetIncomeLoss)
  7. 10-K · period ending 2024-04-30 · accession 0000950170-25-098326 (NetIncomeLoss)
  8. 10-K · period ending 2025-04-30 · accession 0001437749-26-024337 (NetIncomeLoss)
  9. 10-K · period ending 2022-04-30 · accession 0000950170-23-033424 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-04-30 · accession 0000950170-24-087271 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-04-30 · accession 0000950170-25-098326 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-04-30 · accession 0001437749-26-024337 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-04-30 · accession 0000950170-23-033424 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-04-30 · accession 0000950170-24-087271 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-04-30 · accession 0000950170-25-098326 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-04-30 · accession 0001437749-26-024337 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-04-30 · accession 0000950170-23-033424 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-04-30 · accession 0000950170-24-087271 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-04-30 · accession 0000950170-25-098326 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-04-30 · accession 0001437749-26-024337 (CashAndCashEquivalentsAtCarryingValue)