MeritValue

Hyperfine, Inc.

HYPRdata completeness 88%6 fiscal years on file

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

The thesis, from the filings

Hyperfine, Inc. earns about -515% on invested capital, but has diluted owners by 2116% 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$1.5M1$6.81M2$11M3$12.9M4$13.6M4
Net income−$64.9M5−$44.2M6−$44.2M6−$40.7M7−$35.6M7
Operating cash flow−$47.2M8−$72.3M9−$41.8M10−$38.8M11−$27.9M11
Capital expenditure$2.71M12$585,00013$804,00014$383,00015$1.19M15
Free cash flow (derived)−$49.9M8−$72.9M9−$42.6M10−$39.2M11−$29.1M11
Total debt—————
Cash & equivalents$188.5M16$117.5M17$75.2M18$37.6M19$35.1M19
Diluted shares3.7M70.4M71.3M72.4M81.8M

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
$5.01
your share of equity
Profit it earned you last year
−$4.35
Free cash flow it threw off
−$3.56
Debt you’d be carrying
—

10 shares is a claim on $5.01 of net worth that earned you −$4.35 and generated −$3.56 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-515% avg · 5y
FY21 —FY22 -925%FY23 -379%FY24 -282%FY25 -475%

It earned an average -515% 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
+2116% shares · 5y

Share count is up 2116% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0000950170-23-009159 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-035343 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-040281 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-114044 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-009159 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-25-040281 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-114044 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-009159 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-035343 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-040281 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-114044 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-009159 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-035343 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-040281 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-114044 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-009159 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-035343 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-040281 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-114044 (CashAndCashEquivalentsAtCarryingValue)