MeritValue

SeaStar Medical Holding Corp

ICUdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

SeaStar Medical Holding Corp earns about -117% on equity, and has bought back 71% 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——$01$135,0002$1.23M2
Net income−$4.6M3−$12.2M4−$26.2M5−$24.8M6−$12.2M6
Operating cash flow−$5.11M7−$7.79M8−$10.3M9−$16M10−$13.6M10
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$8.83M11$4.71M12$574,00012—
Cash & equivalents$51,56713$47,00014$176,00014$1.82M14—
Diluted shares7.2M8.2M866,8133.7M2.1M

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
$50.24
your share of equity
Profit it earned you last year
−$58.61
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $50.24 of net worth that earned you −$58.61 last year.

iii. Is this a good business?
Moat signal · return on equity
-117% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 -117%

It earned an average -117% 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
−71% shares · 5y

Share count is down 71% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 93% — 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0000950170-25-046200 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001437749-26-009797 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-23-011035 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-044855 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-046200 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001437749-26-009797 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-011035 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-044855 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-046200 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001437749-26-009797 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-044855 (LongTermDebtCurrent)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-046200 (LongTermDebtCurrent)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-22-013725 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-046200 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)