MeritValue

INTERPACE BIOSCIENCES, INC.

IDXGdata completeness 88%16 fiscal years on file
The thesis, from the filings

INTERPACE BIOSCIENCES, INC. earns about 110% on equity, far above its ~9% cost of capital, but has diluted owners by 570% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.73 and $2.71 a share.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$33.1M1$31.8M2$40M3$46.9M4$38.7M4
Net income−$14.9M5−$22M6$1.95M7$6.7M8$24.6M8
Operating cash flow−$8.72M9−$7.69M10$3.79M11$4.65M12$5.83M12
Capital expenditure$354,00013$322,00014$470,00015$876,00016$356,00016
Free cash flow (derived)−$9.07M9−$8.01M10$3.32M11$3.77M12$5.48M12
Total debt—————
Cash & equivalents$2.67M17$4.83M18$3.5M19$1.46M20$2.51M20
Diluted shares4.1M4.2M4.4M15.7M27.7M

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
$8.07
your share of equity
Profit it earned you last year
$8.87
Free cash flow it threw off
$1.98
Debt you’d be carrying
—

10 shares is a claim on $8.07 of net worth that earned you $8.87 and generated $1.98 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
110% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 110%

It earned about 110% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+570% shares · 5y

Share count is up 570% 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

The 3 estimate methods that apply put fair value between $0.73 and $2.71 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$2.71
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$3.77M
DCF · Growth Exit 5Y
$2.51
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$3.77M
Earnings Power Value
$0.73
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.95M
  • growthAssumed0.0%
Graham Number
$4.02
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $2.51
The three cases
Bear0.0%$2.04
Base5.0%$2.51
Bull10.0%$3.07

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009106 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012464 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001686 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013646 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009106 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012464 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001686 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013646 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009106 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012464 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001686 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013646 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009106 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012464 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001686 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013646 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009106 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-012464 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-001686 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013646 (CashAndCashEquivalentsAtCarryingValue)