MeritValue

InfuSystem Holdings, Inc

INFUdata completeness 100%17 fiscal years on file
The thesis, from the filings

InfuSystem Holdings, Inc earns about 3% on invested capital, below its ~9% cost of capital, and has bought back 4% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.7 and $14.38 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$102.4M1$109.9M1$125.8M2$134.9M3$143.4M3
Net income$1.42M4$18,0004$872,0005$2.35M6$6.63M6
Operating cash flow$18.3M7$17.5M7$11.2M8$20.5M9$24.4M9
Capital expenditure$980,00010$982,00010$1.02M11$1.09M12$560,00012
Free cash flow (derived)$17.3M7$16.5M7$10.2M8$19.4M9$23.8M9
Total debt$66.2M13$66.3M14$58.2M15$47.7M16$39.3M16
Cash & equivalents$186,00017$165,00018$231,00019$527,00020$3.19M20
Diluted shares22.0M21.5M21.6M21.7M21.1M

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
$27.17
your share of equity
Profit it earned you last year
$3.14
Free cash flow it threw off
$11.3
Debt you’d be carrying
$18.6

10 shares is a claim on $27.17 of net worth that earned you $3.14 and generated $11.3 of cash last year, against $18.6 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 2%FY22 1%FY23 2%FY24 2%FY25 7%

It earned about 3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 41% — 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

The 3 estimate methods that apply put fair value between $0.7 and $14.38 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
$14.38
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth3.8%
  • fcfBase$19.4M
DCF · Growth Exit 5Y
$13.74
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth3.8%
  • fcfBase$19.4M
Earnings Power Value
$0.7
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.42M
  • growthAssumed0.0%
Graham Number
$4.35
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 years3.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $13.74
The three cases
Bear0.0%$11.41
Base3.8%$13.74
Bull8.8%$17.38

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

Default growth 3.8%= 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 0001628280-24-015511 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-25-012095 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001628280-26-012804 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-015511 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-25-012095 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-012804 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-015511 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001628280-25-012095 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001628280-26-012804 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-015511 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-012095 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-012804 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-008290 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-015511 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-012095 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-012804 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-008290 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-015511 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001628280-25-012095 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-012804 (CashAndCashEquivalentsAtCarryingValue)