MeritValue

IRADIMED CORP

IRMDdata completeness 88%13 fiscal years on file

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

The thesis, from the filings

IRADIMED CORP earns about 72% on invested capital, far above its ~9% cost of capital, but has diluted owners by 2% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $13.86 and $83.7 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$41.8M1$53.3M2$65.6M3$73.2M4$83.8M4
Net income$9.33M5$12.8M6$17.2M7$19.2M8$22.5M8
Operating cash flow$11.3M9$10M10$13.5M11$25.6M12$24.9M12
Capital expenditure$482,32513$823,01914$7.44M15$8.01M16$7.77M16
Free cash flow (derived)$10.8M9$9.22M10$6.02M11$17.6M12$17.2M12
Total debt—————
Cash & equivalents$62M17$58M18$49.8M19$52.2M20$51.2M20
Diluted shares12.6M12.6M12.7M12.8M12.9M

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
$73.61
your share of equity
Profit it earned you last year
$17.49
Free cash flow it threw off
$13.37
Debt you’d be carrying
—

10 shares is a claim on $73.61 of net worth that earned you $17.49 and generated $13.37 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
72% avg · 5y
FY21 92%FY22 82%FY23 79%FY24 56%FY25 52%

It earned about 72% on invested capital, 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
+2% shares · 5y

Share count is up 2% 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 $13.86 and $83.7 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
$83.7
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$17.2M
DCF · Growth Exit 5Y
$47.56
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$17.2M
Earnings Power Value
$13.86
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$17.2M
  • growthAssumed0.0%
Graham Number
$17.02
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 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $47.56
The three cases
Bear0.0%$23.08
Base20.0%$47.56
Bull20.0%$47.56

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

Default growth 20.0%= 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 0001104659-23-028003 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-002235 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011853 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-024691 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001104659-23-028003 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-002235 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011853 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-024691 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-23-028003 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-002235 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011853 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-024691 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001104659-23-028003 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-002235 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011853 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-024691 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001104659-23-028003 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-002235 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0001558370-25-011853 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001104659-26-024691 (CashAndCashEquivalentsAtCarryingValue)