MeritValue

iSpecimen Inc.

ISPCdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

iSpecimen Inc. earns about -182% on equity, but has diluted owners by 7% 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$11.1M1$10.4M2$9.93M2$9.29M3$1.93M3
Net income−$8.96M4−$10.2M5−$11.1M6−$12.5M7−$10.5M7
Operating cash flow−$10.7M8−$5.82M9−$5.81M10−$8.26M11−$4.24M11
Capital expenditure$2,55012$215,50413$19,47814$31,54615$45415
Free cash flow (derived)−$10.7M8−$6.03M9−$5.83M10−$8.3M11−$4.24M11
Total debt$3.42M16————
Cash & equivalents$27.7M17$15.3M18$2.34M19$1.88M20$6.88M20
Diluted shares4.3M8.8M452,067710,8524.6M

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
$6.71
your share of equity
Profit it earned you last year
−$22.79
Free cash flow it threw off
−$9.21
Debt you’d be carrying
—

10 shares is a claim on $6.71 of net worth that earned you −$22.79 and generated −$9.21 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-182% avg · 5y
FY21 -30%FY22 -50%FY23 -114%FY24 -377%FY25 -340%

It earned an average -182% 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
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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/A · period ending 2021-12-31 · accession 0001558370-23-005151 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003129 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-038607 (Revenues)
  4. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-005151 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-24-003129 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-031639 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001213900-26-038607 (NetIncomeLoss)
  8. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-005151 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001558370-24-003129 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001213900-25-031639 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-038607 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-005151 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-003129 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-031639 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-038607 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-22-004077 (LongTermDebt)
  17. 10-K/A · period ending 2021-12-31 · accession 0001558370-23-005151 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001558370-24-003129 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001213900-25-031639 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001213900-26-038607 (CashAndCashEquivalentsAtCarryingValue)