MeritValue

INVO Fertility, Inc.

IVFdata completeness 88%15 fiscal years on file
The thesis, from the filings

INVO Fertility, Inc. earns about -239% on invested capital, and has bought back 99% 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$4.16M1$822,1962$3.02M3$6.56M3$6.84M4
Net income−$6.65M5−$10.9M6−$8.03M7−$9.26M8−$23.3M8
Operating cash flow−$6.03M9−$6.6M10−$4.76M11−$2.97M12−$7.01M12
Capital expenditure$415,71013$10,78514$444,72215$183,70316$43,41216
Free cash flow (derived)−$6.45M9−$6.61M10−$5.2M11−$3.16M12−$7.06M12
Total debt———$7.47M17$2.91M17
Cash & equivalents$5.68M18————
Diluted shares10.6M606,130119,2642,514117,083

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
$617.02
your share of equity
Profit it earned you last year
−$1,992.01
Free cash flow it threw off
−$602.81
Debt you’d be carrying
$248.7

10 shares is a claim on $617.02 of net worth that earned you −$1,992.01 and generated −$602.81 of cash last year, against $248.7 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-239% avg · 5y
FY21 -262%FY22 —FY23 -627%FY24 -26%FY25 -43%

It earned an average -239% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 61% — 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
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 · period ending 2021-12-31 · accession 0001493152-23-012532 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-046808 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-006726 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001493152-26-026775 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012532 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-046808 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-006726 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-026775 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012532 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-046808 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-006726 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-026775 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012532 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-046808 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-006726 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-026775 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-026775 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-22-008421 (CashAndCashEquivalentsAtCarryingValue)