MeritValue

LifeMD, Inc.

LFMDdata completeness 88%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

LifeMD, Inc. earns about -264% on equity, below its ~9% cost of capital, but has diluted owners by 67% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $4.2 and $4.49 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$92.9M1$119M2$152.5M3$154.8M4$194.1M4
Net income−$60.9M5−$45.5M6−$20.6M7−$21.4M8$14.4M8
Operating cash flow−$33.1M9−$22.9M10$8.82M11$17.5M12$8.28M12
Capital expenditure$247,36513$366,63314$203,81415$1.46M16$1.87M16
Free cash flow (derived)−$33.3M9−$23.3M10$8.62M11$16M12$6.41M12
Total debt—————
Cash & equivalents$41.3M17$3.96M18$33.1M19$35M19$36.8M20
Diluted shares27.0M31.0M33.9M41.2M45.1M

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
$5.13
your share of equity
Profit it earned you last year
$3.18
Free cash flow it threw off
$1.42
Debt you’d be carrying
—

10 shares is a claim on $5.13 of net worth that earned you $3.18 and generated $1.42 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-264% avg · 5y
FY21 -268%FY22 —FY23 -588%FY24 —FY25 62%

It earned about -264% on equity 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
+67% shares · 5y

Share count is up 67% 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 2 estimate methods that apply put fair value between $4.2 and $4.49 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
$4.49
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$8.62M
DCF · Growth Exit 5Y
$4.2
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$8.62M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.7
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 $4.2
The three cases
Bear0.0%$3.54
Base5.0%$4.2
Bull10.0%$4.99

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 0001493152-23-008560 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009581 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-009790 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-009549 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008560 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009581 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-009790 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-009549 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008560 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-009581 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009790 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-009549 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-008560 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-009581 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-009790 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-009549 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-008560 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-009581 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-009790 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-12-31 · accession 0001493152-26-009549 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)