MeritValue

MDWerks, Inc.

MDWKdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

MDWerks, Inc. earns about -280% on equity, but has diluted owners by 1129% 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——$104,0661$2.36M2$2.21M2
Net income$37,9763−$153,7134−$291,6725−$1.62M6−$3.8M6
Operating cash flow−$19,6597−$120,3748−$519,7909−$781,97010−$1.57M10
Capital expenditure——$88,00011$6,99012$872,24712
Free cash flow (derived)——−$607,7909−$788,96010−$2.45M10
Total debt——$189,23413$488,92714$367,73615
Cash & equivalents$016————
Diluted shares18.0M24.6M129.4M201.5M221.4M

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
$0.05
your share of equity
Profit it earned you last year
−$0.17
Free cash flow it threw off
−$0.11
Debt you’d be carrying
$0.02

10 shares is a claim on $0.05 of net worth that earned you −$0.17 and generated −$0.11 of cash last year, against $0.02 of debt.

iii. Is this a good business?
Moat signal · return on equity
-280% avg · 5y
FY21 —FY22 —FY23 -25%FY24 -437%FY25 -379%

It earned an average -280% 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
+1129% shares · 5y

Share count is up 1129% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 94% over the same window.

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 2023-12-31 · accession 0001641172-25-000596 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-014105 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-019579 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-025571 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-000596 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014105 (NetIncomeLoss)
  7. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-019579 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001493152-24-025571 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-000596 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-014105 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000596 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014105 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001493152-24-025571 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001641172-25-000596 (LongTermDebt)
  15. 10-K · period ending 2025-12-31 · accession 0001493152-26-014105 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001683168-22-002731 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)