MeritValue

MDxHealth SA

MDXHdata completeness 88%7 fiscal years on file
The thesis, from the filings

MDxHealth SA earns about -347% on equity, and has bought back 67% 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$22.2M1$37.1M2$70.2M3$90M3$107.9M3
Net income−$29M4−$44M5−$43.1M6−$38.1M6−$33.5M6
Operating cash flow−$22.5M7−$34.1M8−$21.5M9−$18.5M9−$2.19M9
Capital expenditure$896,00010$2.79M11$2.75M12$1.19M12$1.16M12
Free cash flow (derived)−$23.4M7−$36.9M8−$24.2M9−$19.7M9−$3.35M9
Total debt—$34.9M13$35.6M13——
Cash & equivalents$58.5M14$15.5M15$22.4M15$46.8M15$29M15
Diluted shares156.0M027.3M49.5M51.4M

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
−$2.35
your share of equity
Profit it earned you last year
−$6.53
Free cash flow it threw off
−$0.65
Debt you’d be carrying
—

10 shares is a claim on −$2.35 of net worth that earned you −$6.53 and generated −$0.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-347% avg · 5y
FY21 -62%FY22 -473%FY23 -598%FY24 -257%FY25 —

It earned an average -347% 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
−67% shares · 5y

Share count is down 67% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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. 20-F · period ending 2021-12-31 · accession 0001213900-24-037806 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-026226 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-039540 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-037806 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-026226 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-039540 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-037806 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-026226 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-039540 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-037806 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-026226 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-039540 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-24-037806 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001213900-25-026226 (CashAndCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001213900-26-039540 (CashAndCashEquivalents)