MeritValue

Mitesco, Inc.

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

Mitesco, Inc. earns about -706% on equity, but has diluted owners by 515% 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$115,9941$02$03$43,7004$38,7004
Net income−$7.92M5−$23.2M6−$13.3M7−$2.51M8$498,7248
Operating cash flow−$5M9−$5.17M10−$759,73011−$514,40912−$701,58512
Capital expenditure—————
Free cash flow (derived)—————
Total debt$013$5.05M14$945,42915$548,13716$639,41616
Cash & equivalents$1.16M17$35,62318$2,83819$3,40220$100,85720
Diluted shares4.3M4.5M5.2M6.7M26.3M

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
−$8.94
your share of equity
Profit it earned you last year
$0.19
Free cash flow it threw off
—
Debt you’d be carrying
$0.24

10 shares is a claim on −$8.94 of net worth that earned you $0.19 last year, against $0.24 of debt.

iii. Is this a good business?
Moat signal · return on equity
-706% avg · 5y
FY21 -706%FY22 —FY23 —FY24 —FY25 —

It earned an average -706% 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
+515% shares · 5y

Share count is up 515% 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
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001185185-23-000727 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001185185-24-000401 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001185185-25-000257 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001185185-26-001385 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001185185-23-000727 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001185185-24-000401 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001185185-25-000257 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001185185-26-001385 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001185185-23-000727 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001185185-24-000401 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001185185-25-000257 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001185185-26-001385 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001185185-23-000727 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001185185-24-000401 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001185185-25-000257 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001185185-26-001385 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001185185-23-000727 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001185185-24-000401 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001185185-25-000257 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001185185-26-001385 (CashAndCashEquivalentsAtCarryingValue)