MeritValue

MILESTONE SCIENTIFIC INC.

MLSSdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

MILESTONE SCIENTIFIC INC. earns about -265% on invested capital, but has diluted owners by 19% 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$10.3M1$8.81M2$9.83M3$8.63M4$8.97M4
Net income−$6.82M5−$8.71M6−$6.93M7−$4.71M8−$5.72M8
Operating cash flow−$4.03M9−$6.03M10−$5.33M11−$2.92M12−$2.92M12
Capital expenditure$15,18913$8,52713—$10,12414$15,12414
Free cash flow (derived)−$4.05M9−$6.04M10—−$2.93M12−$2.93M12
Total debt—————
Cash & equivalents$14.8M15$8.72M16$2.98M17$3.26M18$1.11M18
Diluted shares68.8M70.6M72.8M79.8M82.1M

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
$0.34
your share of equity
Profit it earned you last year
−$0.7
Free cash flow it threw off
−$0.36
Debt you’d be carrying
—

10 shares is a claim on $0.34 of net worth that earned you −$0.7 and generated −$0.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-265% avg · 5y
FY21 -352%FY22 -456%FY23 -108%FY24 -143%FY25 -266%

It earned an average -265% 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
+19% shares · 5y

Share count is up 19% 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
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 0001437749-23-008658 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010029 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-012050 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014117 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008658 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010029 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-012050 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014117 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008658 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010029 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-012050 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014117 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008658 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-014117 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001437749-23-008658 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001437749-24-010029 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-012050 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-014117 (CashAndCashEquivalentsAtCarryingValue)