MeritValue

Modular Medical, Inc.

MODDdata completeness 75%28 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Modular Medical, Inc. earns about -550% on invested capital, and has bought back 66% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—————
Net income−$18.6M1−$13.9M2−$17.5M3−$18.8M4−$28.2M4
Operating cash flow−$10.3M5−$11M6−$14M7−$15.7M8−$23.8M8
Capital expenditure$54,7649$1.64M10$1.7M11$2.49M12$3.93M12
Free cash flow (derived)−$10.3M5−$12.6M6−$15.7M7−$18.2M8−$27.7M8
Total debt—————
Cash & equivalents$9.08M13$3.8M14$9.23M15$13.1M16$6.94M16
Diluted shares6.8M12.1M22.4M1.2M2.3M

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
$56.71
your share of equity
Profit it earned you last year
−$123.6
Free cash flow it threw off
−$121.16
Debt you’d be carrying
—

10 shares is a claim on $56.71 of net worth that earned you −$123.6 and generated −$121.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-550% avg · 5y
FY22 —FY23 -858%FY24 -599%FY25 -373%FY26 -371%

It earned an average -550% 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
−66% shares · 5y

Share count is down 66% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2022-03-31 · accession 0001213900-23-051688 (NetIncomeLoss)
  2. 10-K · period ending 2023-03-31 · accession 0001213900-24-054877 (NetIncomeLoss)
  3. 10-K · period ending 2024-03-31 · accession 0001213900-25-055793 (NetIncomeLoss)
  4. 10-K · period ending 2025-03-31 · accession 0001213900-26-073223 (NetIncomeLoss)
  5. 10-K · period ending 2022-03-31 · accession 0001213900-23-051688 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-03-31 · accession 0001213900-24-054877 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-03-31 · accession 0001213900-25-055793 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-03-31 · accession 0001213900-26-073223 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-03-31 · accession 0001213900-23-051688 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-03-31 · accession 0001213900-24-054877 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-03-31 · accession 0001213900-25-055793 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-03-31 · accession 0001213900-26-073223 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001213900-23-051688 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0001213900-24-054877 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001213900-25-055793 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001213900-26-073223 (CashAndCashEquivalentsAtCarryingValue)