MeritValue

MYOMO, INC.

MYOdata completeness 100%10 fiscal years on file
The thesis, from the filings

MYOMO, INC. earns about -343% on invested capital, but has diluted owners by 618% 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$13.9M1$15.6M2$19.2M3$32.6M4$40.9M4
Net income−$10.4M5−$10.7M6−$8.15M7−$6.18M8−$15.6M8
Operating cash flow−$9.55M9−$10.2M10−$6.17M11−$3.29M12−$14.5M12
Capital expenditure$326,46213$111,79314$145,81615$1.36M16$1.74M16
Free cash flow (derived)−$9.87M9−$10.3M10−$6.32M11−$4.65M12−$16.3M12
Total debt———$2.95M17$14.2M17
Cash & equivalents$15.5M18$5.35M19$6.87M20$24.4M21$14.1M21
Diluted shares5.8M7.1M29.5M37.8M41.9M

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
$2.72
your share of equity
Profit it earned you last year
−$3.72
Free cash flow it threw off
−$3.88
Debt you’d be carrying
$3.39

10 shares is a claim on $2.72 of net worth that earned you −$3.72 and generated −$3.88 of cash last year, against $3.39 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-343% avg · 5y
FY21 —FY22 -830%FY23 -298%FY24 -139%FY25 -104%

It earned an average -343% 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
+618% shares · 5y

Share count is up 618% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 380% 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 2021-12-31 · accession 0000950170-23-007560 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-028326 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-036349 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-098531 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-007560 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-028326 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-036349 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-098531 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-007560 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-028326 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-036349 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-098531 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-007560 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-028326 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-036349 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-098531 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001193125-26-098531 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-007560 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-028326 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-036349 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001193125-26-098531 (CashAndCashEquivalentsAtCarryingValue)