MeritValue

ENDRA Life Sciences Inc.

NDRAdata completeness 75%10 fiscal years on file
The thesis, from the filings

ENDRA Life Sciences Inc. earns about -392% on invested capital, and has bought back 63% 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—————
Net income−$11.2M1−$13.2M2−$10.1M3−$11.5M4−$7.03M4
Operating cash flow−$11.1M5−$12.8M6−$9.55M7−$7.4M8−$5.18M8
Capital expenditure$45,0009$202,57710$33,88411$16,00012$17,28012
Free cash flow (derived)−$11.2M5−$13M6−$9.58M7−$7.42M8−$5.2M8
Total debt$546,63113$28,48414$28,48415$015—
Cash & equivalents$9.46M16$4.89M17$2.83M18$3.23M18$762,36518
Diluted shares2.1M3.2M3,636202,106787,020

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
$28.72
your share of equity
Profit it earned you last year
−$89.29
Free cash flow it threw off
−$66.07
Debt you’d be carrying
—

10 shares is a claim on $28.72 of net worth that earned you −$89.29 and generated −$66.07 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-392% avg · 5y
FY21 -475%FY22 -444%FY23 -279%FY24 —FY25 -371%

It earned an average -392% 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
−63% shares · 5y

Share count is down 63% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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 0001654954-23-003044 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-003873 (NetIncomeLoss)
  3. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-003937 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-037617 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-003044 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-003873 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-003937 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-037617 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-003044 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-003873 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-003937 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-037617 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-003044 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-003873 (LongTermDebt)
  15. 10-K/A · period ending 2023-12-31 · accession 0001654954-25-003937 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001654954-24-003873 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K/A · period ending 2022-12-31 · accession 0001654954-25-003937 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-12-31 · accession 0001213900-26-037617 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)