MeritValue

NEOGENOMICS INC

NEOdata completeness 100%16 fiscal years on file
The thesis, from the filings

NEOGENOMICS INC earns about -6% on invested capital, but has diluted owners by 7% 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$484.3M1$509.7M2$591.6M3$660.6M3$727.3M3
Net income−$8.35M4−$144.3M5−$88M6−$78.7M6−$108M6
Operating cash flow−$26.7M7−$66M8−$1.95M9$7.02M9$5.23M9
Capital expenditure$64.1M10$30.9M11$28.8M12$41.1M12$27M12
Free cash flow (derived)−$90.9M7−$96.9M8−$30.7M9−$34M9−$21.8M9
Total debt——$1.08B13$1.08B14$683.7M14
Cash & equivalents$316.8M15$263.2M16$342.5M17$367M18$159.6M18
Diluted shares120.0M124.2M125.5M126.7M128.1M

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
$65.3
your share of equity
Profit it earned you last year
−$8.43
Free cash flow it threw off
−$1.7
Debt you’d be carrying
$53.37

10 shares is a claim on $65.3 of net worth that earned you −$8.43 and generated −$1.7 of cash last year, against $53.37 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 -1%FY22 -16%FY23 -4%FY24 -4%FY25 -6%

It earned an average -6% 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
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 36% — 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 0001077183-24-000011 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001077183-25-000028 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001077183-26-000010 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001077183-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001077183-25-000028 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001077183-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001077183-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001077183-25-000028 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001077183-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001077183-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001077183-25-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001077183-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001077183-25-000028 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001077183-26-000010 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0001077183-23-000023 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001077183-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001077183-25-000028 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001077183-26-000010 (CashAndCashEquivalentsAtCarryingValue)