MeritValue

NANOVIRICIDES, INC.

NNVCdata completeness 88%20 fiscal years on file
The thesis, from the filings

NANOVIRICIDES, INC. earns about -64% on equity, but has diluted owners by 39% 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——$01$02$03
Net income−$8.82M4−$8.11M5−$8.59M6−$8.29M7−$9.47M7
Operating cash flow−$8.21M8−$5.89M9−$5.67M10−$6.32M11−$8.48M11
Capital expenditure$238,76512$324,34813$151,71214$156,56015$56,96415
Free cash flow (derived)−$8.45M8−$6.22M9−$5.82M10−$6.47M11−$8.54M11
Total debt—————
Cash & equivalents$20.5M16$14.1M17$8.15M18$4.8M19$1.56M19
Diluted shares10.9M11.5M11.6M11.9M15.1M

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
$4.97
your share of equity
Profit it earned you last year
−$6.26
Free cash flow it threw off
−$5.65
Debt you’d be carrying
—

10 shares is a claim on $4.97 of net worth that earned you −$6.26 and generated −$5.65 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-64% avg · 5y
FY21 -29%FY22 -35%FY23 -58%FY24 -72%FY25 -126%

It earned an average -64% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+39% shares · 5y

Share count is up 39% 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 2023-06-30 · accession 0001410578-23-002146 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-06-30 · accession 0001410578-24-001650 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-06-30 · accession 0001104659-25-094527 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001410578-22-002878 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001410578-23-002146 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001410578-24-001650 (NetIncomeLoss)
  7. 10-K · period ending 2024-06-30 · accession 0001104659-25-094527 (NetIncomeLoss)
  8. 10-K · period ending 2021-06-30 · accession 0001410578-22-002878 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-06-30 · accession 0001410578-23-002146 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-06-30 · accession 0001410578-24-001650 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-06-30 · accession 0001104659-25-094527 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-06-30 · accession 0001410578-22-002878 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001410578-23-002146 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-06-30 · accession 0001410578-24-001650 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-06-30 · accession 0001104659-25-094527 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-06-30 · accession 0001410578-22-002878 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-06-30 · accession 0001410578-23-002146 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-06-30 · accession 0001410578-24-001650 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-06-30 · accession 0001104659-25-094527 (CashAndCashEquivalentsAtCarryingValue)