MeritValue

Inotiv, Inc.

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

Inotiv, Inc. earns about -9% on invested capital, but has diluted owners by 134% 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$89.6M1$547.7M2$572.4M3$490.7M3$513M3
Net income$10.9M4−$337M5−$105.1M6−$108.4M6−$68.6M6
Operating cash flow$10.7M7−$5.22M8$27.9M9−$6.81M9−$10.5M9
Capital expenditure$12.5M10$36.3M11$27.5M12$22.3M12$16.6M12
Free cash flow (derived)−$1.73M7−$41.5M8$380,0009−$29.1M9−$27.1M9
Total debt$334.2M13$689.3M14$755.5M15$786.7M16$804.2M16
Cash & equivalents$138.9M17$18.5M18$35.5M19$21.4M20$21.7M20
Diluted shares13.9M24.4M25.6M25.9M32.5M

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
$41.92
your share of equity
Profit it earned you last year
−$21.15
Free cash flow it threw off
−$8.34
Debt you’d be carrying
$247.83

10 shares is a claim on $41.92 of net worth that earned you −$21.15 and generated −$8.34 of cash last year, against $247.83 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-9% avg · 5y
FY21 3%FY22 -25%FY23 -6%FY24 -11%FY25 -8%

It earned an average -9% 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
+134% shares · 5y

Share count is up 134% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 141% 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 2021-09-30 · accession 0001558370-23-000243 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001628280-23-041266 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001628280-25-055483 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-09-30 · accession 0001558370-23-000243 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0001628280-23-041266 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0001628280-25-055483 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-30 · accession 0001558370-23-000243 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-30 · accession 0001628280-23-041266 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0001628280-25-055483 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-30 · accession 0001558370-23-000243 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-09-30 · accession 0001628280-23-041266 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-09-30 · accession 0001628280-25-055483 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-09-30 · accession 0001558370-23-000243 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-30 · accession 0001628280-23-041266 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0001628280-24-049947 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-30 · accession 0001628280-25-055483 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-09-30 · accession 0001558370-23-000243 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-09-30 · accession 0001628280-23-041266 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-09-30 · accession 0001628280-24-049947 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-30 · accession 0001628280-25-055483 (CashAndCashEquivalentsAtCarryingValue)