MeritValue

NUTRA PHARMA CORP

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

NUTRA PHARMA CORP earns about 24% on invested capital, but has diluted owners by 8% 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$97,7351$145,8002$205,5643$246,3094$257,6124
Net income−$13.1M5$8.18M6−$1.39M7−$1.29M8−$2.05M8
Operating cash flow−$1.74M9−$762,43210−$550,03611−$423,95912−$1.16M12
Capital expenditure$39,04313$57,99314——$26,05215
Free cash flow (derived)−$1.78M9−$820,42510——−$1.19M12
Total debt$7.6M16$16.1M17$25.3M18$25.7M19$19.5M19
Cash & equivalents—$020$021$36,44722$12,18122
Diluted shares7.23B19.10B7.61B7.67B7.78B

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
−$0.02
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
−$0
Debt you’d be carrying
$0.03

10 shares is a claim on −$0.02 of net worth that earned you −$0 and generated −$0 of cash last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
24% avg · 5y
FY21 —FY22 173%FY23 -9%FY24 -9%FY25 -60%

It earned an average 24% 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
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 157% 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 0001641172-25-026446 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-25-024800 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-26-007044 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-024641 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001641172-25-026446 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-25-024800 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-26-007044 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-024641 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001641172-25-026446 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-25-024800 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-26-007044 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-024641 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001641172-25-026446 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-25-024800 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-12-31 · accession 0001493152-26-024641 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001641172-25-026446 (DebtCurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001641172-25-026446 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-26-007044 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-024641 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-25-024800 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001493152-26-007044 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-024641 (CashAndCashEquivalentsAtCarryingValue)