MeritValue

Neuraxis, INC

NRXSdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Neuraxis, INC earns about -314% on equity, but has diluted owners by 353% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$2.68M1$2.46M2$2.69M3$3.57M3
Net income−$4.78M4−$14.6M5−$8.24M6−$7.8M6
Operating cash flow−$2.3M7−$6.69M8−$6.1M9−$6.43M9
Capital expenditure$1,39010$30,78111$27,77612$31,15012
Free cash flow (derived)−$2.3M7−$6.72M8−$6.13M9−$6.46M9
Total debt$228,34213$148,06214$154,15215$148,29316
Cash & equivalents$253,69917$78,56018$3.7M19$4.97M19
Diluted shares2.0M3.3M6.9M9.1M

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
$3.74
your share of equity
Profit it earned you last year
−$8.59
Free cash flow it threw off
−$7.12
Debt you’d be carrying
$0.16

10 shares is a claim on $3.74 of net worth that earned you −$8.59 and generated −$7.12 of cash last year, against $0.16 of debt.

iii. Is this a good business?
Moat signal · return on equity
-314% avg · 4y
FY22 —FY23 —FY24 -399%FY25 -229%

It earned an average -314% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+353% shares · 4y

Share count is up 353% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 35% — 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 2022-12-31 · accession 0001493152-24-014832 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001493152-25-010984 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-011505 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-014832 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001493152-25-010984 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-011505 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-014832 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001493152-25-010984 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-011505 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014832 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-010984 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-011505 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-014832 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001493152-24-014832 (ShortTermBorrowings)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-25-010984 (ShortTermBorrowings)
  16. 10-K · period ending 2025-12-31 · accession 0001493152-26-011505 (ShortTermBorrowings)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-014832 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-25-010984 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-011505 (CashAndCashEquivalentsAtCarryingValue)