MeritValue

enVVeno Medical Corp

NVNOdata completeness 75%9 fiscal years on file

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

The thesis, from the filings

enVVeno Medical Corp earns about -54% on equity, and has bought back 93% of its shares over 5 years. 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—————
Net income−$16.5M1−$24.7M2−$23.5M3−$21.8M4−$19.5M4
Operating cash flow−$11.8M5−$15.6M6−$18.9M7−$16.8M8−$15.6M8
Capital expenditure$368,0009$115,00010$33,00011$37,00012$5,00012
Free cash flow (derived)−$12.2M5−$15.7M6−$18.9M7−$16.9M8−$15.6M8
Total debt—————
Cash & equivalents$54.7M13$4.56M14$3.62M15$1.75M16$3.07M16
Diluted shares8.7M11.2M12.3M490,000589,000

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
$460.61
your share of equity
Profit it earned you last year
−$330.59
Free cash flow it threw off
−$264.4
Debt you’d be carrying
—

10 shares is a claim on $460.61 of net worth that earned you −$330.59 and generated −$264.4 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-54% avg · 5y
FY21 -30%FY22 -64%FY23 -51%FY24 -52%FY25 -72%

It earned an average -54% 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
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001493152-23-006587 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-008336 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-008581 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012928 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-006587 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-008336 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-008581 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012928 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-006587 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-008336 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-008581 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012928 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-006587 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-008336 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-008581 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012928 (CashAndCashEquivalentsAtCarryingValue)