MeritValue

OneMedNet Corp

ONMDdata completeness 100%4 fiscal years on file
i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$1.15M1$1.02M2$643,0003$1.36M3
Net income−$30.5M4−$33.8M5−$10.1M6−$2.8M6
Operating cash flow−$4.7M7−$4.79M8−$6.95M9−$7.5M9
Capital expenditure$58,00010$44,00011$51,00012$13,00012
Free cash flow (derived)−$4.76M7−$4.84M8−$7M9−$7.52M9
Total debt—$930,00013$14M13$1.19M14
Cash & equivalents$271,00015$47,00016$172,00017$585,00017
Diluted shares4.0M7.3M28.1M44.5M

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
−$0.67
your share of equity
Profit it earned you last year
−$0.63
Free cash flow it threw off
−$1.69
Debt you’d be carrying
$0.27

10 shares is a claim on −$0.67 of net worth that earned you −$0.63 and generated −$1.69 of cash last year, against $0.27 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1021% shares · 4y

Share count is up 1021% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 28% 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/A · period ending 2022-12-31 · accession 0001493152-24-043625 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-004815 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-013681 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-043625 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-004815 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-013681 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-043625 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-004815 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-013681 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-043625 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004815 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013681 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-004815 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0001493152-26-013681 (LongTermDebt)
  15. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-043625 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-004815 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-013681 (CashAndCashEquivalentsAtCarryingValue)