OSR Health, Inc.

OSRHdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

OSR Health, Inc. earns about -21% on equity, but has diluted owners by 1208% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	$3.53M¹	$2.91M¹
Net income	−$3,308²	−$35,388³	$403,780⁴	−$2.41M⁴	−$27.1M⁵
Operating cash flow	−$461⁶	−$4,235⁷	−$818,766⁸	−$1.85M⁹	−$4.33M⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	$1.14M¹⁰	$2.02M¹¹	$2.3M¹²	$2.32M¹³
Cash & equivalents	$4,757¹⁴	$124,501¹⁵	$15,419¹⁶	$341,543¹⁷	$1.7M¹⁷
Diluted shares	1.7M	1.5M	7.7M	2.2M	22.6M

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

Net assets behind them

$56.31

your share of equity

Profit it earned you last year

−$11.99

Free cash flow it threw off

—

Debt you’d be carrying

$1.03

10 shares is a claim on $56.31 of net worth that earned you −$11.99 last year, against $1.03 of debt.

iii. Is this a good business?

Moat signal · return on equity

-21% avg · 5y

FY21 —FY22 —FY23 —FY24 —FY25 -21%

It earned an average -21% 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

+1208% shares · 5y

Share count is up 1208% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 104% 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

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

10-K · period ending 2024-12-31 · accession 0001213900-26-037395 (Revenues)
10-K · period ending 2021-12-31 · accession 0000898432-23-000193 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001193125-24-099137 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001213900-25-034116 (NetIncomeLoss)
10-K · period ending 2025-12-31 · accession 0001213900-26-037395 (ProfitLoss)
10-K · period ending 2021-12-31 · accession 0000898432-23-000193 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001193125-24-099137 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001213900-25-034116 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-037395 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0000898432-23-000193 (DebtCurrent)
10-K · period ending 2023-12-31 · accession 0001193125-24-099137 (DebtCurrent)
10-K · period ending 2024-12-31 · accession 0001213900-26-037395 (LongTermDebtNoncurrent)
10-K · period ending 2025-12-31 · accession 0001213900-26-037395 (ShortTermBorrowings)
10-K · period ending 2021-12-31 · accession 0000898432-23-000193 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001193125-24-099137 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001213900-25-034116 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-26-037395 (CashAndCashEquivalentsAtCarryingValue)