MeritValue

PAVmed Inc.

PAVMdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

PAVmed Inc. earns about -40% on equity, and has bought back 99% 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$500,0001$377,0002$2.45M3$3M4$71,0004
Net income−$50.3M5−$89M6−$64.2M7$39.8M8$401,0008
Operating cash flow−$40.6M9−$71M10−$52M11−$33.6M12−$5.21M12
Capital expenditure$1.47M13$1.54M14$242,00015$55,00016$31,00016
Free cash flow (derived)−$42.1M9−$72.5M10−$52.3M11−$33.6M12−$5.24M12
Total debt—————
Cash & equivalents$77.3M17$39.7M18$19.6M19$1.19M20$1.54M20
Diluted shares77.5M5.9M7.2M2.2M670,466

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
$506.62
your share of equity
Profit it earned you last year
$5.98
Free cash flow it threw off
−$78.11
Debt you’d be carrying
—

10 shares is a claim on $506.62 of net worth that earned you $5.98 and generated −$78.11 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-40% avg · 5y
FY21 -82%FY22 —FY23 —FY24 —FY25 1%

It earned an average -40% 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
−99% shares · 5y

Share count is down 99% 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 0001493152-23-007481 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011172 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000364 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010115 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-007481 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011172 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000364 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010115 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-007481 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011172 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000364 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010115 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-007481 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011172 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000364 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-010115 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-007481 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011172 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-000364 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001437749-26-010115 (CashAndCashEquivalentsAtCarryingValue)