MeritValue

Polomar Health Services, Inc.

PMHSdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

Polomar Health Services, Inc. earns about -56% on equity, and has bought back 94% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue$34,5261$41,8442$58,8243$648,2313
Net income−$181,1244−$587,9975−$1.34M6−$10.7M6
Operating cash flow−$40,9347−$534,3078−$1.02M9−$395,9959
Capital expenditure——$90,89310—
Free cash flow (derived)——−$1.11M9—
Total debt————
Cash & equivalents—$22411$6,19112$132,15013
Diluted shares452.5M26.1M27.7M27.8M

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
−$0.44
your share of equity
Profit it earned you last year
−$3.85
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.44 of net worth that earned you −$3.85 last year.

iii. Is this a good business?
Moat signal · return on equity
-56% avg · 4y
FY22 -97%FY23 —FY24 -16%FY25 —

It earned an average -56% 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
−94% shares · 4y

Share count is down 94% over 4 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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
  1. 10-K · period ending 2022-12-31 · accession 0001493152-24-014594 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-012070 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-021488 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-014594 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-012070 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-021488 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-014594 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-012070 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-021488 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-021488 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-24-014594 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001641172-25-012070 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-12-31 · accession 0001493152-26-021488 (CashAndCashEquivalentsAtCarryingValue)