MeritValue

Vicarious Surgical Inc.

RBOTdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

Vicarious Surgical Inc. earns about -266% on invested capital, and has bought back 94% 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−$35.2M1$5.16M2−$71.1M3−$63.2M4−$50.2M4
Operating cash flow−$33.3M5−$61.2M6−$62.3M7−$50M8−$45.1M8
Capital expenditure$1.29M9$5.35M10$1.67M11$180,00012$132,00012
Free cash flow (derived)−$34.6M5−$66.6M6−$64M7−$50.1M8−$45.2M8
Total debt$675,00013—$2M14——
Cash & equivalents$173.5M15$116.2M16$52.8M17$9.74M18$2.57M18
Diluted shares96.7M127.5M4.9M5.9M6.1M

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
$16.05
your share of equity
Profit it earned you last year
−$81.85
Free cash flow it threw off
−$73.74
Debt you’d be carrying
—

10 shares is a claim on $16.05 of net worth that earned you −$81.85 and generated −$73.74 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-266% avg · 5y
FY21 —FY22 —FY23 -119%FY24 -135%FY25 -545%

It earned an average -266% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 196% 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 · period ending 2021-12-31 · accession 0001213900-23-011661 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-019594 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-024588 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-025189 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-011661 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-019594 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-024588 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-025189 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-22-016785 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-019594 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-024588 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-025189 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-011661 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-24-019594 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-23-011661 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001213900-24-019594 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001213900-25-024588 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001213900-26-025189 (CashAndCashEquivalentsAtCarryingValue)