MeritValue

VIVOS INC

RDGLdata completeness 75%16 fiscal years on file
The thesis, from the filings

VIVOS INC earns about -171% on equity, but has diluted owners by 39% 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$14,8871$36,4992$19,5003$27,9954$68,3794
Net income−$2.53M5−$2.47M6−$2.89M7−$2.91M8−$3.07M8
Operating cash flow−$963,8199−$1.12M10−$1.29M11−$1.68M12−$2.06M12
Capital expenditure————$103,18513
Free cash flow (derived)————−$2.16M12
Total debt—————
Cash & equivalents$1.61M14$1.71M14$1.59M15$2.21M16—
Diluted shares325.9M351.4M368.8M409.7M452.7M

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
$0.04
your share of equity
Profit it earned you last year
−$0.07
Free cash flow it threw off
−$0.05
Debt you’d be carrying
—

10 shares is a claim on $0.04 of net worth that earned you −$0.07 and generated −$0.05 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-171% avg · 5y
FY21 -172%FY22 -149%FY23 -212%FY24 -136%FY25 -185%

It earned an average -171% 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
+39% shares · 5y

Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2021-12-31 · accession 0001493152-23-006366 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-010256 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000238 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013701 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-006366 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-010256 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000238 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013701 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-006366 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-010256 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000238 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013701 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2025-12-31 · accession 0001493152-26-013701 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-006366 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-24-010256 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001641172-25-000238 (CashAndCashEquivalentsAtCarryingValue)