MeritValue

REGIONAL HEALTH PROPERTIES, INC

RHEPdata completeness 100%16 fiscal years on file
The thesis, from the filings

REGIONAL HEALTH PROPERTIES, INC earns about -333% on equity, and has bought back 100% 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$26.7M1$35.9M2$17.2M3$18.3M4$53.2M4
Net income−$1.18M5−$6.87M6−$3.89M6−$3.22M7$3.37M7
Operating cash flow$4.89M8−$3.6M9$3.71M10$1.94M11−$2.26M11
Capital expenditure$123,00012$281,00013$958,00014$530,00015$869,00015
Free cash flow (derived)$4.77M8−$3.88M9$2.75M10$1.41M11−$3.13M11
Total debt$105.8M16$104.4M17$101.5M18$91.2M19$83.3M19
Cash & equivalents$6.8M20$800,00021$1M22$582,00023$3M24
Diluted shares1.7M1.8M1,8771,8582,805

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
$1,244.21
your share of equity
Profit it earned you last year
$12,014.26
Free cash flow it threw off
−$11,155.08
Debt you’d be carrying
$296,987.52

10 shares is a claim on $1,244.21 of net worth that earned you $12,014.26 and generated −$11,155.08 of cash last year, against $296,987.52 of debt.

iii. Is this a good business?
Moat signal · return on equity
-333% avg · 5y
FY21 -11%FY22 -185%FY23 -2102%FY24 —FY25 966%

It earned an average -333% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 21% — deleveraging.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth18.7%
  • fcfBase$1.41M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth18.7%
  • fcfBase$1.41M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$55.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-012916 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-039414 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-047742 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-140347 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-012916 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-039414 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-140347 (ProfitLoss)
  8. 10-K · period ending 2021-12-31 · accession 0000950170-23-012916 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-039414 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-047742 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-140347 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-012916 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-039414 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-047742 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-140347 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-012916 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-039414 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-047742 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-140347 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001564590-22-005755 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0000950170-23-012916 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0000950170-24-039414 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0000950170-25-047742 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2025-12-31 · accession 0001193125-26-140347 (CashAndCashEquivalentsAtCarryingValue)