MeritValue

ROCKWELL MEDICAL, INC.

RMTIdata completeness 100%17 fiscal years on file
The thesis, from the filings

ROCKWELL MEDICAL, INC. earns about -12% on invested capital, but has diluted owners by 322% 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$61.9M1$72.8M2$83.6M3$101.5M4$69.3M4
Net income−$32.7M5−$18.7M6−$8.44M7−$480,0008−$5.31M8
Operating cash flow−$33.5M9−$16.9M10−$9.41M11$4.2M12−$659,00012
Capital expenditure——$284,00013$1.01M14$542,00014
Free cash flow (derived)——−$9.7M11$3.19M12−$1.2M12
Total debt$20.6M15$9.19M16$8.29M17$8.47M18$8.83M18
Cash & equivalents$13.3M19$10.1M20$8.98M21$15.7M22$10.7M22
Diluted shares8.5M14.3M23.3M31.1M36.0M

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
$10.28
your share of equity
Profit it earned you last year
−$1.48
Free cash flow it threw off
−$0.33
Debt you’d be carrying
$2.45

10 shares is a claim on $10.28 of net worth that earned you −$1.48 and generated −$0.33 of cash last year, against $2.45 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY21 —FY22 —FY23 -24%FY24 -1%FY25 -12%

It earned an average -12% 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
+322% shares · 5y

Share count is up 322% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 57% — 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
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 0001628280-23-009774 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-012572 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-013983 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-021186 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-009774 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-012572 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-013983 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-021186 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-009774 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-012572 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-013983 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-021186 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001628280-25-013983 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2024-12-31 · accession 0001628280-26-021186 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2021-12-31 · accession 0001628280-23-009774 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-31 · accession 0001628280-24-012572 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001628280-25-013983 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001628280-26-021186 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001628280-23-009774 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001628280-24-012572 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001628280-25-013983 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001628280-26-021186 (CashAndCashEquivalentsAtCarryingValue)