MeritValue

RETRACTABLE TECHNOLOGIES INC

RVPdata completeness 88%17 fiscal years on file
The thesis, from the filings

RETRACTABLE TECHNOLOGIES INC earns about 11% on invested capital, and has bought back 13% 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$188.4M1$94.8M2$43.6M3$33M3$38.3M3
Net income$56.1M4$5.08M5−$7.01M6−$11.9M6−$12.6M6
Operating cash flow$32.8M7$16.8M8$2.77M9−$11.6M9−$7.06M9
Capital expenditure$58.4M10$16.8M11$852,97911$1.44M11—
Free cash flow (derived)−$25.6M7−$61,9498$1.91M9−$13M9—
Total debt$4.21M12$3.64M13$3.08M14$2.47M14$895,64515
Cash & equivalents$29.2M16$19.7M17$12.7M18$4.24M19$2.59M19
Diluted shares34.2M33.0M29.9M29.9M29.9M

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
$24.84
your share of equity
Profit it earned you last year
−$4.2
Free cash flow it threw off
—
Debt you’d be carrying
$0.3

10 shares is a claim on $24.84 of net worth that earned you −$4.2 last year, against $0.3 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY21 76%FY22 6%FY23 -8%FY24 -3%FY25 -13%

It earned an average 11% 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
−13% shares · 5y

Share count is down 13% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 79% — 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 0001558370-24-004361 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-003976 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-036053 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-004361 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-003976 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-036053 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-004361 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-003976 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-036053 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-004361 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-003976 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001558370-23-005103 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-004361 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-003976 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2025-12-31 · accession 0001104659-26-036053 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-005103 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-004361 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-003976 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-036053 (CashAndCashEquivalentsAtCarryingValue)