MeritValue

Sunshine Biopharma Inc.

SBFMdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Sunshine Biopharma Inc. earns about -43% on invested capital, but has diluted owners by 59% 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$228,4261$4.35M2$24.1M3$34.9M4$36.3M4
Net income−$12.4M5−$26.7M6−$4.51M7−$5.13M8−$5.98M8
Operating cash flow−$1.83M9−$5.25M10−$8.78M11−$12.5M12−$5.33M12
Capital expenditure$013$193,98214$82,25115$1.66M16$174,49116
Free cash flow (derived)−$1.83M9−$5.44M10−$8.86M11−$14.2M12−$5.51M12
Total debt—————
Cash & equivalents$2.05M17$21.8M17$16.3M18$9.69M18$9.12M18
Diluted shares2.6M15.2M12,825701,7494.2M

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
$55.42
your share of equity
Profit it earned you last year
−$14.37
Free cash flow it threw off
−$13.24
Debt you’d be carrying
—

10 shares is a claim on $55.42 of net worth that earned you −$14.37 and generated −$13.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-43% avg · 5y
FY21 —FY22 —FY23 -64%FY24 -31%FY25 -34%

It earned an average -43% 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
+59% shares · 5y

Share count is up 59% 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
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 0001683168-23-002128 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-001818 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002184 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002644 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-002128 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-001818 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002184 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002644 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-002128 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-001818 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002184 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002644 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-002128 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-001818 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-002184 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-26-002644 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001683168-23-002128 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001683168-26-002644 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)