MeritValue

Sintx Technologies, Inc.

SINTdata completeness 100%13 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Sintx Technologies, Inc. earns about -996% on invested capital, but has diluted owners by 1006% 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$606,0001$1.56M2$2.63M3$2.89M4$1.02M4
Net income−$9.31M5−$12M6−$8.26M7−$11M8−$10.4M8
Operating cash flow−$10.1M9−$10.3M10−$14.1M11−$8.64M12−$8.57M12
Capital expenditure$3.74M13$1.41M14$530,00015$690,00016$185,00016
Free cash flow (derived)−$13.9M9−$11.7M10−$14.6M11−$9.33M12−$8.76M12
Total debt$509,00017$528,00018$46,00019$32,00020$7,00020
Cash & equivalents$14.3M21$6.25M22$3.34M23$3.6M24$4.14M24
Diluted shares250,701317,32321,786744,7822.8M

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
$10.56
your share of equity
Profit it earned you last year
−$37.37
Free cash flow it threw off
−$31.57
Debt you’d be carrying
$0.03

10 shares is a claim on $10.56 of net worth that earned you −$37.37 and generated −$31.57 of cash last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-996% avg · 5y
FY21 -214%FY22 —FY23 -119%FY24 -2655%FY25 —

It earned an average -996% 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
+1006% shares · 5y

Share count is up 1006% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 99% — 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 0001493152-23-009492 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011546 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010870 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-011924 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009492 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011546 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-010870 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-011924 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009492 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011546 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-010870 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-011924 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009492 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011546 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-010870 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-011924 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009492 (LongTermDebtCurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-011546 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-010870 (LongTermDebtCurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-011924 (LongTermDebtCurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001493152-23-009492 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001493152-24-011546 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001493152-25-010870 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001493152-26-011924 (CashAndCashEquivalentsAtCarryingValue)