MeritValue

Sanara MedTech Inc.

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

Sanara MedTech Inc. earns about -17% on invested capital, but has diluted owners by 17% 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$24.1M1$45.8M2$65M3$86.7M4$103.1M4
Net income−$7.92M5−$7.94M6−$4.3M7−$9.66M8−$37.6M8
Operating cash flow−$4.81M9−$5.55M10−$3.25M11−$23,78412$6.79M12
Capital expenditure$171,86713$147,01514$265,24615$205,84816$4.63M16
Free cash flow (derived)−$4.99M9−$5.7M10−$3.51M11−$229,63212$2.16M12
Total debt——$19.4M17$61.4M18$91.9M18
Cash & equivalents$18.7M19$8.96M20$5.15M21$15.9M22$16.6M22
Diluted shares7.3M7.9M8.3M8.5M8.6M

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
$6.89
your share of equity
Profit it earned you last year
−$43.56
Free cash flow it threw off
$2.51
Debt you’d be carrying
$106.62

10 shares is a claim on $6.89 of net worth that earned you −$43.56 and generated $2.51 of cash last year, against $106.62 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 5y
FY21 -53%FY22 -33%FY23 -5%FY24 1%FY25 6%

It earned an average -17% 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
+17% shares · 5y

Share count is up 17% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 374% over the same window.

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 0001493152-23-008240 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011128 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000632 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012352 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008240 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011128 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000632 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012352 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008240 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011128 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000632 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012352 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-008240 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011128 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-000632 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012352 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-000632 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-012352 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-008240 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-011128 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-000632 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-012352 (CashAndCashEquivalentsAtCarryingValue)