MeritValue

SenesTech, Inc.

SNESdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

SenesTech, Inc. earns about -140% on equity, but has diluted owners by 485% 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$600,0001$1.02M2$1.19M3$1.86M4$2.22M4
Net income−$8.27M5−$9.7M6−$7.71M7−$6.18M8−$6.38M8
Operating cash flow−$7.78M9−$8.58M10−$7.57M11−$6.03M12−$5.75M12
Capital expenditure$100,00013$174,00014$149,00015$84,00016$138,00016
Free cash flow (derived)−$7.88M9−$8.75M10−$7.72M11−$6.12M12−$5.89M12
Total debt$64,00017$017———
Cash & equivalents$9.33M18$4.78M19$5.4M20$1.31M21$7.58M21
Diluted shares559,59165,47366,986697,9743.3M

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
$29.21
your share of equity
Profit it earned you last year
−$19.48
Free cash flow it threw off
−$17.97
Debt you’d be carrying
—

10 shares is a claim on $29.21 of net worth that earned you −$19.48 and generated −$17.97 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-140% avg · 5y
FY21 -82%FY22 -184%FY23 -121%FY24 -246%FY25 -67%

It earned an average -140% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+485% shares · 5y

Share count is up 485% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — 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 0001628280-23-008353 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-005919 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-012408 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-017384 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-008353 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-005919 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-012408 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-017384 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-008353 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-005919 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-012408 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-017384 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-008353 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-005919 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-012408 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-017384 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001628280-23-008353 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001628280-23-008353 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001628280-24-005919 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001628280-25-012408 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001628280-26-017384 (CashAndCashEquivalentsAtCarryingValue)