MeritValue

Sonendo, Inc.

SONXdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Sonendo, Inc. earns about -71% on invested capital, and has bought back 60% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$23.4M1$33.2M2$41.7M3$34.6M4$31.7M4
Net income−$46.7M5−$48.5M6−$57.1M7−$60.9M8−$28M8
Operating cash flow−$38.5M9−$48.6M10−$61.1M11−$46.1M12−$24.7M12
Capital expenditure$916,00013$638,00014$1.36M15$929,00016$161,00016
Free cash flow (derived)−$39.5M9−$49.2M10−$62.4M11−$47M12−$24.8M12
Total debt$28.4M17$56.5M18$76.7M19$77.4M20$28.9M20
Cash & equivalents$51.7M21$84.6M22$17.7M23$14M24$10.2M24
Diluted shares1.2M5.7M44.9M469,943474,856

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
$109.32
your share of equity
Profit it earned you last year
−$590.35
Free cash flow it threw off
−$522.54
Debt you’d be carrying
$608.06

10 shares is a claim on $109.32 of net worth that earned you −$590.35 and generated −$522.54 of cash last year, against $608.06 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-71% avg · 5y
FY20 —FY21 -87%FY22 -32%FY23 -54%FY24 -111%

It earned an average -71% 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
−60% shares · 5y

Share count is down 60% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 2020-12-31 · accession 0000950170-22-004418 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0000950170-23-006706 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0000950170-24-029257 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-12-31 · accession 0000950170-25-045214 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0000950170-22-004418 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0000950170-23-006706 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0000950170-24-029257 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-045214 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0000950170-22-004418 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-006706 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-24-029257 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0000950170-25-045214 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0000950170-22-004418 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0000950170-23-006706 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0000950170-24-029257 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0000950170-25-045214 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2020-12-31 · accession 0000950170-22-004418 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-23-006706 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2022-12-31 · accession 0000950170-24-029257 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2023-12-31 · accession 0000950170-25-045214 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2020-12-31 · accession 0000950170-22-004418 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2021-12-31 · accession 0000950170-23-006706 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2022-12-31 · accession 0000950170-24-029257 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2023-12-31 · accession 0000950170-25-045214 (CashAndCashEquivalentsAtCarryingValue)