MeritValue

Strata Critical Medical, Inc.

SRTAdata completeness 88%9 fiscal years on file
The thesis, from the filings

Strata Critical Medical, Inc. earns about -10% on invested capital, but has diluted owners by 91% 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$50.5M1$146.1M2$225.2M3$146.8M4$197.1M4
Net income−$40.1M5−$27.3M6−$56.1M7−$27.3M8$41.3M8
Operating cash flow−$15.6M9−$37.1M10−$32.3M11−$2.52M12−$48.9M12
Capital expenditure$297,00013$730,00014$2.11M15$30.9M16$9.6M16
Free cash flow (derived)−$15.9M9−$37.9M10−$34.5M11−$33.4M12−$58.5M12
Total debt—$017———
Cash & equivalents$6.95M18$41.3M19$27.9M20$18.4M21$31M21
Diluted shares42.9M71.2M73.5M77.5M82.1M

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
$33.99
your share of equity
Profit it earned you last year
$5.04
Free cash flow it threw off
−$7.13
Debt you’d be carrying
—

10 shares is a claim on $33.99 of net worth that earned you $5.04 and generated −$7.13 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY21 -12%FY22 -8%FY23 -19%FY24 -3%FY25 -6%

It earned an average -10% 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
+91% shares · 5y

Share count is up 91% 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
$6.18
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001779128-23-000029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001779128-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001779128-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-013628 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001779128-23-000029 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001779128-24-000015 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001779128-25-000010 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-013628 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001779128-23-000029 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001779128-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001779128-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-013628 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001779128-23-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001779128-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001779128-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-013628 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001779128-23-000029 (LongTermDebt)
  18. 10-K · period ending 2021-09-30 · accession 0001779128-23-000029 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001779128-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001779128-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001628280-26-013628 (CashAndCashEquivalentsAtCarryingValue)