MeritValue

Surrozen, Inc./DE

SRZNdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Surrozen, Inc./DE earns about -70% on equity, and has bought back 70% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$12.5M2$03$10.7M4$3.48M4
Net income−$54.6M5−$36M6−$43M7−$63.6M8−$242M8
Operating cash flow−$48.8M9−$44.1M10−$40.4M11−$17.6M12−$30.2M12
Capital expenditure$1.27M13$728,00014$398,00015$26,00016$128,00016
Free cash flow (derived)−$50.1M9−$44.9M10−$40.8M11−$17.7M12−$30.4M12
Total debt—————
Cash & equivalents$33.1M17$24.7M18$36M19$34.6M20$89.2M20
Diluted shares24,6892,3142,0182,9337,478

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
−$251,085.85
your share of equity
Profit it earned you last year
−$323,650.71
Free cash flow it threw off
−$40,615.14
Debt you’d be carrying
—

10 shares is a claim on −$251,085.85 of net worth that earned you −$323,650.71 and generated −$40,615.14 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-70% avg · 5y
FY21 -50%FY22 -47%FY23 -113%FY24 —FY25 —

It earned an average -70% 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
−70% shares · 5y

Share count is down 70% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0000950170-23-011118 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-043399 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-047712 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-119818 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-011118 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-043399 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-047712 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-119818 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-011118 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-043399 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-047712 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-119818 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-011118 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-043399 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-047712 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-119818 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-011118 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-043399 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-047712 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-119818 (CashAndCashEquivalentsAtCarryingValue)