MeritValue

Stereotaxis, Inc.

STXSdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Stereotaxis, Inc. earns about -157% on equity, but has diluted owners by 20% 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$35M1$28.1M2$26.8M3$26.9M4$32.4M4
Net income−$10.7M5−$18.3M6−$20.7M7−$24M8−$21.6M8
Operating cash flow−$2.95M9−$8.42M10−$9.14M11−$8.5M12−$13.7M12
Capital expenditure$1.4M13$2.38M14$366,00015$34,00016$93,00016
Free cash flow (derived)−$4.34M9−$10.8M10−$9.51M11−$8.53M12−$13.8M12
Total debt—————
Cash & equivalents$38.7M17$8.59M18$19.8M19$12.2M20$13.4M20
Diluted shares75.6M76.1M80.7M85.2M91.0M

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
$1.48
your share of equity
Profit it earned you last year
−$2.38
Free cash flow it threw off
−$1.51
Debt you’d be carrying
—

10 shares is a claim on $1.48 of net worth that earned you −$2.38 and generated −$1.51 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-157% avg · 5y
FY21 -32%FY22 -69%FY23 -127%FY24 -395%FY25 -161%

It earned an average -157% 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
+20% shares · 5y

Share count is up 20% 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
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 0001493152-23-007106 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009371 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-010352 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-009881 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-007106 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009371 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-010352 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-009881 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-007106 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-009371 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-010352 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-009881 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-007106 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-009371 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-010352 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-009881 (PaymentsToAcquireProductiveAssets)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-007106 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-009371 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-010352 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-009881 (CashAndCashEquivalentsAtCarryingValue)