MeritValue

Syra Health Corp

SYRAdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

Syra Health Corp earns about -136% on equity, but has diluted owners by 290% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$5.62M1$5.52M2$7.98M3$7.23M3
Net income−$2.12M4−$2.94M5−$3.76M6−$896,3336
Operating cash flow−$2.24M7−$2.76M8−$2.93M9−$447,7469
Capital expenditure$121,26010$15,25111$11,11112$10712
Free cash flow (derived)−$2.37M7−$2.77M8−$2.94M9−$447,8539
Total debt————
Cash & equivalents$3,34413$3.28M14$2.4M15$1.61M15
Diluted shares3.0M4.9M7.6M11.9M

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
$1.77
your share of equity
Profit it earned you last year
−$0.76
Free cash flow it threw off
−$0.38
Debt you’d be carrying
—

10 shares is a claim on $1.77 of net worth that earned you −$0.76 and generated −$0.38 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-136% avg · 4y
FY22 -298%FY23 -73%FY24 -131%FY25 -43%

It earned an average -136% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+290% shares · 4y

Share count is up 290% over 4 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 2022-12-31 · accession 0001493152-24-011121 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001493152-25-009873 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-009909 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-011121 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001493152-25-009873 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-009909 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-011121 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001493152-25-009873 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-009909 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011121 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009873 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-009909 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-25-009873 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-12-31 · accession 0001493152-25-009873 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-009909 (CashAndCashEquivalentsAtCarryingValue)