MeritValue

Tenon Medical, Inc.

TNONdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

Tenon Medical, Inc. earns about -696% on equity, but has diluted owners by 718% 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$160,0001$691,0002$2.93M3$3.28M4$3.94M4
Net income−$7.05M5−$18.9M6−$15.6M7−$13.7M8−$12.6M8
Operating cash flow−$4.29M9−$12M10−$12.2M11−$9.88M12−$10.7M12
Capital expenditure$102,00013$847,00013$361,00014$186,00015$273,00015
Free cash flow (derived)−$4.39M9−$12.9M10−$12.5M11−$10.1M12−$11M12
Total debt—————
Cash & equivalents$2.92M16$2.13M17$2.43M18$6.54M19$3.76M19
Diluted shares9038012271,2147,384

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
$6,825.57
your share of equity
Profit it earned you last year
−$17,004.33
Free cash flow it threw off
−$14,921.45
Debt you’d be carrying
—

10 shares is a claim on $6,825.57 of net worth that earned you −$17,004.33 and generated −$14,921.45 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-696% avg · 5y
FY21 —FY22 -303%FY23 -2003%FY24 -229%FY25 -249%

It earned an average -696% 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
+718% shares · 5y

Share count is up 718% 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 0001575872-23-000346 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-028010 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-002734 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-035707 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001575872-23-000346 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-028010 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-002734 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-035707 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001575872-23-000346 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-028010 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-002734 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-035707 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001575872-23-000346 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-002734 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-035707 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001575872-23-000346 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-028010 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001013762-25-002734 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001213900-26-035707 (CashAndCashEquivalentsAtCarryingValue)