MeritValue

TOMI Environmental Solutions, Inc.

TOMZdata completeness 100%16 fiscal years on file
The thesis, from the filings

TOMI Environmental Solutions, Inc. earns about -55% on invested capital, but has diluted owners by 15% 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$7.75M1$8.34M2$7.35M3$7.74M4$5.64M4
Net income−$4.44M5−$2.88M6−$3.4M7−$4.48M8−$3.75M8
Operating cash flow−$3.82M9−$1.23M10−$3.6M11−$1.44M12−$1.2M12
Capital expenditure—$200,87613$98,06014$107,89115$5,16515
Free cash flow (derived)—−$1.44M10−$3.7M11−$1.55M12−$1.2M12
Total debt————$3.14M16
Cash & equivalents$5.32M17$3.87M18$2.34M19$88,00020$87,77519
Diluted shares17.5M19.7M19.8M20.0M20.1M

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
$0.29
your share of equity
Profit it earned you last year
−$1.87
Free cash flow it threw off
−$0.6
Debt you’d be carrying
$1.56

10 shares is a claim on $0.29 of net worth that earned you −$1.87 and generated −$0.6 of cash last year, against $1.56 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-55% avg · 5y
FY21 -43%FY22 -30%FY23 -44%FY24 -82%FY25 -74%

It earned an average -55% 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
+15% shares · 5y

Share count is up 15% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 0001654954-23-003029 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-004045 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-004233 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001654954-26-003091 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-003029 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-004045 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-004233 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001654954-26-003091 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-003029 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-004045 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-004233 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001654954-26-003091 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001654954-24-004045 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001654954-25-004233 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001654954-26-003091 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-12-31 · accession 0001654954-26-003091 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-22-004048 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001654954-25-004233 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001654954-26-003091 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2024-12-31 · accession 0001654954-26-003091 (CashAndCashEquivalentsAtCarryingValue)