MeritValue

QHSLab, Inc.

USAQdata completeness 75%16 fiscal years on file

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

The thesis, from the filings

QHSLab, Inc. earns about -85% on invested capital, but has diluted owners by 146% 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$1.41M1$1.24M2$1.41M3$2.13M4$2.69M4
Net income−$770,1765−$996,0016−$468,3627−$259,2398$457,4178
Operating cash flow−$354,7389−$350,99410−$159,62711$142,43712$178,11812
Capital expenditure—————
Free cash flow (derived)—————
Total debt$253,86513$342,39114$546,05214——
Cash & equivalents$286,85515$178,69416$51,58217$157,16818$636,15718
Diluted shares7.9M9.0M9.4M10.3M19.3M

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
$0.84
your share of equity
Profit it earned you last year
$0.24
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.84 of net worth that earned you $0.24 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-85% avg · 5y
FY21 -52%FY22 -185%FY23 -158%FY24 —FY25 56%

It earned an average -85% 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
+146% shares · 5y

Share count is up 146% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 115% over the same window.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.19
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009477 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011551 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001230 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013513 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009477 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-011551 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001230 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013513 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009477 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-011551 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001230 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013513 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009477 (ShortTermBorrowings)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-011551 (ShortTermBorrowings)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-009477 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-011551 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-001230 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-013513 (CashAndCashEquivalentsAtCarryingValue)