MeritValue

VERU INC.

VERUdata completeness 75%17 fiscal years on file
The thesis, from the filings

VERU INC. earns about -260% on invested capital, and has bought back 83% of its shares over 5 years. 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$61.3M1$39.4M2$16.3M3$16.9M3—
Net income$7.39M4−$84M5−$93.2M6−$37.8M7−$22.7M7
Operating cash flow−$15.6M8−$47.5M9−$88M10−$21.7M11−$30M11
Capital expenditure$376,64912$733,05213$665,70014$158,32215$1,08315
Free cash flow (derived)−$15.9M8−$48.2M9−$88.7M10−$21.8M11−$30M11
Total debt—————
Cash & equivalents——$9.63M16$24.9M17$15.8M17
Diluted shares83.8M80.1M85.0M13.5M14.6M

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
$12.52
your share of equity
Profit it earned you last year
−$15.52
Free cash flow it threw off
−$20.51
Debt you’d be carrying
—

10 shares is a claim on $12.52 of net worth that earned you −$15.52 and generated −$20.51 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-260% avg · 5y
FY21 6%FY22 -76%FY23 -709%FY24 —FY25 —

It earned an average -260% 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
−83% shares · 5y

Share count is down 83% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-09-30 · accession 0000863894-22-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-09-30 · accession 0000863894-24-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001437749-24-037576 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-09-30 · accession 0000863894-22-000017 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-09-30 · accession 0000863894-24-000006 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0001437749-24-037576 (NetIncomeLoss)
  7. 10-K · period ending 2024-09-30 · accession 0001437749-25-038089 (NetIncomeLoss)
  8. 10-K · period ending 2021-09-30 · accession 0000863894-22-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-09-30 · accession 0000863894-24-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-09-30 · accession 0001437749-24-037576 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-09-30 · accession 0001437749-25-038089 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-09-30 · accession 0000863894-22-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2022-09-30 · accession 0000863894-24-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-09-30 · accession 0001437749-24-037576 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-09-30 · accession 0001437749-25-038089 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-09-30 · accession 0001437749-24-037576 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-09-30 · accession 0001437749-25-038089 (CashAndCashEquivalentsAtCarryingValue)