MeritValue

VIEMED HEALTHCARE, INC.

VMDdata completeness 100%8 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

VIEMED HEALTHCARE, INC. earns about 10% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $2.6 and $17.46 a share.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$117.1M1$138.8M2$183M3$224.3M3$270.3M3
Net income$9.13M4$6.22M5$10.2M6$11.3M6$14.9M6
Operating cash flow$22.5M7$27.7M8$45.2M9$39.1M9$51.9M9
Capital expenditure$19.7M10$22.9M11$26.1M12$37.8M12$40M12
Free cash flow (derived)$2.75M7$4.85M8$19.1M9$1.32M9$11.9M9
Total debt$5.79M13$014$7.07M15$4M16$12.4M16
Cash & equivalents$28.4M17$16.9M18$12.8M19$17.5M20$13.5M20
Diluted shares40.7M39.8M40.4M40.8M40.8M

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
$34.67
your share of equity
Profit it earned you last year
$3.66
Free cash flow it threw off
$2.92
Debt you’d be carrying
$3.03

10 shares is a claim on $34.67 of net worth that earned you $3.66 and generated $2.92 of cash last year, against $3.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY21 13%FY22 8%FY23 9%FY24 10%FY25 11%

It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 114% 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

The 3 estimate methods that apply put fair value between $2.6 and $17.46 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$17.46
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$11.9M
DCF · Growth Exit 5Y
$9.56
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$11.9M
Earnings Power Value
$2.6
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$10.2M
  • growthAssumed0.0%
Graham Number
$5.37
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $9.56
The three cases
Bear0.0%$4.2
Base20.0%$9.56
Bull20.0%$9.56

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001729149-23-000040 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001729149-25-000056 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001729149-26-000009 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001729149-23-000040 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001729149-25-000056 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001729149-26-000009 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001729149-23-000040 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001729149-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001729149-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001729149-23-000040 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001729149-25-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001729149-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001729149-23-000040 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001729149-24-000077 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001729149-25-000056 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001729149-26-000009 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001729149-23-000040 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001729149-24-000077 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001729149-25-000056 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001729149-26-000009 (CashAndCashEquivalentsAtCarryingValue)