MeritValue

Vivos Therapeutics, Inc.

VVOSdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Vivos Therapeutics, Inc. earns about -661% on invested capital, and has bought back 100% 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$16.9M1$16M2$13.8M3$15M4$17.4M4
Net income−$20.3M5−$23.8M6−$13.6M7−$11.1M8−$21.2M8
Operating cash flow−$15.7M9−$19.6M10−$11.9M11−$12.7M12−$15.3M12
Capital expenditure$2.4M13$924,00014$803,00015$568,00016$2.34M16
Free cash flow (derived)−$18.1M9−$20.5M10−$12.7M11−$13.3M12−$17.6M12
Total debt$2.53M17———$9.58M18
Cash & equivalents$24M19$3.52M20$1.64M21$6.26M22$2.03M22
Diluted shares21.23B920,5921.2M5.0M10.3M

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
−$1.45
your share of equity
Profit it earned you last year
−$20.61
Free cash flow it threw off
−$17.13
Debt you’d be carrying
$9.32

10 shares is a claim on −$1.45 of net worth that earned you −$20.61 and generated −$17.13 of cash last year, against $9.32 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-661% avg · 5y
FY21 -397%FY22 -1469%FY23 —FY24 -519%FY25 -259%

It earned an average -661% 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
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 278% 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
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 0001493152-23-009765 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029491 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001750 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016854 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-009765 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029491 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001750 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016854 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-009765 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029491 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001750 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016854 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-009765 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029491 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001750 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-016854 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009765 (LongTermDebtCurrent)
  18. 10-K · period ending 2025-12-31 · accession 0001493152-26-016854 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-009765 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029491 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-001750 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-016854 (CashAndCashEquivalentsAtCarryingValue)