MeritValue

VYCOR MEDICAL INC

VYCOdata completeness 88%16 fiscal years on file
The thesis, from the filings

VYCOR MEDICAL INC earns about -18% on equity, below its ~9% cost of capital, but has diluted owners by 13% over 5 years — no moat visible in the numbers. The applicable estimate puts fair value near $0.01 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$1.39M1$1.22M2$1.46M3$1.59M4$1.86M4
Net income−$435,6625−$404,9176−$69,6917−$107,2008−$72,4268
Operating cash flow$21,3699−$217,01610$29,43011$60,11012−$13,47112
Capital expenditure$38,37513$2,78014$9,38615$5,36616$5,22416
Free cash flow (derived)−$17,0069−$219,79610$20,04411$54,74412−$18,69512
Total debt$150,00017————
Cash & equivalents$90,94118$37,03519$57,29120$105,64821$86,98221
Diluted shares29.6M31.7M32.6M32.9M33.4M

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
−$1.22
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
−$0.01
Debt you’d be carrying
—

10 shares is a claim on −$1.22 of net worth that earned you −$0.02 and generated −$0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-18% avg · 5y
FY21 -18%FY22 —FY23 —FY24 —FY25 —

It earned about -18% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 5y

Share count is up 13% 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
$0.01
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$20,044
DCF · Growth Exit 5Y
$0.01
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$20,044
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 →

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 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.01
The three cases
Bear0.0%$0.01
Base5.0%$0.01
Bull10.0%$0.02

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

Default growth 5.0%= 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 0001493152-23-012257 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014837 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004744 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014036 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012257 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014837 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004744 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014036 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012257 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014837 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004744 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014036 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012257 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014837 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004744 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-014036 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-009797 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001493152-23-012257 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001493152-24-014837 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001641172-25-004744 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001493152-26-014036 (CashAndCashEquivalentsAtCarryingValue)