Wellgistics Health, Inc.

WGRXdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Wellgistics Health, Inc. earns about -120% on invested capital, but has diluted owners by 59% over 3 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	$18.1M¹	$23.3M¹
Net income	−$2.9M²	−$6.86M³	−$101.3M³
Operating cash flow	−$349,136⁴	−$1.22M⁵	−$10.9M⁵
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	$350,000⁶	$58.2M⁷	$47M⁷
Cash & equivalents	$1,364⁸	$1.03M⁹	$42,571⁹
Diluted shares	44.7M	47.3M	71.0M

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

Net assets behind them

−$1.75

your share of equity

Profit it earned you last year

−$14.27

Free cash flow it threw off

—

Debt you’d be carrying

$6.62

10 shares is a claim on −$1.75 of net worth that earned you −$14.27 last year, against $6.62 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-120% avg · 3y

FY23 —FY24 -8%FY25 -232%

It earned an average -120% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+59% shares · 3y

Share count is up 59% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 13321% 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

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2024-12-31 · accession 0001493152-26-012004 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001641172-25-000612 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-012004 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-000612 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-012004 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-000612 (LongTermDebtCurrent)
10-K · period ending 2024-12-31 · accession 0001493152-26-012004 (LongTermDebtNoncurrent)
10-K · period ending 2023-12-31 · accession 0001641172-25-000612 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-012004 (CashAndCashEquivalentsAtCarryingValue)