MeritValue

Beyond Air, Inc.

XAIRdata completeness 88%11 fiscal years on file
The thesis, from the filings

Beyond Air, Inc. earns about -370% on invested capital, and has bought back 68% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue——$1.16M1$3.71M2$7.68M2
Net income−$43.2M3−$55.8M4−$60.2M5−$46.6M6−$33.2M6
Operating cash flow−$23.1M7−$33M8−$56M9−$38.2M10−$18.1M10
Capital expenditure$1.38M11$3.88M12$5.75M13$5.88M14$1.03M14
Free cash flow (derived)−$24.5M7−$36.9M8−$61.8M9−$44.1M10−$19.2M10
Total debt$200,00015$200,00016$17.5M17——
Cash & equivalents$80.2M18$29.2M19$11.4M20$4.67M21$6.74M21
Diluted shares25.7M30.0M33.2M3.4M8.3M

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
$7.38
your share of equity
Profit it earned you last year
−$40.05
Free cash flow it threw off
−$23.09
Debt you’d be carrying
—

10 shares is a claim on $7.38 of net worth that earned you −$40.05 and generated −$23.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-370% avg · 5y
FY22 —FY23 -524%FY24 -156%FY25 -429%FY26 —

It earned an average -370% 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
−68% shares · 5y

Share count is down 68% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 8650% 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 2024-03-31 · accession 0001641172-25-015750 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-03-31 · accession 0001493152-26-030287 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-03-31 · accession 0001493152-23-022150 (NetIncomeLoss)
  4. 10-K · period ending 2023-03-31 · accession 0001493152-24-025000 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001641172-25-015750 (NetIncomeLoss)
  6. 10-K · period ending 2025-03-31 · accession 0001493152-26-030287 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001493152-23-022150 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001493152-24-025000 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001641172-25-015750 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2025-03-31 · accession 0001493152-26-030287 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-03-31 · accession 0001493152-23-022150 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-03-31 · accession 0001493152-24-025000 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-03-31 · accession 0001641172-25-015750 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-03-31 · accession 0001493152-26-030287 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-03-31 · accession 0001493152-22-018006 (LongTermDebt)
  16. 10-K · period ending 2023-03-31 · accession 0001493152-23-022150 (LongTermDebt)
  17. 10-K · period ending 2024-03-31 · accession 0001493152-24-025000 (LongTermDebt)
  18. 10-K · period ending 2022-03-31 · accession 0001493152-23-022150 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-03-31 · accession 0001493152-24-025000 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-03-31 · accession 0001641172-25-015750 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-03-31 · accession 0001493152-26-030287 (CashAndCashEquivalentsAtCarryingValue)