MeritValue

Xtant Medical Holdings, Inc.

XTNTdata completeness 100%16 fiscal years on file
The thesis, from the filings

Xtant Medical Holdings, Inc. earns about -4% on invested capital, but has diluted owners by 76% over 5 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$55.3M1$58M2$91.3M3$117.3M4$133.9M4
Net income−$4.85M5−$8.49M6$660,0007−$16.4M8$4.97M8
Operating cash flow$439,0009−$5.34M10−$9.52M11−$11.9M12$12.5M12
Capital expenditure$2.12M13$1.76M14$1.46M15$4.11M16$2.38M16
Free cash flow (derived)−$1.68M9−$7.11M10−$11M11−$16M12$10.2M12
Total debt$23.6M17$21.7M18$34.3M19$44.1M20$25.6M20
Cash & equivalents$18.2M21$20.3M22$5.72M23$6.2M24$17.1M24
Diluted shares85.5M94.1M126.8M133.7M150.0M

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
shares
Net assets behind them
$3.4
your share of equity
Profit it earned you last year
$0.33
Free cash flow it threw off
$0.68
Debt you’d be carrying
$1.7

10 shares is a claim on $3.4 of net worth that earned you $0.33 and generated $0.68 of cash last year, against $1.7 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 -8%FY22 -15%FY23 2%FY24 -12%FY25 13%

It earned an average -4% 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
+76% shares · 5y

Share count is up 76% 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
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
$0.48
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-006881 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012145 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-009391 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013792 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-006881 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012145 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-009391 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013792 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-006881 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012145 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009391 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013792 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-006881 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012145 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-009391 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013792 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-006881 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-012145 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-009391 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013792 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001493152-23-006881 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001493152-24-012145 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001493152-25-009391 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001493152-26-013792 (CashAndCashEquivalentsAtCarryingValue)