MeritValue

XWELL, Inc.

XWELdata completeness 88%20 fiscal years on file
The thesis, from the filings

XWELL, Inc. earns about -97% on equity, and has bought back 95% 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$73.7M1$55.9M2$30.1M3$33.9M4$29.2M4
Net income$3.35M5−$32.8M6−$27.7M7−$16.9M8−$17M8
Operating cash flow$14.6M9−$24.2M10−$16.1M11−$11M12−$8.71M12
Capital expenditure$4.28M13$6.46M14$1.91M15$1.78M16$2.96M16
Free cash flow (derived)$10.3M9−$30.7M10−$18M11−$12.8M12−$11.7M12
Total debt$3.58M17————
Cash & equivalents$105.5M18$19M19$8.44M20$4.55M21$2.62M21
Diluted shares105.1M4.7M4.2M4.6M5.6M

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
−$40.04
your share of equity
Profit it earned you last year
−$30.56
Free cash flow it threw off
−$21
Debt you’d be carrying
—

10 shares is a claim on −$40.04 of net worth that earned you −$30.56 and generated −$21 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-97% avg · 5y
FY21 4%FY22 -82%FY23 -213%FY24 —FY25 —

It earned an average -97% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−95% shares · 5y

Share count is down 95% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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
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 0001558370-23-006084 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-005211 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004851 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-038330 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-006084 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-005211 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004851 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-038330 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-006084 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-005211 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-004851 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-038330 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-006084 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-005211 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-004851 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-038330 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001558370-22-004897 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001558370-23-006084 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-24-005211 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001558370-25-004851 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001104659-26-038330 (CashAndCashEquivalentsAtCarryingValue)