MeritValue

Zomedica Corp.

ZOMDFdata completeness 88%10 fiscal years on file
The thesis, from the filings

Zomedica Corp. earns about -24% on invested capital, but has diluted owners by 2% 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$4.13M1$18.9M2$25.2M3$27.3M4$32M4
Net income−$18.4M5−$17M6−$34.5M7−$47M8−$81.9M8
Operating cash flow−$14.3M9−$11.7M10−$16M11−$23.6M12−$17.6M12
Capital expenditure$147,00013$787,00014$11.3M15$5.21M16$567,00016
Free cash flow (derived)−$14.4M9−$12.5M10−$27.3M11−$28.8M12−$18.2M12
Total debt$017————
Cash & equivalents$195M18$27.4M19$13M20$7.02M21$9.02M21
Diluted shares956.5M979.9M979.9M979.9M979.9M

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
$1.18
your share of equity
Profit it earned you last year
−$0.84
Free cash flow it threw off
−$0.19
Debt you’d be carrying
—

10 shares is a claim on $1.18 of net worth that earned you −$0.84 and generated −$0.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-24% avg · 5y
FY21 -22%FY22 -6%FY23 -12%FY24 -20%FY25 -61%

It earned an average -24% 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
+2% shares · 5y

Share count is up 2% over 5 years — owners have been diluted. Worth asking what they got for it.

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 0001558370-23-003899 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004517 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-002904 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-028450 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003899 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004517 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-002904 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-028450 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003899 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004517 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-002904 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-028450 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003899 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004517 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-002904 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-028450 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-22-002343 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001558370-23-003899 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001558370-24-004517 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001558370-25-002904 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001104659-26-028450 (CashAndCashEquivalentsAtCarryingValue)