ZyVersa Therapeutics, Inc.

ZVSAdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

ZyVersa Therapeutics, Inc. earns about -398% on invested capital, and has bought back 75% of its shares over 4 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—
Net income	−$14M¹	−$98.3M²	−$9.41M³	−$25M³
Operating cash flow	−$1.49M⁴	−$8.72M⁵	−$7.52M⁶	−$5.11M⁶
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$699,324⁷	$3.14M⁸	$1.53M⁸	$101,778⁸
Diluted shares	24.2M	97,500	1.1M	6.0M

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

−$20.77

your share of equity

Profit it earned you last year

−$41.84

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$20.77 of net worth that earned you −$41.84 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-398% avg · 4y

FY22 -12%FY23 -1073%FY24 -109%FY25 —

It earned an average -398% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−75% shares · 4y

Share count is down 75% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2022-12-12 · accession 0001493152-24-011073 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-000862 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-014271 (NetIncomeLoss)
10-K · period ending 2022-12-12 · accession 0001493152-24-011073 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-000862 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-014271 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-12 · accession 0001493152-24-011073 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-12-31 · accession 0001493152-26-014271 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)