Aethlon Medical Inc. Common Stock (AEMD)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I come to Aethlon wearing Graham's caution and Buffett's preference for durable businesses. Aethlon is a clinical-stage medical device company with nine employees, developing the Hemopurifier. It reported no revenue in the periods shown, and it has lost money in each of the last four years. In fiscal 2026, the year ended 2026-03-31, net income was -$7.2M; in fiscal 2025, ended 2025-03-31, it was -$13.4M; in fiscal 2024, ended 2024-03-31, -$12.2M. The loss narrowed recently, and fiscal Q1 2027, ended 2026-06-30, showed -$1.5M, but those are still cash-consuming losses. Trailing free cash flow is -$7.0M, which against a $4.0M market cap at the 2026-10-13 close implies a FCF yield of -176.5%. That is not a margin of safety; it is a burn rate larger than the whole equity value. FairStock's ratios underline the fragility: P/E -0.38, P/B 0.51, ROE -160.91%, ROCE -76.69%, Piotroski 0/9, Altman Z-score -36.28, and FairStock score 37/100. The low debt-to-equity of 0.07 is a modest plus, and P/B below one might tempt a bargain hunter. But for a pre-revenue company, book value is mostly cash to be spent, not earning power. There is no demonstrated moat, no revenue, and no Lynch category because it has lost money four years in a row. Unless the Hemopurifier proves itself clinically and commercially, this remains speculation on a future approval, not a Graham-style value investment.

In plain English: Aethlon Medical is a tiny healthcare company developing a blood-filtering device called the Hemopurifier, with only nine employees. It has no reported revenue and has lost money every year, including a $7.2 million loss in fiscal 2026. The stock price looks low on some measures, but the business is very weak and unprofitable, so it is not clearly cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2027 10-Q (period ended 2026-06-30) · fiscal Q3 2026 10-Q (period ended 2025-12-31) · fiscal Q2 2026 10-Q (period ended 2025-09-30) · fiscal Q1 2026 10-Q (period ended 2025-06-30) · FY2026 10-K (period ended 2026-03-31) · FY2025 10-K (period ended 2025-03-31) · FY2024 10-K (period ended 2024-03-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer