TriSalus Life Sciences, Inc.

Where It Passes

Where It Falls Short

• Valuation0% pass✓ 1✗ 27▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-20.7%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-20.7%, ROC=-1099.5%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  Price / Book Value per ShareN/A (negative BVPS)

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-42.9%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-12.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical Average

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low100% of trailing low ($2.43)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-17.51%; #4485/6340 (top 70.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.0045; #5208/6449 (top 80.8%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.3094; #3282/5247 (top 62.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-16.49%; #3437/4519 (top 76.1%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-28.74%; #4361/6202 (top 70.3%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Cash Flow0% pass✓ 1✗ 11▾

  No clean pass — all 10 investors flag at least one cash flow criterion

  Free Cash Flow Proxy$-39.2M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-18.9M

  ✗LynchPositive and growing

  Operating Cash Flow$-18.0M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-50.98%, ROA=-111.03%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-12.6%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive0/4 years FCF positive

  ✗MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-26.8%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency0/5 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-24.7M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-16.49%; #3437/4519 (top 76.1%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 2✗ 11▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 41.6% vs Rev: 15.4%

  ✗LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth53.4%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 85.9% -> 84.6%, operating margin -294.3% -> -59.7%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Profitability6% pass✓ 6✗ 29▾

  15 of 16 flag TLSI's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)0/6 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/6 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-59.7% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-39.2M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-3861.0%

  ✗Lynch> 15%

  EBIT / Enterprise Value-20.7%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-20.7%, ROC=-1099.5%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-111.03%

  ✗PiotroskiROA > 0

  ROA Change YoY-125.34% -> -111.03% (delta: +14.31%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-50.98%, ROA=-111.03%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY86.1% -> 84.6%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-56.6%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-3861.0%

  ✗Dreman> 12%

  Margin of Safety

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/5 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-63.0%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-3861.0%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-294.3% (2023) -> -59.7% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 85.9% -> 84.6%, operating margin -294.3% -> -59.7%

  ✓SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-17.51%; #4485/6340 (top 70.7%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+69.67%; #345/3702 (top 9.3%)

  ✓AsnessTop 30% of eligible cross-section

  Net income / positive book equity-3861.03%; #5203/5226 (top 99.6%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.8602; #5214/5884 (top 88.6%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts6% pass✓ 1✗ 15▾

  Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #2852✓PiotroskiPASS (F-Score 4)✗DremanFAIL (1/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✗AckmanFAIL (1/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #2338/2370 (Top 98.6%))✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage8% pass✓ 4✗ 11▾

  11 of 12 flag TLSI's debt & leverage — Buffett, Lynch, Piotroski +8 more

  LT Debt vs Net Current AssetsLT Debt $32.4M vs NCA $41.9M

  ✓GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 47.60, IC: -4.9x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity47.60

  ✗Lynch< 0.33

  Cash - Long-term Debt$8.7M

  ✓LynchPositive preferred

  LT Debt / Total Assets Change92.13% -> 93.53%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities4.22

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity47.60

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels47.60

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-4.9x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity47.60

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-47.5985; #4203/4210 (top 99.8%)

  ✗AsnessTop 30% of eligible cross-section
• Efficiency38% pass✓ 4✗ 7▾

  5 of 8 flag TLSI's efficiency — Buffett, Greenblatt, Munger +2 more

  Current Ratio4.22

  ✓Graham>= 2.0

  ROIC (3-5 yr avg)

  ✗Buffett> 10%

  ROIC - WACC

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-1099.5%

  ✗Greenblatt> 25%

  Current Ratio Change YoY2.02 -> 2.80

  ✓PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY1.23x -> 1.28x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities4.22

  ✓Dreman> 1.5

  Return on Invested Capital-69.8%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)

  ✗SleepROIC > 12% in a majority of years