ADAMANT DRI PROCESSING & MINERALS GROUP earns about 4769% on equity, and has bought back 76% 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.
| Figure | FY 2017 | FY 2018 | FY 2020 | FY 2021 | FY 2022 |
|---|---|---|---|---|---|
| Revenue | $1,0061 | $48,7491 | — | — | — |
| Net income | −$7.17M2 | $21.3M2 | −$2,5003 | −$60,8994 | −$71,8434 |
| Operating cash flow | −$291,1845 | −$471,9075 | −$2,5006 | −$38,5817 | −$78,9087 |
| Capital expenditure | $13,0308 | — | — | — | — |
| Free cash flow (derived) | −$304,2145,8 | — | — | — | — |
| Total debt | — | — | — | — | $21,7219 |
| Cash & equivalents | $24,79310 | $34,38910 | — | — | — |
| Diluted shares | 66.8M | 16.0M | 16.1M | 20.6M | 16.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$0.02 of net worth that earned you −$0.04 last year, against $0.01 of debt.
It earned an average 4769% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 76% 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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2019-04-16 · periods ending 2017-12-31, 2018-12-31 · accession 0001493152-19-005472 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2019-04-16 · periods ending 2017-12-31, 2018-12-31 · accession 0001493152-19-005472 (NetIncomeLoss)
- 10-K/A filed 2022-06-22 · period ending 2020-12-31 · accession 0001493152-22-017464 (NetIncomeLoss)
- 10-K/A filed 2023-05-22 · periods ending 2021-12-31, 2022-12-31 · accession 0001493152-23-018566 (NetIncomeLoss)
- 10-K filed 2019-04-16 · periods ending 2017-12-31, 2018-12-31 · accession 0001493152-19-005472 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A filed 2022-06-22 · period ending 2020-12-31 · accession 0001493152-22-017464 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A filed 2023-05-22 · periods ending 2021-12-31, 2022-12-31 · accession 0001493152-23-018566 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2019-04-16 · period ending 2017-12-31 · accession 0001493152-19-005472 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A filed 2023-05-22 · period ending 2022-12-31 · accession 0001493152-23-018566 (NotesPayable)
- 10-K filed 2019-04-16 · periods ending 2017-12-31, 2018-12-31 · accession 0001493152-19-005472 (CashAndCashEquivalentsAtCarryingValue)