MeritValue

ADM TRONICS UNLIMITED, INC.

ADMTdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

ADM TRONICS UNLIMITED, INC. earns about -122% on invested capital, with a roughly flat share count. 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$3.21M1$3.68M2$2.97M3$3.2M4$3.35M4
Net income−$1.38M5−$96,3226−$877,2227−$123,0568−$100,3748
Operating cash flow−$476,1859$125,02410−$709,88911$9,97812−$124,05912
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.14M13$1M14$537,04115$382,96916$255,73016
Diluted shares67.6M67.6M67.6M67.6M67.6M

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
$0.08
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.08 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-122% avg · 5y
FY22 -144%FY23 4%FY24 -432%FY25 -22%FY26 -16%

It earned an average -122% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
  1. 10-K · period ending 2022-03-31 · accession 0001437749-23-019987 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001437749-24-022742 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001437749-25-022670 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001437749-26-023316 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001437749-23-019987 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001437749-24-022742 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001437749-25-022670 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001437749-26-023316 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001437749-23-019987 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001437749-24-022742 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001437749-25-022670 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001437749-26-023316 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001437749-23-019987 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0001437749-24-022742 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001437749-25-022670 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001437749-26-023316 (CashAndCashEquivalentsAtCarryingValue)