MeritValue

Aeries Technology, Inc.

AERTdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Aeries Technology, Inc. earns about 14% on equity. The applicable estimate puts fair value near $0.61 a share.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—$53.1M1$72.5M2$70.2M3$70M3
Net income$9.76M4$1.71M5$17.3M6−$21.6M7$2.83M8
Operating cash flow−$446,6179$2.11M10−$4.3M11−$1.01M12$6.77M12
Capital expenditure—$1.6M13$1.52M14$1.48M15$1.11M15
Free cash flow (derived)—$511,00010−$5.82M11−$2.49M12$5.66M12
Total debt—$3.31M16$11.1M17$9.82M18$6.92M18
Cash & equivalents$48,12619$1.13M20$2.08M21$2.76M22$4.88M22
Diluted shares—015.5M43.1M48.3M

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
−$0.63
your share of equity
Profit it earned you last year
$0.59
Free cash flow it threw off
$1.17
Debt you’d be carrying
$1.43

10 shares is a claim on −$0.63 of net worth that earned you $0.59 and generated $1.17 of cash last year, against $1.43 of debt.

iii. Is this a good business?
Moat signal · return on equity
14% avg · 5y
FY22 —FY23 14%FY24 —FY25 —FY26 —

It earned an average 14% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 109% over the same window.

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 v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.83M
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-03-31 · accession 0001829126-24-006527 (Revenues)
  2. 10-K · period ending 2024-03-31 · accession 0001829126-25-004837 (Revenues)
  3. 10-K · period ending 2025-03-31 · accession 0001829126-26-006123 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001193125-23-088368 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001829126-24-006527 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001829126-25-004837 (ProfitLoss)
  7. 10-K · period ending 2025-03-31 · accession 0001829126-26-006123 (ProfitLoss)
  8. 10-K · period ending 2026-03-31 · accession 0001829126-26-006123 (NetIncomeLoss)
  9. 10-K · period ending 2022-12-31 · accession 0001193125-23-088368 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001829126-24-006527 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001829126-25-004837 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001829126-26-006123 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-03-31 · accession 0001829126-24-006527 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-03-31 · accession 0001829126-25-004837 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-03-31 · accession 0001829126-26-006123 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-03-31 · accession 0001829126-24-006527 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2024-03-31 · accession 0001829126-25-004837 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2025-03-31 · accession 0001829126-26-006123 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2022-12-31 · accession 0001193125-23-088368 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2023-03-31 · accession 0001829126-24-006527 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-03-31 · accession 0001829126-25-004837 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2025-03-31 · accession 0001829126-26-006123 (CashAndCashEquivalentsAtCarryingValue)