MeritValue

REALLOYS INC.

ALOYdata completeness 63%13 fiscal years on file
The thesis, from the filings

REALLOYS INC. earns about -74% on invested capital, and has bought back 71% 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.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.11M1$4.96M2$3.11M3$2.57M4$2.43M4
Net income−$2.62M5−$5.02M6−$4.66M7−$3.47M8−$4.43M8
Operating cash flow−$672,4859−$4.29M10−$3.17M11−$705,72512−$3.16M12
Capital expenditure$63,91213$65,94114$2,60515$015—
Free cash flow (derived)−$736,3979−$4.35M10−$3.17M11−$705,72512—
Total debt—————
Cash & equivalents—————
Diluted shares13.1M3.3M3.2M3.4M3.8M

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
$14.91
your share of equity
Profit it earned you last year
−$11.66
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $14.91 of net worth that earned you −$11.66 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-74% avg · 5y
FY21 -26%FY22 -182%FY23 -51%FY24 -51%FY25 -62%

It earned an average -74% 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
−71% shares · 5y

Share count is down 71% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
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
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 2021-12-31 · accession 0001437749-23-010333 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010302 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-008773 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-005114 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-010333 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010302 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-008773 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-005114 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-010333 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010302 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-008773 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-005114 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-010333 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010302 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-008773 (PaymentsToAcquirePropertyPlantAndEquipment)