MeritValue

ALTEX INDUSTRIES INC

ALTXdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

ALTEX INDUSTRIES INC earns about 4% on equity, and has bought back 7% 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$44,0001$36,0002$32,0003$23,0004$18,0004
Net income−$82,0005$313,0006−$131,0007$437,0008−$192,0008
Operating cash flow−$85,0009−$129,00010−$58,00011−$78,00012−$99,00012
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$2.04M13$2.36M14$2.23M15$2.66M16$2.55M16
Diluted shares12.0M12.0M11.3M11.2M11.2M

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
$1.2
your share of equity
Profit it earned you last year
−$0.17
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.2 of net worth that earned you −$0.17 last year.

iii. Is this a good business?
Moat signal · return on equity
4% avg · 5y
FY21 -8%FY22 24%FY23 -12%FY24 28%FY25 -14%

It earned an average 4% 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
−7% shares · 5y

Share count is down 7% 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
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 2021-09-30 · accession 0001096906-21-003058 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001096906-23-002389 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0001096906-24-002215 (Revenues)
  4. 10-K · period ending 2024-09-30 · accession 0001096906-25-001949 (Revenues)
  5. 10-K · period ending 2021-09-30 · accession 0001096906-22-003043 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001096906-23-002389 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001096906-24-002215 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001096906-25-001949 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001096906-22-003043 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001096906-23-002389 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001096906-24-002215 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001096906-25-001949 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001096906-22-003043 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-09-30 · accession 0001096906-23-002389 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-09-30 · accession 0001096906-24-002215 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-09-30 · accession 0001096906-25-001949 (CashAndCashEquivalentsAtCarryingValue)