MeritValue

Amesite Inc.

AMSTdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

Amesite Inc. earns about -117% on equity, and has bought back 82% 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$674,5801$697,0012$845,0093$166,8814$110,4594
Net income−$11.6M5−$9.06M6−$4.15M7−$4.4M8−$3.62M8
Operating cash flow−$5.33M9−$6.72M10−$3.25M11−$2.81M12−$2.46M12
Capital expenditure$73,42713$16,57514$27,12415$1,16616—
Free cash flow (derived)−$5.41M9−$6.73M10−$3.28M11−$2.81M12—
Total debt—————
Cash & equivalents$10.7M17$7.06M18$5.26M19$2.07M20$2.33M20
Diluted shares19.5M23.3M2.5M2.5M3.5M

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
$7.77
your share of equity
Profit it earned you last year
−$10.26
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $7.77 of net worth that earned you −$10.26 last year.

iii. Is this a good business?
Moat signal · return on equity
-117% avg · 5y
FY21 -99%FY22 -111%FY23 -68%FY24 -175%FY25 -132%

It earned an average -117% 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
−82% shares · 5y

Share count is down 82% 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 2021-06-30 · accession 0001213900-21-047257 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001213900-23-081208 (Revenues)
  3. 10-K/A · period ending 2023-06-30 · accession 0001213900-25-000438 (Revenues)
  4. 10-K · period ending 2024-06-30 · accession 0001213900-25-093213 (Revenues)
  5. 10-K · period ending 2021-06-30 · accession 0001213900-22-059740 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001213900-23-081208 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-06-30 · accession 0001213900-25-000438 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001213900-25-093213 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001213900-22-059740 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001213900-23-081208 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-06-30 · accession 0001213900-25-000438 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001213900-25-093213 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001213900-22-059740 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001213900-23-081208 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-06-30 · accession 0001213900-25-000438 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001213900-25-093213 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001213900-21-047257 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2022-06-30 · accession 0001213900-25-000438 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K/A · period ending 2023-06-30 · accession 0001213900-25-000438 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-06-30 · accession 0001213900-25-093213 (CashAndCashEquivalentsAtCarryingValue)