American Picture House Corp

APHPdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

American Picture House Corp earns about -460% on equity, but has diluted owners by 14% over 4 years — worth asking whether the growth reaches owners. 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$461,174¹	$201,059²	$52,677³	$853,017³
Net income	−$85,756⁴	−$1.37M⁵	−$2.27M⁶	−$534,440⁶
Operating cash flow	$5,139⁷	−$1.22M⁸	−$805,447⁹	−$405,514⁹
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$31,573¹⁰	$203,971¹¹	—	$124¹²
Diluted shares	98.5M	104.1M	111.1M	112.7M

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

Net assets behind them

−$0.02

your share of equity

Profit it earned you last year

−$0.05

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.02 of net worth that earned you −$0.05 last year.

iii. Is this a good business?

Moat signal · return on equity

-460% avg · 4y

FY22 —FY23 -460%FY24 —FY25 —

It earned an average -460% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+14% shares · 4y

Share count is up 14% over 4 years — owners have been diluted. Worth asking what they got for it.

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

10-K · period ending 2022-12-31 · accession 0001493152-24-011751 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001641172-25-003967 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2024-12-31 · accession 0001493152-26-013430 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0001493152-24-011751 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001641172-25-003967 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-013430 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001493152-24-011751 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001641172-25-003967 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-013430 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001493152-24-011751 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001641172-25-003967 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-12-31 · accession 0001493152-26-013430 (CashAndCashEquivalentsAtCarryingValue)