MeritValue

AQUA POWER SYSTEMS INC.

APSIdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

AQUA POWER SYSTEMS INC. earns about 599% on equity, but has diluted owners by 6094% over 5 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
FigureFY 2013FY 2014FY 2015FY 2021FY 2022
Revenue$2,2681$2,1542$2,1032$03$03
Net income−$191,8494−$99,8395−$103,8595−$77,9326$554,9116
Operating cash flow−$98,5797−$11,1128−$155,3048−$5,1009−$69,2229
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$3,27210$16010$1,50210$011$011
Diluted shares9.0M161.1M161.1M59.1M554.5M

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
$0
your share of equity
Profit it earned you last year
$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0 of net worth that earned you $0.01 last year.

iii. Is this a good business?
Moat signal · return on equity
599% avg · 5y
FY13 —FY14 —FY15 —FY21 —FY22 599%

It earned an average 599% 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
+6094% shares · 5y

Share count is up 6094% over 5 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
  1. 10-K · period ending 2013-04-30 · accession 0001144204-13-041712 (Revenues)
  2. 10-K · period ending 2014-03-31 · accession 0001144204-15-042453 (Revenues)
  3. 10-K/A · period ending 2021-03-31 · accession 0001683168-22-004721 (Revenues)
  4. 10-K · period ending 2013-04-30 · accession 0001144204-13-041712 (NetIncomeLoss)
  5. 10-K · period ending 2014-03-31 · accession 0001144204-15-042453 (NetIncomeLoss)
  6. 10-K/A · period ending 2021-03-31 · accession 0001683168-22-004721 (NetIncomeLoss)
  7. 10-K · period ending 2013-04-30 · accession 0001144204-13-041712 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2014-03-31 · accession 0001144204-15-042453 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K/A · period ending 2021-03-31 · accession 0001683168-22-004721 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2013-04-30 · accession 0001144204-15-042453 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K/A · period ending 2021-03-31 · accession 0001683168-22-004721 (CashAndCashEquivalentsAtCarryingValue)