The applicable estimate puts fair value near $6.79 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | — | — | — | $6,2021 |
| Net income | $3.34M2 | $4.46M3 | −$1.31M4 | −$24.5M4 |
| Operating cash flow | −$1.41M5 | −$653,1076 | −$265,1867 | −$4.92M7 |
| Capital expenditure | — | — | — | — |
| Free cash flow (derived) | — | — | — | — |
| Total debt | — | — | — | — |
| Cash & equivalents | $497,2598 | $11,1749 | $3,6339 | $1M9 |
| Diluted shares | — | — | 689,913 | 1.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$42.65 of net worth that earned you −$163.76 last year.
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Share count is up 117% 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.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$1.02M
- Growth assumed0.0%
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K/A filed 2026-04-08 · period ending 2025-12-31 · accession 0001493152-26-015737 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-03-11 · period ending 2022-12-31 · accession 0001493152-24-009602 (NetIncomeLoss)
- 10-K filed 2025-04-07 · period ending 2023-12-31 · accession 0001641172-25-002917 (NetIncomeLoss)
- 10-K/A filed 2026-04-08 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-015737 (NetIncomeLoss)
- 10-K filed 2024-03-11 · period ending 2022-12-31 · accession 0001493152-24-009602 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-04-07 · period ending 2023-12-31 · accession 0001641172-25-002917 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A filed 2026-04-08 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-015737 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-04-07 · period ending 2022-12-31 · accession 0001641172-25-002917 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K/A filed 2026-04-08 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001493152-26-015737 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)