MeritValue

Aether Holdings, Inc.

ATHRdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Aether Holdings, Inc. earns about -55% on invested capital, but has diluted owners by 16% over 2 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 2024FY 2025
Revenue$1.44M1$1.38M1
Net income−$939,4362−$3.14M2
Operating cash flow−$688,6613−$3.57M3
Capital expenditure—$1,8174
Free cash flow (derived)—−$3.57M3
Total debt——
Cash & equivalents$192,3895$159,5645
Diluted shares9.5M11.0M

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
$4.1
your share of equity
Profit it earned you last year
−$2.85
Free cash flow it threw off
−$3.24
Debt you’d be carrying
—

10 shares is a claim on $4.1 of net worth that earned you −$2.85 and generated −$3.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-55% avg · 2y
FY24 —FY25 -55%

It earned an average -55% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+16% shares · 2y

Share count is up 16% over 2 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-09-30 · accession 0001493152-25-028195 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-09-30 · accession 0001493152-25-028195 (NetIncomeLoss)
  3. 10-K · period ending 2024-09-30 · accession 0001493152-25-028195 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2025-09-30 · accession 0001493152-25-028195 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-09-30 · accession 0001493152-25-028195 (CashAndCashEquivalentsAtCarryingValue)