MeritValue

ARVANA INC

AVNIdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

ARVANA INC earns about -145% on equity, but has diluted owners by 5648% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue———$68,2761$67,9641
Net income−$477,5962−$12.1M3−$151,3964−$1.32M5−$447,4955
Operating cash flow−$37,3526−$33,5797−$133,3288−$168,0189−$193,5809
Capital expenditure—————
Free cash flow (derived)—————
Total debt——$010$999,06411$1.25M11
Cash & equivalents$4,99412$3,34013$142,36514$22,07115$18,29315
Diluted shares1.9M17.2M107.8M107.8M107.8M

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
−$0.12
your share of equity
Profit it earned you last year
−$0.04
Free cash flow it threw off
—
Debt you’d be carrying
$0.12

10 shares is a claim on −$0.12 of net worth that earned you −$0.04 last year, against $0.12 of debt.

iii. Is this a good business?
Moat signal · return on equity
-145% avg · 5y
FY20 —FY21 —FY22 -145%FY23 —FY24 —

It earned an average -145% 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
+5648% shares · 5y

Share count is up 5648% 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 2023-12-31 · accession 0001713282-25-000574 (Revenues)
  2. 10-K · period ending 2020-12-31 · accession 0001607062-22-000298 (NetIncomeLoss)
  3. 10-K · period ending 2021-12-31 · accession 0001607062-23-000201 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001607062-24-000118 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001713282-25-000574 (NetIncomeLoss)
  6. 10-K · period ending 2020-12-31 · accession 0001607062-22-000298 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001607062-23-000201 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001607062-24-000118 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001713282-25-000574 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001607062-24-000118 (LongTermDebtCurrent)
  11. 10-K · period ending 2023-12-31 · accession 0001713282-25-000574 (LongTermDebtCurrent)
  12. 10-K · period ending 2020-12-31 · accession 0001607062-21-000080 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2021-12-31 · accession 0001607062-24-000118 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001713282-25-000574 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001713282-25-000574 (CashAndCashEquivalentsAtCarryingValue)