MeritValue

A2Z CUST2MATE SOLUTIONS CORP.

AZdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

A2Z CUST2MATE SOLUTIONS CORP. earns about -655% on invested capital, but has diluted owners by 67% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.69M1$9.35M2$9.21M3$5.38M3$7.9M3
Net income−$39.2M4−$16.6M5−$16.1M6−$17M6−$37.7M6
Operating cash flow−$9.38M7−$9.43M8−$11.4M9−$11.7M9−$22.9M9
Capital expenditure$412,00010$727,00011$174,00012$140,00012$452,00012
Free cash flow (derived)−$9.79M7−$10.2M8−$11.6M9−$11.9M9−$23.4M9
Total debt$641,00013$1.74M14$1.39M15$934,00016$38,00017
Cash & equivalents$8.47M18$2.62M19$2.27M19$13.5M19$13.5M19
Diluted shares26.3M30.9M38.4M29.6M43.9M

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
$17.77
your share of equity
Profit it earned you last year
−$8.6
Free cash flow it threw off
−$5.32
Debt you’d be carrying
$0.01

10 shares is a claim on $17.77 of net worth that earned you −$8.6 and generated −$5.32 of cash last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-655% avg · 5y
FY21 -861%FY22 -328%FY23 -883%FY24 -1155%FY25 -47%

It earned an average -655% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+67% shares · 5y

Share count is up 67% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 94% — deleveraging.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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. 20-F · period ending 2021-12-31 · accession 0001493152-24-012884 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-001723 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-014416 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-012884 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-001723 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-014416 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-012884 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-001723 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-014416 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001493152-24-012884 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-001723 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-014416 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 40-F/A · period ending 2021-12-31 · accession 0001493152-22-009418 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-23-009101 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001493152-24-012884 (Borrowings)
  16. 20-F · period ending 2024-12-31 · accession 0001641172-25-001723 (Borrowings)
  17. 20-F · period ending 2025-12-31 · accession 0001493152-26-014416 (Borrowings)
  18. 20-F · period ending 2021-12-31 · accession 0001641172-25-001723 (CashAndCashEquivalents)
  19. 20-F · period ending 2022-12-31 · accession 0001493152-26-014416 (CashAndCashEquivalents)