MeritValue

BlueOne Technologies, Inc.

BCRDdata completeness 88%7 fiscal years on file
The thesis, from the filings

BlueOne Technologies, Inc. earns about -303% on invested capital, but has diluted owners by 44% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$72,2001$25,0002$4,0003$110,1453$260,0134
Net income−$530,8275−$1.12M6−$1.61M7−$1.05M8−$2.95M8
Operating cash flow−$452,4729−$331,57410−$1.15M11−$317,29512−$571,10512
Capital expenditure$13,50013—$333,24914$015$015
Free cash flow (derived)−$465,9729—−$1.48M11−$317,29512−$571,10512
Total debt$56,45816————
Cash & equivalents$41,31817$668,11817$75,06318$46,01818$177,15918
Diluted shares9.9M10.3M11.9M12.7M14.3M

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
$3.99
your share of equity
Profit it earned you last year
−$2.06
Free cash flow it threw off
−$0.4
Debt you’d be carrying
—

10 shares is a claim on $3.99 of net worth that earned you −$2.06 and generated −$0.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-303% avg · 5y
FY22 -391%FY23 —FY24 -751%FY25 -12%FY26 -59%

It earned an average -303% 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
+44% shares · 5y

Share count is up 44% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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. 10-K · period ending 2022-03-31 · accession 0001493152-23-024569 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2023-03-31 · accession 0001493152-24-027897 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001641172-25-025687 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2026-03-31 · accession 0001683168-26-005495 (Revenues)
  5. 10-K · period ending 2022-03-31 · accession 0001493152-23-024569 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-03-31 · accession 0001493152-24-027897 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001641172-25-025687 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001683168-26-005495 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001493152-23-024569 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-03-31 · accession 0001493152-24-027897 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-025687 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001683168-26-005495 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001493152-23-024569 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-03-31 · accession 0001641172-25-025687 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-03-31 · accession 0001683168-26-005495 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-03-31 · accession 0001493152-22-018093 (LongTermDebt)
  17. 10-K · period ending 2022-03-31 · accession 0001493152-23-024569 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-03-31 · accession 0001683168-26-005495 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)