MeritValue

NAPC Defense, Inc.

BLISdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

NAPC Defense, Inc. earns about -84% on equity, but has diluted owners by 2825% 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——$85,0001——
Net income−$583,8022−$2.07M3−$941,1254−$711,9865−$3.38M5
Operating cash flow−$368,8726−$613,7587−$424,0568−$340,7389−$797,2259
Capital expenditure—————
Free cash flow (derived)—————
Total debt$16,76310$16,76311$2,70012$2,70013$22,92513
Cash & equivalents$197,76114$47,00315$206,72216—$11,81216
Diluted shares8.1M9.5M43.8M168.4M238.3M

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
−$0.05
your share of equity
Profit it earned you last year
−$0.14
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on −$0.05 of net worth that earned you −$0.14 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
-84% avg · 5y
FY21 -76%FY22 —FY23 —FY24 -93%FY25 —

It earned an average -84% 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
+2825% shares · 5y

Share count is up 2825% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 37% over the same window.

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
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 2023-04-30 · accession 0001199835-24-000315 (Revenues)
  2. 10-K · period ending 2021-04-30 · accession 0001199835-22-000488 (NetIncomeLoss)
  3. 10-K/A · period ending 2022-04-30 · accession 0001199835-23-000466 (NetIncomeLoss)
  4. 10-K · period ending 2023-04-30 · accession 0001199835-24-000315 (NetIncomeLoss)
  5. 10-K/A · period ending 2024-04-30 · accession 0001199835-25-000330 (NetIncomeLoss)
  6. 10-K · period ending 2021-04-30 · accession 0001199835-22-000488 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2022-04-30 · accession 0001199835-23-000466 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-30 · accession 0001199835-24-000315 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2024-04-30 · accession 0001199835-25-000330 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-04-30 · accession 0001199835-22-000488 (ShortTermBorrowings)
  11. 10-K/A · period ending 2022-04-30 · accession 0001199835-23-000466 (ShortTermBorrowings)
  12. 10-K · period ending 2023-04-30 · accession 0001199835-24-000315 (ShortTermBorrowings)
  13. 10-K/A · period ending 2024-04-30 · accession 0001199835-25-000330 (ShortTermBorrowings)
  14. 10-K/A · period ending 2021-04-30 · accession 0001199835-23-000466 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-04-30 · accession 0001199835-24-000315 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K/A · period ending 2023-04-30 · accession 0001199835-25-000330 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)