MeritValue

BONK, INC.

BNKKdata completeness 63%8 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

BONK, INC. earns about -238% on equity, and has bought back 76% of its shares over 5 years. 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$2.88M1$120,6272$202,6703$701,9674$2.12M4
Net income−$28.1M5−$15.2M6−$15.1M7−$49.4M8−$68.2M8
Operating cash flow−$7.57M9−$6.4M9−$10.7M10−$18.1M11−$25.3M11
Capital expenditure$88,29712$14,99112$106,15313$87,16214—
Free cash flow (derived)−$7.66M9−$6.41M9−$10.8M10−$18.2M11—
Total debt—————
Cash & equivalents—————
Diluted shares16.6M22.1M30.9M1.6M4.0M

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
$87.37
your share of equity
Profit it earned you last year
−$170.22
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $87.37 of net worth that earned you −$170.22 last year.

iii. Is this a good business?
Moat signal · return on equity
-238% avg · 5y
FY21 -169%FY22 -415%FY23 -171%FY24 —FY25 -195%

It earned an average -238% 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
−76% shares · 5y

Share count is down 76% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-12-31 · accession 0001493152-23-010480 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012476 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001259 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014015 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010480 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012476 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001259 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014015 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010480 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001259 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-014015 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-010480 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001259 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-014015 (PaymentsToAcquirePropertyPlantAndEquipment)