Barrel Energy Inc. earns about -70% on equity, but has diluted owners by 2599% 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.
| Figure | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$39,8781 | −$71,1052 | −$176,0333 | −$1.72M4 | −$2.75M4 |
| Operating cash flow | −$22,0845 | $8,7306 | −$209,8887 | −$683,6398 | −$140,5498 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | $91,1669 | $72,99210 | $75,36410 | — | — |
| Cash & equivalents | $33011 | $250,16012 | $3,45813 | $013 | $013 |
| Diluted shares | 10.8M | 12.3M | 23.8M | 41.1M | 291.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$0.06 of net worth that earned you −$0.09 last year.
It earned an average -70% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 2599% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 17% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2017-12-29 · period ending 2016-09-30 · accession 0001477932-17-006338 (NetIncomeLoss)
- 10-K filed 2019-02-27 · period ending 2017-09-30 · accession 0001477932-19-000685 (NetIncomeLoss)
- 10-K filed 2020-01-30 · period ending 2018-09-30 · accession 0001477932-20-000448 (NetIncomeLoss)
- 10-K filed 2022-02-07 · periods ending 2019-09-30, 2020-09-30 · accession 0001477932-22-000607 (NetIncomeLoss)
- 10-K filed 2017-12-29 · period ending 2016-09-30 · accession 0001477932-17-006338 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2019-02-27 · period ending 2017-09-30 · accession 0001477932-19-000685 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2020-01-30 · period ending 2018-09-30 · accession 0001477932-20-000448 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2022-02-07 · periods ending 2019-09-30, 2020-09-30 · accession 0001477932-22-000607 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2016-12-29 · period ending 2016-09-30 · accession 0001477932-16-014402 (LongTermDebt)
- 10-K filed 2019-02-27 · periods ending 2017-09-30, 2018-09-30 · accession 0001477932-19-000685 (LongTermDebt)
- 10-K filed 2019-02-27 · period ending 2016-09-30 · accession 0001477932-19-000685 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2020-01-30 · period ending 2017-09-30 · accession 0001477932-20-000448 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2022-02-07 · periods ending 2018-09-30, 2019-09-30, 2020-09-30 · accession 0001477932-22-000607 (CashAndCashEquivalentsAtCarryingValue)