MeritValue

DYNAMIC AEROSPACE SYSTEMS Corp

BRQLdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

DYNAMIC AEROSPACE SYSTEMS Corp earns about -288% on equity, but has diluted owners by 50% 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—$9931$52$2663$03
Net income−$289,3094−$311,1605−$348,2886−$1.17M7−$7.79M7
Operating cash flow—−$28,3278−$80,8279−$34,09810−$1.93M10
Capital expenditure———$85,87111$1,08911
Free cash flow (derived)———−$119,96910−$1.93M10
Total debt—————
Cash & equivalents$30,03512$113$214$3314$54,00914
Diluted shares22.4M22.6M23.6M25.1M33.7M

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
$3.1
your share of equity
Profit it earned you last year
−$2.31
Free cash flow it threw off
−$0.57
Debt you’d be carrying
—

10 shares is a claim on $3.1 of net worth that earned you −$2.31 and generated −$0.57 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-288% avg · 5y
FY21 -502%FY22 —FY23 —FY24 —FY25 -75%

It earned an average -288% 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
+50% shares · 5y

Share count is up 50% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2022-12-31 · accession 0001477932-24-001718 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001477932-25-002285 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001477932-26-002263 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001477932-22-001710 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001477932-24-001718 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001477932-25-002285 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001477932-26-002263 (NetIncomeLoss)
  8. 10-K · period ending 2022-12-31 · accession 0001477932-24-001718 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001477932-25-002285 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001477932-26-002263 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001477932-26-002263 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001477932-22-001710 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001477932-25-002285 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-12-31 · accession 0001477932-26-002263 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)