MeritValue

BIG SKY INDUSTRIAL INC.

BSINdata completeness 75%17 fiscal years on file
The thesis, from the filings

BIG SKY INDUSTRIAL INC. earns about -51% on invested capital, but has diluted owners by 653% 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$6.66M1$44.6M2$32.3M3$20.6M4$7.35M4
Net income−$1.77M5−$963,0006−$32.4M7−$25.6M8−$14.4M8
Operating cash flow−$153,0009$10.9M10$5.47M11$4.59M12−$7.14M12
Capital expenditure$196,00013$435,00013———
Free cash flow (derived)−$349,0009$10.5M10———
Total debt—————
Cash & equivalents$4.42M14$4.41M15$3.35M16$7.72M17$429,00017
Diluted shares4.5M24.7M25.3M26.7M33.8M

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
$7.15
your share of equity
Profit it earned you last year
−$4.25
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $7.15 of net worth that earned you −$4.25 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-51% avg · 5y
FY21 -16%FY22 -4%FY23 -63%FY24 -125%FY25 -48%

It earned an average -51% 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
+653% shares · 5y

Share count is up 653% 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 2021-12-31 · accession 0001493152-23-012144 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009440 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-007375 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-008057 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012144 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009440 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-007375 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-008057 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012144 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009440 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-007375 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-008057 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012144 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-012144 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001437749-24-009440 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001437749-25-007375 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001437749-26-008057 (CashAndCashEquivalentsAtCarryingValue)