MeritValue

CAPSTONE COMPANIES, INC.

CAPCdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

CAPSTONE COMPANIES, INC. earns about -151% on equity, with a roughly flat share count. 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$685,8541$346,4742$192,1763$143,2694—
Net income−$1.96M5−$2.66M6−$1.7M7−$962,3848−$920,1688
Operating cash flow−$2.37M9−$1.9M10−$614,52711−$289,54812−$282,95912
Capital expenditure$31,92813—$42,97014——
Free cash flow (derived)−$2.4M9—−$657,49711——
Total debt—————
Cash & equivalents$1.28M15$20,61616$36,46616$15,85017$39,12217
Diluted shares48.9M48.8M48.8M48.8M48.8M

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
−$0.09
your share of equity
Profit it earned you last year
−$0.19
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.09 of net worth that earned you −$0.19 last year.

iii. Is this a good business?
Moat signal · return on equity
-151% avg · 5y
FY21 -93%FY22 —FY23 —FY24 -209%FY25 —

It earned an average -151% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 0001903596-23-000255 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001903596-24-000189 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001903596-25-000126 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001903596-26-000120 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001903596-23-000255 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001903596-24-000189 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001903596-25-000126 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001903596-26-000120 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001903596-23-000255 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001903596-24-000189 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001903596-25-000126 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001903596-26-000120 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001903596-23-000255 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001903596-25-000126 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001903596-23-000255 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001903596-25-000126 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001903596-26-000120 (CashAndCashEquivalentsAtCarryingValue)