MeritValue

Cayson Acquisition Corp

CAPNdata completeness 63%1 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2025
Revenue—
Net income$1.64M1
Operating cash flow−$401,5842
Capital expenditure—
Free cash flow (derived)—
Total debt—
Cash & equivalents$63,6703
Diluted shares1.8M

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
−$17.8
your share of equity
Profit it earned you last year
$8.95
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$17.8 of net worth that earned you $8.95 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 1y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
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 2025-12-31 · accession 0001493152-26-012409 (NetIncomeLoss)
  2. 10-K · period ending 2025-12-31 · accession 0001493152-26-012409 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2025-12-31 · accession 0001493152-26-012409 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)