MeritValue

Target Group Inc.

CBDYdata completeness 88%12 fiscal years on file
The thesis, from the filings

Target Group Inc. earns about -5% on invested capital, but has diluted owners by 4% 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$01$02$3.72M3$6.59M4$3.88M4
Net income$272,8815−$4.52M6−$323,6707$160,5048−$1.36M8
Operating cash flow$100,1189−$1.01M10−$589,61211$2.16M12−$842,42512
Capital expenditure—————
Free cash flow (derived)—————
Total debt$16.7M13$15.4M14$15.8M15$14.5M16$15.2M17
Cash & equivalents$122,15118$232,33319$745,01920$1.88M20$108,80020
Diluted shares595.3M617.0M617.0M727.2M617.0M

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
−$0.13
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
$0.25

10 shares is a claim on −$0.13 of net worth that earned you −$0.02 last year, against $0.25 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 9%FY22 -31%FY23 11%FY24 3%FY25 -15%

It earned an average -5% 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
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 0001410578-23-000283 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000248 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000510 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-037856 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001410578-23-000283 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000248 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000510 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-037856 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001410578-23-000283 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000248 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000510 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-037856 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001410578-22-000428 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001410578-23-000283 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-24-000248 (LongTermDebtCurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001410578-25-000510 (LongTermDebtCurrent)
  17. 10-K · period ending 2025-12-31 · accession 0001104659-26-037856 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001410578-24-000248 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2022-12-31 · accession 0001410578-25-000510 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2023-12-31 · accession 0001104659-26-037856 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)