MeritValue

Cardiff Lexington Corp

CDIXdata completeness 88%24 fiscal years on file
The thesis, from the filings

Cardiff Lexington Corp earns about -58% on invested capital, and has bought back 93% of its shares over 5 years. 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$9.88M1$10.7M2$11.9M3$8.27M4$11.5M4
Net income$666,2935−$5.43M6$3.03M7−$3.3M8−$5.51M8
Operating cash flow−$850,1419−$1.15M10−$1.72M10−$2.77M11−$2.85M11
Capital expenditure$3,40712$012———
Free cash flow (derived)−$853,5489−$1.15M10———
Total debt$600,93213$2.65M14$2.37M15$12.8M16$18.6M17
Cash & equivalents$580,96818$219,08519$866,94320$1.19M20$318,53520
Diluted shares128.0M5,82215,0013.8M8.5M

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
−$2.91
your share of equity
Profit it earned you last year
−$6.48
Free cash flow it threw off
—
Debt you’d be carrying
$21.84

10 shares is a claim on −$2.91 of net worth that earned you −$6.48 last year, against $21.84 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-58% avg · 5y
FY21 -47%FY22 -323%FY23 126%FY24 -18%FY25 -29%

It earned an average -58% 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
−93% shares · 5y

Share count is down 93% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 2989% over the same window.

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 0001683168-23-003943 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-005352 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-006321 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-001639 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-003943 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-005352 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-006321 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-001639 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-003943 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-005352 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001683168-26-001639 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K · period ending 2021-12-31 · accession 0001683168-23-003943 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2021-12-31 · accession 0001683168-22-007080 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-23-003943 (LongTermDebt)
  15. 10-K/A · period ending 2023-12-31 · accession 0001683168-24-005352 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-25-006321 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001683168-26-001639 (LongTermDebt)
  18. 10-K/A · period ending 2021-12-31 · accession 0001683168-24-005352 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2022-12-31 · accession 0001683168-25-006321 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2023-12-31 · accession 0001683168-26-001639 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)