MeritValue

CEMTREX INC

CETXdata completeness 100%17 fiscal years on file
The thesis, from the filings

CEMTREX INC earns about -19% on invested capital, and has bought back 99% 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$43.1M1$45M2$59.4M3$66.9M4$76.5M4
Net income−$7.81M5−$13M6−$9.2M7−$7.23M8−$28.1M8
Operating cash flow−$10.1M9−$16.1M10−$2.23M11−$3.95M12$159,31512
Capital expenditure$1.07M13$1.77M14$2.76M15$1.3M16$1.93M16
Free cash flow (derived)−$11.1M9−$17.9M10−$4.99M11−$5.25M12−$1.77M12
Total debt$26.4M17$37.5M18$63.4M19$36M20$27M20
Cash & equivalents$15.4M21$9.9M22$5.33M23$3.9M24$4.97M24
Diluted shares18.9M709,48841427,240132,396

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
$658.44
your share of equity
Profit it earned you last year
−$2,123.35
Free cash flow it threw off
−$133.86
Debt you’d be carrying
$2,041.19

10 shares is a claim on $658.44 of net worth that earned you −$2,123.35 and generated −$133.86 of cash last year, against $2,041.19 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-19% avg · 5y
FY21 6%FY22 -13%FY23 -1%FY24 -16%FY25 -70%

It earned an average -19% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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
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 2021-09-30 · accession 0001493152-22-036671 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001493152-23-046365 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001493152-24-052491 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-09-30 · accession 0001493152-25-029383 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-09-30 · accession 0001493152-22-036671 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001493152-23-046365 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001493152-24-052491 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001493152-25-029383 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001493152-22-036671 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001493152-23-046365 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001493152-24-052491 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001493152-25-029383 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001493152-22-036671 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001493152-23-046365 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0001493152-24-052491 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-09-30 · accession 0001493152-25-029383 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-09-30 · accession 0001493152-22-001976 (LongTermDebt)
  18. 10-K · period ending 2022-09-30 · accession 0001493152-22-036671 (LongTermDebt)
  19. 10-K · period ending 2023-09-30 · accession 0001493152-24-052491 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-09-30 · accession 0001493152-25-029383 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-09-30 · accession 0001493152-22-036671 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-09-30 · accession 0001493152-23-046365 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-09-30 · accession 0001493152-24-052491 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-09-30 · accession 0001493152-25-029383 (CashAndCashEquivalentsAtCarryingValue)