MeritValue

CitroTech Inc.

CITRdata completeness 88%7 fiscal years on file
The thesis, from the filings

CitroTech Inc. earns about -270% on invested capital, and has bought back 46% 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$01$62,7322$520,6453$800,0004$2.38M5
Net income−$94,9736−$2.91M7−$10.1M8−$6.88M9−$36.8M9
Operating cash flow−$24,20610−$708,45011−$1.21M12−$1.94M13−$5.87M13
Capital expenditure$014$5,35015$4,01516$017$193,95317
Free cash flow (derived)−$24,20610−$713,80011−$1.22M12−$1.94M13−$6.06M13
Total debt——$018$193,69818—
Cash & equivalents$5,46919$55,43420$549,75521$775,13322$6.27M22
Diluted shares22.9M75.3M96.7M8.4M12.4M

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
$9.05
your share of equity
Profit it earned you last year
−$29.6
Free cash flow it threw off
−$4.87
Debt you’d be carrying
—

10 shares is a claim on $9.05 of net worth that earned you −$29.6 and generated −$4.87 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-270% avg · 5y
FY21 —FY22 -70%FY23 -259%FY24 -191%FY25 -559%

It earned an average -270% 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
−46% shares · 5y

Share count is down 46% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0001640334-23-000526 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001640334-24-001174 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001640334-25-000558 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001640334-25-000558 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2025-12-31 · accession 0001683168-26-002356 (Revenues)
  6. 10-K · period ending 2021-12-31 · accession 0001640334-23-000526 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-12-31 · accession 0001640334-24-001174 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001640334-25-000558 (NetIncomeLoss)
  9. 10-K · period ending 2024-12-31 · accession 0001683168-26-002356 (NetIncomeLoss)
  10. 10-K · period ending 2021-12-31 · accession 0001640334-23-000526 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2022-12-31 · accession 0001640334-24-001174 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001640334-25-000558 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2024-12-31 · accession 0001683168-26-002356 (NetCashProvidedByUsedInOperatingActivities)
  14. 10-K · period ending 2021-12-31 · accession 0001640334-23-000526 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2022-12-31 · accession 0001640334-24-001174 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001640334-25-000558 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001683168-26-002356 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 10-K · period ending 2023-12-31 · accession 0001640334-25-000558 (LongTermDebtCurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001640334-22-000739 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001640334-25-000558 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  21. 10-K · period ending 2023-12-31 · accession 0001683168-26-002356 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2024-12-31 · accession 0001683168-26-002356 (CashAndCashEquivalentsAtCarryingValue)