CoJax Oil & Gas Corp

CJAXdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'cash'

The thesis, from the filings

CoJax Oil & Gas Corp earns about 18% on invested capital, but has diluted owners by 55% over 4 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$106,554¹	$927,983²	$971,686³	$963,621³
Net income	−$6.24M⁴	−$1.63M⁵	−$1.61M⁶	−$1.11M⁶
Operating cash flow	−$78,323⁷	$48,046⁸	−$19,187⁹	$40,569⁹
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	$81,932¹⁰	$62,156¹¹	$42,190¹²	$22,014¹²
Cash & equivalents	—	—	—	—
Diluted shares	9.1M	9.3M	12.4M	14.1M

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

Net assets behind them

$5.56

your share of equity

Profit it earned you last year

−$0.79

Free cash flow it threw off

—

Debt you’d be carrying

$0.02

10 shares is a claim on $5.56 of net worth that earned you −$0.79 last year, against $0.02 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

18% avg · 4y

FY22 1%FY23 54%FY24 0%FY25 —

It earned an average 18% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+55% shares · 4y

Share count is up 55% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 73% — deleveraging.

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

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

10-K · period ending 2022-12-31 · accession 0001753926-24-000615 (Revenues)
10-K/A · period ending 2023-12-31 · accession 0001753926-25-001452 (Revenues)
10-K · period ending 2024-12-31 · accession 0001753926-26-000536 (Revenues)
10-K · period ending 2022-12-31 · accession 0001753926-24-000615 (NetIncomeLoss)
10-K/A · period ending 2023-12-31 · accession 0001753926-25-001452 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001753926-26-000536 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001753926-24-000615 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-12-31 · accession 0001753926-25-001452 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001753926-26-000536 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001753926-24-000615 (LongTermDebtNoncurrent)
10-K/A · period ending 2023-12-31 · accession 0001753926-25-001452 (LongTermDebtNoncurrent)
10-K · period ending 2024-12-31 · accession 0001753926-26-000536 (LongTermDebtNoncurrent)