MeritValue

Cleartronic, Inc.

CLRIdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Cleartronic, Inc. earns about 1092% on equity, far above its ~9% cost of capital, and has bought back 62% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $0 and $0.03 a share.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$1.65M1$2.02M2$2.13M3$3.13M4$4.1M4
Net income$361,0985$400,8956$56,5567−$272,1258−$154,2198
Operating cash flow$378,5589$74,64910$99,59511$414,90712$284,11812
Capital expenditure$5,09313$7,48314$6,43415$32,13515—
Free cash flow (derived)$373,4659$67,16610$93,16111$382,77212—
Total debt—————
Cash & equivalents$401,00116$468,16717$516,95518$849,72719$1.12M19
Diluted shares597.9M599.6M599.1M229.2M229.2M

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
−$0.02
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.02 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on equity
1092% avg · 5y
FY21 —FY22 —FY23 1092%FY24 —FY25 —

It earned about 1092% on equity, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−62% shares · 5y

Share count is down 62% 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

The 3 estimate methods that apply put fair value between $0 and $0.03 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.8%
  • fcfBase$93,161
DCF · Growth Exit 5Y
$0.02
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.8%
  • fcfBase$93,161
Earnings Power Value
$0
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$56,556
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.8%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.02
The three cases
Bear0.0%$0.01
Base17.8%$0.02
Bull20.0%$0.02

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 17.8%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001091818-21-000154 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001091818-23-000200 (Revenues)
  3. 10-K · period ending 2023-09-30 · accession 0001091818-25-000013 (Revenues)
  4. 10-K · period ending 2024-09-30 · accession 0001091818-25-000175 (Revenues)
  5. 10-K · period ending 2021-09-30 · accession 0001091818-21-000154 (NetIncomeLoss)
  6. 10-K · period ending 2022-09-30 · accession 0001091818-23-000200 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0001091818-25-000013 (NetIncomeLoss)
  8. 10-K · period ending 2024-09-30 · accession 0001091818-25-000175 (NetIncomeLoss)
  9. 10-K · period ending 2021-09-30 · accession 0001091818-21-000154 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-09-30 · accession 0001091818-23-000200 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-09-30 · accession 0001091818-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-09-30 · accession 0001091818-25-000175 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-09-30 · accession 0001091818-21-000154 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-09-30 · accession 0001091818-23-000200 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-09-30 · accession 0001091818-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-09-30 · accession 0001091818-21-000154 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-09-30 · accession 0001091818-23-000200 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-09-30 · accession 0001091818-25-000013 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-09-30 · accession 0001091818-25-000175 (CashAndCashEquivalentsAtCarryingValue)