Columbus Acquisition Corp/Cayman Islands earns about 717% on equity, but has diluted owners by 30% over 2 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.
| Figure | FY 2024 | FY 2025 |
|---|---|---|
| Revenue | — | — |
| Net income | −$77,0941 | $1.29M1 |
| Operating cash flow | −$74,6782 | −$582,9322 |
| Capital expenditure | — | — |
| Free cash flow (derived) | — | — |
| Total debt | — | — |
| Cash & equivalents | — | $483,7563 |
| Diluted shares | 1.5M | 1.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $0.92 of net worth that earned you $6.61 last year.
It earned an average 717% on equity over 2 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 30% over 2 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031935 (NetIncomeLoss)
- 10-K filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-031935 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-19 · period ending 2025-12-31 · accession 0001213900-26-031935 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)