Certiplex Corp

CPLXdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Certiplex Corp earns about -191% on equity, with a roughly flat share count. 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 2023	FY 2024	FY 2025
Revenue	$132,974¹	$120,498²	$143,847²
Net income	−$22,999³	−$57,835³	−$47,261³
Operating cash flow	−$4,097⁴	−$12,028⁵	−$6,177⁵
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	$50,700⁶	$49,700⁷
Cash & equivalents	$22,871⁸	$10,843⁹	$4,666⁹
Diluted shares	73.2M	73.2M	73.2M

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

Net assets behind them

−$0.01

your share of equity

Profit it earned you last year

−$0.01

Free cash flow it threw off

—

Debt you’d be carrying

$0.01

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

iii. Is this a good business?

Moat signal · return on equity

-191% avg · 3y

FY23 -191%FY24 —FY25 —

It earned an average -191% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback. 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 v0.2.0

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 2023-12-31 · accession 0001079973-25-000540 (Revenues)
10-K · period ending 2024-12-31 · accession 0001079973-26-000647 (Revenues)
10-K · period ending 2023-12-31 · accession 0001079973-26-000647 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001079973-25-000540 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001079973-26-000647 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001079973-25-000540 (LongTermDebt)
10-K · period ending 2025-12-31 · accession 0001079973-26-000647 (LongTermDebt)
10-K · period ending 2023-12-31 · accession 0001079973-25-000540 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001079973-26-000647 (CashAndCashEquivalentsAtCarryingValue)