MeritValue

CANNAPHARMARX, INC.

CPMDdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

CANNAPHARMARX, INC. earns about -49% on equity, but has diluted owners by 787% over 5 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$01$02$820,1373$1.36M3
Net income−$8.83M4−$8.53M4$3.69M5−$9.91M6−$11.1M6
Operating cash flow−$2.41M7−$1.45M7−$2.27M8−$1.7M9−$789,1029
Capital expenditure——$80,63410$011$5,51911
Free cash flow (derived)——−$2.36M8−$1.7M9−$794,6219
Total debt—————
Cash & equivalents$27,76712$2,31712$65013$2,15614$1,80414
Diluted shares74.7M211.0M308.9M625.3M662.5M

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
−$0.46
your share of equity
Profit it earned you last year
−$0.17
Free cash flow it threw off
−$0.01
Debt you’d be carrying
—

10 shares is a claim on −$0.46 of net worth that earned you −$0.17 and generated −$0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-49% avg · 5y
FY21 —FY22 -49%FY23 —FY24 —FY25 —

It earned an average -49% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+787% shares · 5y

Share count is up 787% over 5 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.

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 0001683168-23-006237 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001654954-25-004122 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001654954-26-003108 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001683168-23-006237 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001654954-25-004122 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001654954-26-003108 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001683168-23-006237 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001654954-25-004122 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001654954-26-003108 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001654954-25-004122 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-12-31 · accession 0001654954-26-003108 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001683168-23-006237 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001654954-25-004122 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001654954-26-003108 (CashAndCashEquivalentsAtCarryingValue)