MeritValue

Circle Energy, Inc./NV

CRCEdata completeness 75%5 fiscal years on file

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

The thesis, from the filings

Circle Energy, Inc./NV earns about -120% on invested capital, but has diluted owners by 27% 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$02$03$04$04
Net income−$3,2265−$63,0956−$78,3807−$63,9368−$73,6638
Operating cash flow−$2,6509−$73,67210−$74,90311−$69,31412−$75,82312
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$235,00013$336,24114$261,33815$192,02416$111,20116
Diluted shares1.2M1.5M1.5M1.5M1.5M

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
$1.08
your share of equity
Profit it earned you last year
−$0.48
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.08 of net worth that earned you −$0.48 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-120% avg · 5y
FY21 —FY22 -112%FY23 -151%FY24 -109%FY25 -109%

It earned an average -120% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+27% shares · 5y

Share count is up 27% 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
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
  1. 10-K · period ending 2021-12-31 · accession 0001096906-23-000666 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001520 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001096906-25-000275 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001096906-26-000364 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001096906-23-000666 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001520 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001096906-25-000275 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001096906-26-000364 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001096906-23-000666 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001520 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001096906-25-000275 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001096906-26-000364 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001096906-23-000666 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001520 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001096906-25-000275 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001096906-26-000364 (CashAndCashEquivalentsAtCarryingValue)