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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 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 shares | 1.2M | 1.5M | 1.5M | 1.5M | 1.5M |
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 $1.08 of net worth that earned you −$0.48 last year.
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 →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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001096906-23-000666 (Revenues)
- 10-K/A filed 2024-07-15 · period ending 2022-12-31 · accession 0001096906-24-001520 (Revenues)
- 10-K filed 2025-03-20 · period ending 2023-12-31 · accession 0001096906-25-000275 (Revenues)
- 10-K filed 2026-03-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001096906-26-000364 (Revenues)
- 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001096906-23-000666 (NetIncomeLoss)
- 10-K/A filed 2024-07-15 · period ending 2022-12-31 · accession 0001096906-24-001520 (NetIncomeLoss)
- 10-K filed 2025-03-20 · period ending 2023-12-31 · accession 0001096906-25-000275 (NetIncomeLoss)
- 10-K filed 2026-03-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001096906-26-000364 (NetIncomeLoss)
- 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001096906-23-000666 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A filed 2024-07-15 · period ending 2022-12-31 · accession 0001096906-24-001520 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2025-03-20 · period ending 2023-12-31 · accession 0001096906-25-000275 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001096906-26-000364 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2023-03-29 · period ending 2021-12-31 · accession 0001096906-23-000666 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A filed 2024-07-15 · period ending 2022-12-31 · accession 0001096906-24-001520 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2025-03-20 · period ending 2023-12-31 · accession 0001096906-25-000275 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-03-24 · periods ending 2024-12-31, 2025-12-31 · accession 0001096906-26-000364 (CashAndCashEquivalentsAtCarryingValue)