MeritValue

Critical Metals Corp.

CRMLdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Critical Metals Corp. earns about -31% on invested capital, but has diluted owners by 104912753% over 3 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 2023FY 2024FY 2025
Revenue———
Net income−$5.45M1−$139.4M2−$51.9M3
Operating cash flow−$2.38M4−$15.1M4−$14.5M5
Capital expenditure——$2,0766
Free cash flow (derived)——−$14.5M5
Total debt———
Cash & equivalents$137,4517$1.26M7$7.3M8
Diluted shares10081.0M104.9M

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
$8.76
your share of equity
Profit it earned you last year
−$4.94
Free cash flow it threw off
−$1.38
Debt you’d be carrying
—

10 shares is a claim on $8.76 of net worth that earned you −$4.94 and generated −$1.38 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-31% avg · 3y
FY23 -14%FY24 —FY25 -48%

It earned an average -31% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+104912753% shares · 3y

Share count is up 104912753% over 3 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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. 20-F/A · period ending 2023-06-30 · accession 0001213900-25-096245 (ProfitLoss)
  2. 20-F/A · period ending 2024-06-30 · accession 0001213900-25-096245 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2025-06-30 · accession 0001213900-25-096254 (ProfitLoss)
  4. 20-F/A · period ending 2023-06-30 · accession 0001213900-25-096245 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2025-06-30 · accession 0001213900-25-096254 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2025-06-30 · accession 0001213900-25-096254 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  7. 20-F/A · period ending 2023-06-30 · accession 0001213900-25-096245 (CashAndCashEquivalents)
  8. 20-F · period ending 2025-06-30 · accession 0001213900-25-096254 (CashAndCashEquivalents)