MeritValue

C21 Investments Inc.

CXXIFdata completeness 75%9 fiscal years on file
The thesis, from the filings

C21 Investments Inc. earns about 10% on invested capital, barely covering its ~9% cost of capital, and has bought back 2% of its shares over 5 years. The estimate methods put fair value between $0.12 and $0.13 a share.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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$33M1$28.9M2$28.3M3$30.1M4$32.6M4
Net income$9.95M5$293,2116−$3.31M7−$3.97M8−$3.24M8
Operating cash flow$8.44M9$5.97M10$3.26M11$1.37M12$1.36M12
Capital expenditure$2.56M13$442,28514$521,57915$406,73316$244,83816
Free cash flow (derived)$5.88M9$5.53M10$2.74M11$958,92012$1.12M12
Total debt—————
Cash & equivalents—————
Diluted shares121.1M122.9M122.9M120.6M118.5M

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
$2.15
your share of equity
Profit it earned you last year
−$0.27
Free cash flow it threw off
$0.09
Debt you’d be carrying
—

10 shares is a claim on $2.15 of net worth that earned you −$0.27 and generated $0.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
10% avg · 5y
FY22 38%FY23 7%FY24 0%FY25 1%FY26 3%

It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.

seeing a moat in the numbers →
Management signal · capital allocation
−2% shares · 5y

Share count is down 2% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

The 2 estimate methods that apply put fair value between $0.12 and $0.13 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$0.12
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$1.12M
DCF · Growth Exit 5Y
$0.13
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$1.12M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.13
The three cases
Bear0.0%$0.13
Base0.0%$0.13
Bull5.0%$0.17

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F/A · period ending 2022-01-31 · accession 0001062993-23-015395 (Revenues)
  2. 20-F · period ending 2023-01-31 · accession 0001062993-24-014658 (Revenues)
  3. 20-F · period ending 2024-01-31 · accession 0001062993-25-012045 (Revenues)
  4. 20-F · period ending 2025-03-31 · accession 0001062993-26-003168 (Revenues)
  5. 20-F/A · period ending 2022-01-31 · accession 0001062993-23-015395 (NetIncomeLoss)
  6. 20-F · period ending 2023-01-31 · accession 0001062993-24-014658 (NetIncomeLoss)
  7. 20-F · period ending 2024-01-31 · accession 0001062993-25-012045 (NetIncomeLoss)
  8. 20-F · period ending 2025-03-31 · accession 0001062993-26-003168 (NetIncomeLoss)
  9. 20-F/A · period ending 2022-01-31 · accession 0001062993-23-015395 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 20-F · period ending 2023-01-31 · accession 0001062993-24-014658 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  11. 20-F · period ending 2024-01-31 · accession 0001062993-25-012045 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 20-F · period ending 2025-03-31 · accession 0001062993-26-003168 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  13. 20-F/A · period ending 2022-01-31 · accession 0001062993-23-015395 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 20-F · period ending 2023-01-31 · accession 0001062993-24-014658 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 20-F · period ending 2024-01-31 · accession 0001062993-25-012045 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 20-F · period ending 2025-03-31 · accession 0001062993-26-003168 (PaymentsToAcquirePropertyPlantAndEquipment)