MeritValue

Cycurion, Inc.

CYCUdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Cycurion, Inc. earns about -34% on invested capital, and has bought back 46% of its shares over 4 years. 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 2022FY 2023FY 2024FY 2025
Revenue—$19.4M1$17.8M2$15.1M2
Net income−$700,9253−$2.1M4$1.23M5−$23.7M5
Operating cash flow−$1.32M6−$1.99M7−$1.37M8−$12.1M8
Capital expenditure—$12,7749$448,00010$455,00010
Free cash flow (derived)—−$2M7−$1.82M8−$12.5M8
Total debt—$204,22211——
Cash & equivalents$809,48112$607,86913$38,74214$5.26M14
Diluted shares3.3M14.8M904,9291.8M

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
$113.97
your share of equity
Profit it earned you last year
−$134.19
Free cash flow it threw off
−$71.11
Debt you’d be carrying
—

10 shares is a claim on $113.97 of net worth that earned you −$134.19 and generated −$71.11 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-34% avg · 4y
FY22 -8%FY23 -34%FY24 36%FY25 -128%

It earned an average -34% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−46% shares · 4y

Share count is down 46% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

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 2023-12-31 · accession 0001641172-25-005155 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001868419-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001410578-24-000540 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-005155 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001868419-26-000010 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000540 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-005155 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001868419-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-005155 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-12-31 · accession 0001868419-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-24-000540 (DebtCurrent)
  12. 10-K · period ending 2022-12-31 · accession 0001410578-24-000540 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-005155 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001868419-26-000010 (CashAndCashEquivalentsAtCarryingValue)