MeritValue

Deep Isolation Nuclear, Inc.

DBHLdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

Deep Isolation Nuclear, Inc. earns about -21% on invested capital, but has diluted owners by 874% over 4 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 2022FY 2023FY 2024FY 2025
Revenue——$7.05M1$6.14M1
Net income−$53,3292−$41,8503−$994,0004−$5.34M4
Operating cash flow−$39,5625−$45,1176−$1.2M7−$3.93M7
Capital expenditure——$08$105,0008
Free cash flow (derived)——−$1.2M7−$4.04M7
Total debt————
Cash & equivalents$5639$2,4289$3,9239—
Diluted shares5.0M5.0M39.8M48.7M

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
$5.59
your share of equity
Profit it earned you last year
−$1.1
Free cash flow it threw off
−$0.83
Debt you’d be carrying
—

10 shares is a claim on $5.59 of net worth that earned you −$1.1 and generated −$0.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-21% avg · 4y
FY22 —FY23 —FY24 -27%FY25 -15%

It earned an average -21% 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
+874% shares · 4y

Share count is up 874% over 4 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2024-12-31 · accession 0001918080-26-000004 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-028664 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001013762-25-003774 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001918080-26-000004 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-028664 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001013762-25-003774 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001918080-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001918080-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-12-31 · accession 0001013762-25-003774 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)