MeritValue

3DX Industries, Inc.

DDDXdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

3DX Industries, Inc. earns about -52% on equity, and has bought back 56% of its shares over 5 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 2010FY 2011FY 2012FY 2013FY 2014
Revenue$01$01———
Net income−$1.97M2−$2.02M3−$454,8073$446,5484$11M4
Operating cash flow−$1.44M5−$1.66M6−$214,0837−$95,1648−$288,2468
Capital expenditure—————
Free cash flow (derived)—————
Total debt————$500,0009
Cash & equivalents$2.01M10$267,99511$18,82412$2,46012$2,07412
Diluted shares76.4M77.3M1.6M1.6M33.4M

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
−$0.32
your share of equity
Profit it earned you last year
$3.29
Free cash flow it threw off
—
Debt you’d be carrying
$0.15

10 shares is a claim on −$0.32 of net worth that earned you $3.29 last year, against $0.15 of debt.

iii. Is this a good business?
Moat signal · return on equity
-52% avg · 5y
FY10 -100%FY11 -217%FY12 -86%FY13 195%FY14 —

It earned an average -52% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−56% shares · 5y

Share count is down 56% over 5 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2010-10-31 · accession 0001108078-12-000059 (Revenues)
  2. 10-K · period ending 2010-10-31 · accession 0001108078-12-000059 (NetIncomeLoss)
  3. 10-K · period ending 2011-10-31 · accession 0001554795-14-000100 (NetIncomeLoss)
  4. 10-K · period ending 2013-10-31 · accession 0001554795-15-000063 (NetIncomeLoss)
  5. 10-K · period ending 2010-10-31 · accession 0001108078-12-000059 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2011-10-31 · accession 0001554795-13-000062 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2012-10-31 · accession 0001554795-14-000100 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2013-10-31 · accession 0001554795-15-000063 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2014-10-31 · accession 0001554795-15-000063 (LongTermDebt)
  10. 10-K · period ending 2010-10-31 · accession 0001554795-13-000062 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2011-10-31 · accession 0001554795-14-000100 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2012-10-31 · accession 0001554795-15-000063 (CashAndCashEquivalentsAtCarryingValue)