T3 Defense Inc.

DFNSdata completeness 88%8 fiscal years on file

The thesis, from the filings

T3 Defense Inc. earns about -109% on equity, and has bought back 5% 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

Figure	FY 2022	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$21.5M¹	—	$21.3M²	$5.91M²	—
Net income	−$11.8M³	−$967,614⁴	−$17.4M⁵	−$8.52M⁶	$78.5M⁶
Operating cash flow	$1.62M⁷	−$1.13M⁸	−$1.23M⁹	−$3.82M¹⁰	−$6.2M¹⁰
Capital expenditure	—	—	—	—	$31,000¹¹
Free cash flow (derived)	—	—	—	—	−$6.23M¹⁰
Total debt	—	—	—	$3.31M¹²	$12,000¹³
Cash & equivalents	$364,023¹⁴	$6.11M¹⁵	$19,318¹⁶	$3,678¹⁶	$2.63M¹⁷
Diluted shares	9.8M	4.6M	1.3M	1.7M	9.2M

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

Net assets behind them

−$21.39

your share of equity

Profit it earned you last year

$84.92

Free cash flow it threw off

−$6.73

Debt you’d be carrying

$0.01

10 shares is a claim on −$21.39 of net worth that earned you $84.92 and generated −$6.73 of cash last year, against $0.01 of debt.

iii. Is this a good business?

Moat signal · return on equity

-109% avg · 5y

FY22 -109%FY22 —FY23 —FY24 —FY25 —

It earned an average -109% 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

−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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

book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-09-30 · accession 0001213900-24-060986 (Revenues)
10-K/A · period ending 2023-09-30 · accession 0001213900-25-031620 (Revenues)
10-K · period ending 2022-09-30 · accession 0001213900-24-060986 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-23-019202 (NetIncomeLoss)
10-K/A · period ending 2023-09-30 · accession 0001213900-25-031620 (NetIncomeLoss)
10-K · period ending 2024-09-30 · accession 0001213900-26-041888 (NetIncomeLoss)
10-K · period ending 2022-09-30 · accession 0001213900-24-060986 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001213900-23-019202 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-09-30 · accession 0001213900-25-031620 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-09-30 · accession 0001213900-26-041888 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001213900-26-041888 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K/A · period ending 2024-09-30 · accession 0001213900-25-031620 (LongTermDebt)
10-K · period ending 2025-12-31 · accession 0001213900-26-041888 (ShortTermBorrowings)
10-K · period ending 2022-09-30 · accession 0001213900-24-060986 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001213900-23-019202 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K/A · period ending 2023-09-30 · accession 0001213900-25-031620 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2025-12-31 · accession 0001213900-26-041888 (CashAndCashEquivalentsAtCarryingValue)