MeritValue

Dogecoin Cash, Inc.

DOGPdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Dogecoin Cash, Inc. earns about -430% on equity, but has diluted owners by 421% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.84M1$1.56M2$1.17M3$802,7044$738,9074
Net income−$2.42M5−$1.26M6−$1.32M7−$1.78M8−$10M8
Operating cash flow−$245,9869−$235,55910−$63,11111−$107,67012−$39,58312
Capital expenditure$013$1,59014$014——
Free cash flow (derived)−$245,9869−$237,14910−$63,11111——
Total debt—————
Cash & equivalents$194,06015$97,44516$83,76217$34,93418$29,55318
Diluted shares30.7M38.1M54.6M143.9M160.1M

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
−$0.12
your share of equity
Profit it earned you last year
−$0.63
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.12 of net worth that earned you −$0.63 last year.

iii. Is this a good business?
Moat signal · return on equity
-430% avg · 5y
FY21 —FY22 -430%FY23 —FY24 —FY25 —

It earned an average -430% 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
+421% shares · 5y

Share count is up 421% over 5 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
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/A · period ending 2021-12-31 · accession 0001096906-23-000879 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001096906-25-000090 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001096906-25-000535 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001096906-26-000391 (Revenues)
  5. 10-K/A · period ending 2021-12-31 · accession 0001096906-23-000879 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001096906-25-000090 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001096906-25-000535 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001096906-26-000391 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001096906-23-000879 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001096906-25-000090 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001096906-25-000535 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001096906-26-000391 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001096906-23-000879 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001096906-25-000090 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2021-12-31 · accession 0001096906-25-000090 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-12-31 · accession 0001096906-25-000535 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2023-12-31 · accession 0001096906-26-000391 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2024-12-31 · accession 0001096906-26-000391 (CashAndCashEquivalentsAtCarryingValue)