MeritValue

Dogness (International) Corp

DOGZdata completeness 88%10 fiscal years on file
The thesis, from the filings

Dogness (International) Corp earns about -4% on invested capital, and has bought back 51% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$24.3M1$27.1M2$17.6M3$14.8M3$20.7M3
Net income$1.51M4$3.24M5−$7.2M6−$6.06M6−$5.1M6
Operating cash flow$3.75M7$6.16M8−$8.9M9$813,8269$567,0889
Capital expenditure$777,76210$15.3M11$1.52M12$3.52M12$1.02M12
Free cash flow (derived)$2.97M7−$9.1M8−$10.4M9−$2.71M9−$453,0709
Total debt$15.4M13$13.2M14$10M14——
Cash & equivalents$4.91M15$16.6M16$4.48M17$6.96M18$12.8M18
Diluted shares27.6M10.3M10.6M10.9M13.4M

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
$72.9
your share of equity
Profit it earned you last year
−$3.8
Free cash flow it threw off
−$0.34
Debt you’d be carrying
—

10 shares is a claim on $72.9 of net worth that earned you −$3.8 and generated −$0.34 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 2%FY22 1%FY23 -8%FY24 -7%FY25 -6%

It earned an average -4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−51% shares · 5y

Share count is down 51% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 35% — 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
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. 20-F · period ending 2021-06-30 · accession 0001493152-23-036965 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-06-30 · accession 0001493152-24-041355 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-06-30 · accession 0001493152-25-018363 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-06-30 · accession 0001493152-23-036965 (NetIncomeLoss)
  5. 20-F · period ending 2022-06-30 · accession 0001493152-24-041355 (NetIncomeLoss)
  6. 20-F · period ending 2023-06-30 · accession 0001493152-25-018363 (NetIncomeLoss)
  7. 20-F · period ending 2021-06-30 · accession 0001493152-23-036965 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-06-30 · accession 0001493152-24-041355 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-06-30 · accession 0001493152-25-018363 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-06-30 · accession 0001493152-23-036965 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-06-30 · accession 0001493152-24-041355 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-06-30 · accession 0001493152-25-018363 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F/A · period ending 2021-06-30 · accession 0001493152-23-013130 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-06-30 · accession 0001493152-23-036965 (LongTermDebtNoncurrent)
  15. 20-F/A · period ending 2021-06-30 · accession 0001493152-23-013130 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2022-06-30 · accession 0001493152-23-036965 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-06-30 · accession 0001493152-24-041355 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-06-30 · accession 0001493152-25-018363 (CashAndCashEquivalentsAtCarryingValue)