MeritValue

DYADIC INTERNATIONAL INC

DYAIdata completeness 75%9 fiscal years on file

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

The thesis, from the filings

DYADIC INTERNATIONAL INC earns about -221% on equity, but has diluted owners by 16% 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$2.4M1$2.93M2$2.9M3$3.5M4$3.09M4
Net income−$13.1M5−$9.74M6−$6.8M7−$5.81M8−$7.36M8
Operating cash flow−$11.3M9−$8.08M10−$6.73M11−$3.97M12−$5.7M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$15.7M13$5.79M14$6.52M15$6.51M16$4.62M16
Diluted shares28.2M28.4M28.8M29.3M32.6M

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
$0.38
your share of equity
Profit it earned you last year
−$2.26
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.38 of net worth that earned you −$2.26 last year.

iii. Is this a good business?
Moat signal · return on equity
-221% avg · 5y
FY21 -71%FY22 -88%FY23 -116%FY24 -235%FY25 -598%

It earned an average -221% 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
+16% shares · 5y

Share count is up 16% 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
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 2021-12-31 · accession 0001437749-23-008425 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009857 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009350 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012672 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-008425 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009857 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009350 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012672 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-008425 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009857 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009350 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-012672 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-008425 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009857 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009350 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-012672 (CashAndCashEquivalentsAtCarryingValue)