MeritValue

DYNARESOURCE, INC.

DYNRdata completeness 88%16 fiscal years on file
The thesis, from the filings

DYNARESOURCE, INC. earns about -438% on invested capital, but has diluted owners by 113% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.04 a share.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$35.9M1$39.8M2$35.6M3$46.5M4$58.5M4
Net income$8.53M5$6.69M6−$14.5M7−$8.52M8$3.82M8
Operating cash flow$17.5M9−$1.78M10−$17.7M11−$8.01M12$5.76M12
Capital expenditure—$013$115,27314$6,75515$2.61M15
Free cash flow (derived)—−$1.78M10−$17.8M11−$8.02M12$3.14M12
Total debt$1.96M16————
Cash & equivalents$15.7M17$018$019$020$020
Diluted shares17.8M22.9M22.7M24.7M37.9M

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
−$0.29
your share of equity
Profit it earned you last year
$1.01
Free cash flow it threw off
$0.83
Debt you’d be carrying
—

10 shares is a claim on −$0.29 of net worth that earned you $1.01 and generated $0.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-438% avg · 5y
FY21 —FY22 35%FY23 -678%FY24 -672%FY25 —

It earned an average -438% 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
+113% shares · 5y

Share count is up 113% over 5 years — owners have been diluted. Worth asking what they got for it. 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
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
$1.04
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$3.82M
  • growthAssumed0.0%
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
  1. 10-K · period ending 2021-12-31 · accession 0001654954-23-004827 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-044527 (Revenues)
  3. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-061164 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-138286 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-004827 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-044527 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-061164 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-138286 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-004827 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-044527 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-061164 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-138286 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-044527 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-061164 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-138286 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2021-12-31 · accession 0001654954-22-011708 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-23-004827 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-044527 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0000950170-25-061164 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-138286 (CashAndCashEquivalentsAtCarryingValue)