MeritValue

Everything Blockchain, Inc.

EBZTdata completeness 100%9 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Everything Blockchain, Inc. earns about -17% on invested capital, but has diluted owners by 62% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$01$02$1M3$301,0004$267,0004
Net income−$188,1925−$49.3M6$2.32M7−$9.44M8−$7.85M8
Operating cash flow−$16,5589$63,00010−$437,00011−$2.79M12−$2.29M12
Capital expenditure—$013$1.49M14$1.19M15$912,00015
Free cash flow (derived)—$63,00010−$1.92M11−$3.99M12−$3.21M12
Total debt—$016$271,00017$018$1.35M18
Cash & equivalents—$019$1.06M19$657,00020$60,00020
Diluted shares10.5M6.8M9.8M9.4M16.9M

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
$11.01
your share of equity
Profit it earned you last year
−$4.64
Free cash flow it threw off
−$1.9
Debt you’d be carrying
$0.8

10 shares is a claim on $11.01 of net worth that earned you −$4.64 and generated −$1.9 of cash last year, against $0.8 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-17% avg · 5y
FY20 —FY21 —FY22 9%FY23 -32%FY24 -28%

It earned an average -17% 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
+62% shares · 5y

Share count is up 62% 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 · period ending 2020-01-31 · accession 0001477932-21-003268 (Revenues)
  2. 10-K · period ending 2021-01-31 · accession 0001477932-23-003007 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2022-01-31 · accession 0001477932-22-003122 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2023-01-31 · accession 0001477932-24-002949 (Revenues)
  5. 10-K · period ending 2020-01-31 · accession 0001477932-21-003268 (NetIncomeLoss)
  6. 10-K · period ending 2021-01-31 · accession 0001477932-22-003122 (NetIncomeLoss)
  7. 10-K · period ending 2022-01-31 · accession 0001477932-23-003007 (NetIncomeLoss)
  8. 10-K · period ending 2023-01-31 · accession 0001477932-24-002949 (NetIncomeLoss)
  9. 10-K · period ending 2020-01-31 · accession 0001477932-21-003268 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-01-31 · accession 0001477932-22-003122 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-01-31 · accession 0001477932-23-003007 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-01-31 · accession 0001477932-24-002949 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-01-31 · accession 0001477932-22-003122 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2022-01-31 · accession 0001477932-23-003007 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-01-31 · accession 0001477932-24-002949 (PaymentsToAcquireProductiveAssets)
  16. 10-K · period ending 2021-01-31 · accession 0001477932-22-003122 (LongTermDebt)
  17. 10-K · period ending 2022-01-31 · accession 0001477932-23-003007 (LongTermDebt)
  18. 10-K · period ending 2023-01-31 · accession 0001477932-24-002949 (LongTermDebtCurrent)
  19. 10-K · period ending 2021-01-31 · accession 0001477932-22-003122 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-01-31 · accession 0001477932-24-002949 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)