MeritValue

ENCISION INC

ECIAdata completeness 88%15 fiscal years on file
The thesis, from the filings

ENCISION INC earns about -2% on invested capital, with a roughly flat share count. 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$7.54M1$7.67M2$7.35M3$6.59M4$6.56M4
Net income$584,7345−$65,5946−$323,9457−$691,7838−$220,1988
Operating cash flow$219,9469−$444,43210−$861,48511$144,38912−$54,94812
Capital expenditure$30,02013$17,55014$173,26915$12,05016$54,41516
Free cash flow (derived)$189,9269−$461,98210−$1.03M11$132,33912−$109,36312
Total debt$227,30017—$227,30018——
Cash & equivalents$1.47M19$949,64520$188,96621$42,50922$257,43322
Diluted shares11.8M11.6M11.8M11.8M11.9M

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
$1.39
your share of equity
Profit it earned you last year
−$0.19
Free cash flow it threw off
−$0.09
Debt you’d be carrying
—

10 shares is a claim on $1.39 of net worth that earned you −$0.19 and generated −$0.09 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 43%FY22 -3%FY23 -9%FY24 -28%FY25 -12%

It earned an average -2% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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
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 2021-03-31 · accession 0001079973-22-000838 (Revenues)
  2. 10-K/A · period ending 2022-03-31 · accession 0001553350-23-000369 (Revenues)
  3. 10-K · period ending 2023-03-31 · accession 0001079973-24-001051 (Revenues)
  4. 10-K · period ending 2024-03-31 · accession 0001079973-25-001132 (Revenues)
  5. 10-K · period ending 2021-03-31 · accession 0001079973-22-000838 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-03-31 · accession 0001553350-23-000369 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001079973-24-001051 (NetIncomeLoss)
  8. 10-K · period ending 2024-03-31 · accession 0001079973-25-001132 (NetIncomeLoss)
  9. 10-K · period ending 2021-03-31 · accession 0001079973-22-000838 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-03-31 · accession 0001553350-23-000369 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-03-31 · accession 0001079973-24-001051 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-03-31 · accession 0001079973-25-001132 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-03-31 · accession 0001079973-22-000838 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-03-31 · accession 0001553350-23-000369 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-03-31 · accession 0001079973-24-001051 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-03-31 · accession 0001079973-25-001132 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-03-31 · accession 0001079973-22-000838 (ShortTermBorrowings)
  18. 10-K/A · period ending 2023-03-31 · accession 0001553350-23-000369 (ShortTermBorrowings)
  19. 10-K · period ending 2021-03-31 · accession 0001079973-22-000838 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2022-03-31 · accession 0001553350-23-000369 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-03-31 · accession 0001079973-24-001051 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-03-31 · accession 0001079973-25-001132 (CashAndCashEquivalentsAtCarryingValue)