MeritValue

ELITE PHARMACEUTICALS INC /NV/

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

ELITE PHARMACEUTICALS INC /NV/ earns about 25% on invested capital, far above its ~9% cost of capital, but has diluted owners by 13% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.08 and $0.13 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$32.3M1$34.2M2$56.6M3$84M4$148.9M4
Net income$8.9M5$3.56M6$20.1M7−$4.31M8$44.9M8
Operating cash flow$6.51M9$3.34M10−$3.24M11$7.46M12$23.7M12
Capital expenditure$498,56613$5.74M14$809,65315$1.63M16$925,62616
Free cash flow (derived)$6.01M9−$2.4M10−$4.04M11$5.83M12$22.8M12
Total debt$1.36M17————
Cash & equivalents$8.54M18$7.83M19$7.11M19$11.8M20$30.3M20
Diluted shares1.01B1.01B1.02B1.07B1.14B

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
$0.87
your share of equity
Profit it earned you last year
$0.39
Free cash flow it threw off
$0.2
Debt you’d be carrying
—

10 shares is a claim on $0.87 of net worth that earned you $0.39 and generated $0.2 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
25% avg · 5y
FY22 36%FY23 22%FY24 2%FY25 0%FY26 66%

It earned about 25% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 5y

Share count is up 13% 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

The 3 estimate methods that apply put fair value between $0.08 and $0.13 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$0.13
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$5.83M
DCF · Growth Exit 5Y
$0.12
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$5.83M
Earnings Power Value
$0.08
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.9M
  • growthAssumed0.0%
Graham Number
$0.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.12
The three cases
Bear0.0%$0.1
Base5.0%$0.12
Bull10.0%$0.14

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001493152-23-022936 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001493152-24-025829 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001641172-25-017134 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001493152-26-031070 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001493152-23-022936 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001493152-24-025829 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001641172-25-017134 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001493152-26-031070 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001493152-23-022936 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001493152-24-025829 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-017134 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001493152-26-031070 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001493152-23-022936 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001493152-24-025829 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001641172-25-017134 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001493152-26-031070 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001493152-22-018108 (LongTermDebt)
  18. 10-K · period ending 2022-03-31 · accession 0001493152-23-022936 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-03-31 · accession 0001493152-24-025829 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001493152-26-031070 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)