Enertopia Corp.

ENRTdata completeness 63%20 fiscal years on file

The thesis, from the filings

Enertopia Corp. earns about -1234% on equity, and has bought back 94% of its shares over 5 years. 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$389,368¹	$1.97M¹	−$1.83M²	−$999,010³	−$506,853³
Operating cash flow	−$408,202⁴	−$970,033⁵	−$1.21M⁶	−$665,810⁷	−$407,005⁷
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$354,286⁸	$615,207⁹	$259,581¹⁰	$179,893¹¹	$74,740¹¹
Diluted shares	134.8M	152.0M	155.1M	7.8M	8.2M

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

Net assets behind them

−$0.24

your share of equity

Profit it earned you last year

−$0.62

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.24 of net worth that earned you −$0.62 last year.

iii. Is this a good business?

Moat signal · return on equity

-1234% avg · 5y

FY21 —FY22 69%FY23 -179%FY24 -3593%FY25 —

It earned an average -1234% 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

−94% shares · 5y

Share count is down 94% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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

10-K · period ending 2021-08-31 · accession 0001062993-22-022865 (NetIncomeLoss)
10-K · period ending 2023-08-31 · accession 0001062993-24-019582 (ProfitLoss)
10-K · period ending 2024-08-31 · accession 0001062993-25-017347 (NetIncomeLoss)
10-K · period ending 2021-08-31 · accession 0001062993-22-022865 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-08-31 · accession 0001062993-24-006607 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-08-31 · accession 0001062993-24-019582 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-08-31 · accession 0001062993-25-017347 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-08-31 · accession 0001062993-22-022865 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2022-08-31 · accession 0001062993-24-006607 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-08-31 · accession 0001062993-24-019582 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-08-31 · accession 0001062993-25-017347 (CashAndCashEquivalentsAtCarryingValue)