Earth Science Tech, Inc.
ETSTdata completeness 88%14 fiscal years on fileEarth Science Tech, Inc. earns about 56% on invested capital, far above its ~9% cost of capital, but has diluted owners by 444% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.07 and $0.11 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $14,1231 | $48,5372 | $12M3 | $33.1M4 | $35.7M4 |
| Net income | $3.17M5 | −$365,4056 | $812,1397 | $3.25M8 | $3.63M8 |
| Operating cash flow | −$168,1069 | −$1.01M10 | $1.21M11 | $4.37M12 | $1.94M12 |
| Capital expenditure | — | — | $26,52013 | $753,16514 | $756,61914 |
| Free cash flow (derived) | — | — | $1.18M11 | $3.62M12 | $1.18M12 |
| Total debt | $1.56M15 | $1.62M16 | — | $179,48817 | — |
| Cash & equivalents | $26,94218 | $35,75618 | $697,72119 | $1.47M20 | $796,79720 |
| Diluted shares | 53.9M | 145.9M | 309.7M | 303.5M | 293.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $0.24 of net worth that earned you $0.12 and generated $0.04 of cash last year.
It earned about 56% 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 →Share count is up 444% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 89% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.07 and $0.11 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$1.18M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.18M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.17M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.06 |
| Base | 5.0% | $0.07 |
| Bull | 10.0% | $0.09 |
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.
- 10-K/A · period ending 2022-03-31 · accession 0001493152-24-007930 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-025578 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-03-31 · accession 0001641172-25-016717 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2025-03-31 · accession 0001493152-26-029160 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A · period ending 2022-03-31 · accession 0001493152-24-007930 (NetIncomeLoss)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-025578 (NetIncomeLoss)
- 10-K · period ending 2024-03-31 · accession 0001641172-25-016717 (NetIncomeLoss)
- 10-K · period ending 2025-03-31 · accession 0001493152-26-029160 (NetIncomeLoss)
- 10-K/A · period ending 2022-03-31 · accession 0001493152-24-007930 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-025578 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0001641172-25-016717 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-03-31 · accession 0001493152-26-029160 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0001493152-24-025578 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-03-31 · accession 0001493152-26-029160 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2022-03-31 · accession 0001493152-24-007930 (LongTermDebtCurrent)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-025578 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-03-31 · accession 0001493152-26-029160 (ShortTermBorrowings)
- 10-K/A · period ending 2022-03-31 · accession 0001493152-24-007930 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-03-31 · accession 0001493152-26-029160 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2025-03-31 · accession 0001493152-26-029160 (CashAndCashEquivalentsAtCarryingValue)