MeritValue

FDCTECH, INC.

FDCTDdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

FDCTECH, INC. earns about -20% on invested capital, but has diluted owners by 392% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.01 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$457,6611$6.45M2$12.8M3$26.9M4$35M4
Net income−$1.74M5−$1.07M6$1.57M7$247,5448$5.8M8
Operating cash flow−$2.63M9−$516,04610$21M11−$13.6M12−$40.9M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$93,54613$264,82914$31.3M15$25.4M16$17.7M16
Diluted shares86.1M158.0M329.5M390.4M423.1M

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
$0.54
your share of equity
Profit it earned you last year
$0.14
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.54 of net worth that earned you $0.14 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-20% avg · 5y
FY21 -85%FY22 -66%FY23 —FY24 —FY25 92%

It earned an average -20% 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
+392% shares · 5y

Share count is up 392% 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
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
$0.01
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$247,544
  • growthAssumed0.0%
Graham Number
$0.11
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-015479 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-041145 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001853 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-031366 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-015479 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-041145 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001853 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-031366 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-015479 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-041145 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001853 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-031366 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-015479 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-041145 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001853 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2024-12-31 · accession 0001493152-26-031366 (CashAndCashEquivalentsAtCarryingValue)