MeritValue

Financial Gravity Companies, Inc.

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

Financial Gravity Companies, Inc. earns about -161% on equity, but has diluted owners by 156% over 5 years — worth asking whether the growth reaches owners. 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 2017FY 2018FY 2019FY 2020FY 2021
Revenue$3.53M1$3.89M2$4.08M3$3.69M4$6.67M4
Net income−$975,9755−$1.52M6−$623,4857−$791,6758−$7.42M8
Operating cash flow−$745,3119−$1.1M10$89,64011−$549,49112−$487,07112
Capital expenditure$4,04313$41,78314$39,35315$4,34016$8,11216
Free cash flow (derived)−$749,3549,13−$1.14M10,14$50,28711,15−$553,83112,16−$495,18312,16
Total debt$281,03117$676,23318$23,53419$712,98219—
Cash & equivalents$444,42020$32,22021$36,05322$482,85422$306,05722
Diluted shares35.7M35.8M41.4M83.6M91.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.23
your share of equity
Profit it earned you last year
−$0.81
Free cash flow it threw off
−$0.05
Debt you’d be carrying
—

10 shares is a claim on $0.23 of net worth that earned you −$0.81 and generated −$0.05 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-161% avg · 5y
FY17 -59%FY18 -341%FY19 -51%FY20 -11%FY21 -345%

It earned an average -161% 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
+156% shares · 5y

Share count is up 156% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 154% over the same window.

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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2019-01-15 · period ending 2017-09-30 · accession 0001683168-19-000111 (Revenues)
  2. 10-K/A filed 2020-01-21 · period ending 2018-09-30 · accession 0001683168-20-000199 (Revenues)
  3. 10-K filed 2021-01-12 · period ending 2019-09-30 · accession 0001683168-21-000111 (Revenues)
  4. 10-K filed 2021-12-30 · periods ending 2020-09-30, 2021-09-30 · accession 0001683168-21-006644 (Revenues)
  5. 10-K filed 2019-01-15 · period ending 2017-09-30 · accession 0001683168-19-000111 (NetIncomeLoss)
  6. 10-K/A filed 2020-01-21 · period ending 2018-09-30 · accession 0001683168-20-000199 (NetIncomeLoss)
  7. 10-K filed 2021-01-12 · period ending 2019-09-30 · accession 0001683168-21-000111 (NetIncomeLoss)
  8. 10-K filed 2021-12-30 · periods ending 2020-09-30, 2021-09-30 · accession 0001683168-21-006644 (NetIncomeLoss)
  9. 10-K filed 2019-01-15 · period ending 2017-09-30 · accession 0001683168-19-000111 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A filed 2020-01-21 · period ending 2018-09-30 · accession 0001683168-20-000199 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2021-01-12 · period ending 2019-09-30 · accession 0001683168-21-000111 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2021-12-30 · periods ending 2020-09-30, 2021-09-30 · accession 0001683168-21-006644 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2019-01-15 · period ending 2017-09-30 · accession 0001683168-19-000111 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A filed 2020-01-21 · period ending 2018-09-30 · accession 0001683168-20-000199 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K filed 2021-01-12 · period ending 2019-09-30 · accession 0001683168-21-000111 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K filed 2021-12-30 · periods ending 2020-09-30, 2021-09-30 · accession 0001683168-21-006644 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K filed 2019-01-15 · period ending 2017-09-30 · accession 0001683168-19-000111 (LongTermDebt)
  18. 10-K/A filed 2020-01-21 · period ending 2018-09-30 · accession 0001683168-20-000199 (LongTermDebt)
  19. 10-K filed 2021-01-12 · periods ending 2019-09-30, 2020-09-30 · accession 0001683168-21-000111 (LongTermDebt)
  20. 10-K/A filed 2020-01-21 · period ending 2017-09-30 · accession 0001683168-20-000199 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K filed 2021-01-12 · period ending 2018-09-30 · accession 0001683168-21-000111 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2021-12-30 · periods ending 2019-09-30, 2020-09-30, 2021-09-30 · accession 0001683168-21-006644 (CashAndCashEquivalentsAtCarryingValue)