MeritValue

FG Nexus Inc.

FGNXdata completeness 88%13 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

FG Nexus Inc. earns about -25% on invested capital, and has bought back 49% 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.6M1$20.1M2$17.1M3$779,0004$2.41M4
Net income−$8.51M5$1.09M5−$14.6M6−$1.32M7−$66.7M7
Operating cash flow−$14.4M8−$11M9$156,00010−$4.24M11−$6.25M11
Capital expenditure$14,00012$81,00013$164,00014$46,00014—
Free cash flow (derived)−$14.4M8−$11.1M9−$8,00010−$4.29M11—
Total debt——$7.76M15$2.37M15$1.92M16
Cash & equivalents$15.5M17$3.01M18$6M19$6.56M20$13.4M20
Diluted shares5.2M8.0M400211,0002.7M

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
$538.02
your share of equity
Profit it earned you last year
−$250.25
Free cash flow it threw off
—
Debt you’d be carrying
$7.21

10 shares is a claim on $538.02 of net worth that earned you −$250.25 last year, against $7.21 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-25% avg · 5y
FY21 -31%FY22 3%FY23 -28%FY24 -28%FY25 -41%

It earned an average -25% 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
−49% shares · 5y

Share count is down 49% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 75% — deleveraging.

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
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 →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-008861 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009954 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001679 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013032 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008861 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-001679 (ProfitLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-013032 (ProfitLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-008861 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-009954 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001679 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-013032 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-008861 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-009954 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-001679 (PaymentsToAcquireProductiveAssets)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001679 (LongTermDebt)
  16. 10-K · period ending 2025-12-31 · accession 0001493152-26-013032 (ShortTermBorrowings)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-008861 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-009954 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-001679 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013032 (CashAndCashEquivalentsAtCarryingValue)