MeritValue

Starfighters Space, Inc.

FJETdata completeness 88%2 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Starfighters Space, Inc. earns about -62% on invested capital, but has diluted owners by 26% over 2 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 2024FY 2025
Revenue$01$01
Net income−$7.91M2−$16.5M2
Operating cash flow−$3.86M3−$8.23M3
Capital expenditure$04$150,7634
Free cash flow (derived)−$3.86M3−$8.38M3
Total debt——
Cash & equivalents$7.05M5$4.58M5
Diluted shares17.2M21.7M

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
$11.5
your share of equity
Profit it earned you last year
−$7.64
Free cash flow it threw off
−$3.87
Debt you’d be carrying
—

10 shares is a claim on $11.5 of net worth that earned you −$7.64 and generated −$3.87 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-62% avg · 2y
FY24 —FY25 -62%

It earned an average -62% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+26% shares · 2y

Share count is up 26% over 2 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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/A · period ending 2024-12-31 · accession 0001062993-26-003746 (Revenues)
  2. 10-K/A · period ending 2024-12-31 · accession 0001062993-26-003746 (NetIncomeLoss)
  3. 10-K/A · period ending 2024-12-31 · accession 0001062993-26-003746 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K/A · period ending 2024-12-31 · accession 0001062993-26-003746 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K/A · period ending 2024-12-31 · accession 0001062993-26-003746 (CashAndCashEquivalentsAtCarryingValue)