MeritValue

Flux Power Holdings, Inc.

FLUXdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Flux Power Holdings, Inc. earns about -1163% on equity, but has diluted owners by 42% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$26.3M1$42.3M2$66.5M2$60.8M3$66.4M3
Net income−$12.8M4−$16.5M5−$7.74M5−$8.33M6−$6.67M6
Operating cash flow−$18.4M7−$23.9M8−$3.57M8−$4.8M9$610,0009
Capital expenditure$1.1M10$797,00011$1.03M11$853,00012$653,00012
Free cash flow (derived)−$19.5M7−$24.7M8−$4.61M8−$5.65M9−$43,0009
Total debt—————
Cash & equivalents$4.71M13$485,00014$2.38M14$643,00015$1.33M15
Diluted shares11.8M15.4M16.1M16.5M16.7M

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
−$3.23
your share of equity
Profit it earned you last year
−$3.99
Free cash flow it threw off
−$0.03
Debt you’d be carrying
—

10 shares is a claim on −$3.23 of net worth that earned you −$3.99 and generated −$0.03 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-1163% avg · 5y
FY21 -106%FY22 -136%FY23 -115%FY24 -4295%FY25 —

It earned an average -1163% 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
+42% shares · 5y

Share count is up 42% 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
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 2021-06-30 · accession 0001493152-22-026952 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001493152-22-026952 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001493152-22-026952 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001493152-22-026952 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-06-30 · accession 0001493152-22-026952 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (CashAndCashEquivalentsAtCarryingValue)