MeritValue

Flux Power Holdings, Inc.

FLUXdata completeness 88%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Flux Power Holdings, Inc. earns about -1209% on equity, but has diluted owners by 28% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$42.3M1$66.5M1$60.8M2$66.4M3$42.1M3
Net income−$16.5M4−$7.74M4−$8.33M5−$6.67M6−$7.45M6
Operating cash flow−$23.9M7−$3.57M7−$4.8M8$610,0009−$5.92M9
Capital expenditure$797,00010$1.03M10$853,00011$653,00012$509,00012
Free cash flow (derived)−$24.7M7−$4.61M7−$5.65M8−$43,0009−$6.43M9
Total debt—————
Cash & equivalents$485,00013$2.38M13$643,00014$1.3M15$300,00015
Diluted shares15.4M16.1M16.5M16.7M19.8M

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
$1.29
your share of equity
Profit it earned you last year
−$3.76
Free cash flow it threw off
−$3.24
Debt you’d be carrying
—

10 shares is a claim on $1.29 of net worth that earned you −$3.76 and generated −$3.24 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-1209% avg · 5y
FY22 -136%FY23 -115%FY24 -4295%FY25 —FY26 -291%

It earned an average -1209% 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
+28% shares · 5y

Share count is up 28% 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 v0.5.0
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 2022-06-30 · accession 0001493152-25-004175 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-06-30 · accession 0001493152-26-039471 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (NetIncomeLoss)
  5. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (NetIncomeLoss)
  6. 10-K · period ending 2025-06-30 · accession 0001493152-26-039471 (NetIncomeLoss)
  7. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2025-06-30 · accession 0001493152-26-039471 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-06-30 · accession 0001493152-26-039471 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-06-30 · accession 0001493152-25-004175 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-06-30 · accession 0001493152-25-013771 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2025-06-30 · accession 0001493152-26-039471 (CashAndCashEquivalentsAtCarryingValue)