MeritValue

FLYWHEEL ADVANCED TECHNOLOGY, INC.

FWFWdata completeness 50%9 fiscal years on file
The thesis, from the filings

FLYWHEEL ADVANCED TECHNOLOGY, INC. earns about -27% on equity, but has diluted owners by 1728% 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——$1.45M1——
Net income−$2.39M2−$204,1303−$1.08M4−$710,0885−$5.53M5
Operating cash flow−$23,2376−$181,2107−$166,3958−$778,6169−$163,0819
Capital expenditure———$7,60010—
Free cash flow (derived)———−$786,2169—
Total debt—————
Cash & equivalents——$621,00111——
Diluted shares1.6M5.9M23.5M29.7M29.7M

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
−$0.31
your share of equity
Profit it earned you last year
−$1.87
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.31 of net worth that earned you −$1.87 last year.

iii. Is this a good business?
Moat signal · return on equity
-27% avg · 5y
FY21 —FY22 —FY23 -38%FY24 -15%FY25 —

It earned an average -27% 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
+1728% shares · 5y

Share count is up 1728% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 2023-09-30 · accession 0001493152-24-002454 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-09-30 · accession 0001493152-22-036631 (NetIncomeLoss)
  3. 10-K · period ending 2022-09-30 · accession 0001493152-24-002454 (NetIncomeLoss)
  4. 10-K · period ending 2023-09-30 · accession 0001493152-25-002097 (NetIncomeLoss)
  5. 10-K · period ending 2024-09-30 · accession 0001493152-26-001994 (NetIncomeLoss)
  6. 10-K · period ending 2021-09-30 · accession 0001493152-22-036631 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-09-30 · accession 0001493152-24-002454 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-09-30 · accession 0001493152-25-002097 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-09-30 · accession 0001493152-26-001994 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-09-30 · accession 0001493152-26-001994 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-09-30 · accession 0001493152-24-002454 (CashAndCashEquivalentsAtCarryingValue)