MeritValue

Invesco CurrencyShares Canadian Dollar Trust

FXCdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

The applicable estimate puts fair value near $3.44 a share.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$01$613,3432$2.22M3$1.49M4$713,8014
Net income−$714,7355$146,7016$1.87M7$1.25M8$387,1508
Operating cash flow−$707,1099−$31,65610$1.83M11$1.35M12$435,17812
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$139.7M13$97.4M14$77.8M15$61.2M15$74.9M15
Diluted shares2.3M1.5M1.2M869,2621.2M

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
—
your share of equity
Profit it earned you last year
$3.32
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you $3.32 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

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.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$3.44
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$387,150
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count 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 0000950170-23-004222 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-019058 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-027265 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-083543 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-004222 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-019058 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-027265 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-083543 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-004222 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-019058 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-027265 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-083543 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-019058 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-027265 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-083543 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)