MeritValue

GlobalTech Corp

GLTKdata completeness 100%5 fiscal years on file
The thesis, from the filings

GlobalTech Corp earns about -33% on invested capital, but has diluted owners by 5% 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$12.5M1$11.6M2$10.6M3$04$638,6774
Net income−$7.54M5−$12.4M6−$8.32M7−$2.95M8−$3.15M8
Operating cash flow−$1.09M9−$7.59M10−$2.94M11$225,54712−$1.51M12
Capital expenditure——$131,98713$123,05214$307,23714
Free cash flow (derived)——−$3.07M11$102,49512−$1.82M12
Total debt$4.1M15$1.53M16$1.51M17$9.42M18$11.8M18
Cash & equivalents$584,49819$756,23120$908,09721$822,25122$528,71722
Diluted shares139.8M139.8M139.8M139.9M147.2M

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
−$1.38
your share of equity
Profit it earned you last year
−$0.21
Free cash flow it threw off
−$0.12
Debt you’d be carrying
$0.8

10 shares is a claim on −$1.38 of net worth that earned you −$0.21 and generated −$0.12 of cash last year, against $0.8 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-33% avg · 5y
FY21 -20%FY22 -43%FY23 -37%FY24 —FY25 —

It earned an average -33% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 189% over the same window.

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/A · period ending 2021-12-31 · accession 0001477932-23-006997 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003948 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002102 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-001802 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001477932-23-006997 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003948 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002102 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-001802 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001477932-23-006997 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003948 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002102 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-001802 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001477932-25-002102 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001477932-26-001802 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2021-12-31 · accession 0001477932-23-006997 (ShortTermBorrowings)
  16. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003948 (ShortTermBorrowings)
  17. 10-K · period ending 2023-12-31 · accession 0001477932-25-002102 (ShortTermBorrowings)
  18. 10-K · period ending 2024-12-31 · accession 0001477932-26-001802 (LongTermDebtCurrent)
  19. 10-K/A · period ending 2021-12-31 · accession 0001477932-23-006997 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2022-12-31 · accession 0001477932-24-003948 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001477932-25-002102 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001477932-26-001802 (CashAndCashEquivalentsAtCarryingValue)