Graphene & Solar Technologies Ltd earns about -1067% on equity, but has diluted owners by 94% 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.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | −$34.8M1 | −$21M2 | −$1.31M3 | −$2.64M3 | −$3.3M4 |
| Operating cash flow | −$320,1275 | −$43,8236 | −$72,1807 | −$96,0297 | −$429,7968 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | $76,2559 | $60,00010 | $324,92810 | $312,31611 |
| Cash & equivalents | $3,72812 | $2,85712 | $1,09413 | $1,84513 | $57,36514 |
| Diluted shares | 343.2M | 374.3M | 387.2M | 454.4M | 667.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on −$0.07 of net worth that earned you −$0.05 last year, against $0 of debt.
It earned an average -1067% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 94% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 310% 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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2023-04-12 · period ending 2021-09-30 · accession 0001903596-23-000299 (NetIncomeLoss)
- 10-K filed 2024-01-16 · period ending 2022-09-30 · accession 0001903596-24-000016 (NetIncomeLoss)
- 10-K/A filed 2026-03-18 · periods ending 2023-09-30, 2024-09-30 · accession 0001903596-26-000081 (NetIncomeLoss)
- 10-K filed 2026-02-25 · period ending 2025-09-30 · accession 0001903596-26-000052 (NetIncomeLoss)
- 10-K filed 2023-04-12 · period ending 2021-09-30 · accession 0001903596-23-000299 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-01-16 · period ending 2022-09-30 · accession 0001903596-24-000016 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A filed 2026-03-18 · periods ending 2023-09-30, 2024-09-30 · accession 0001903596-26-000081 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-02-25 · period ending 2025-09-30 · accession 0001903596-26-000052 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-01-16 · period ending 2022-09-30 · accession 0001903596-24-000016 (NotesPayable)
- 10-K/A filed 2026-03-18 · periods ending 2023-09-30, 2024-09-30 · accession 0001903596-26-000081 (NotesPayable)
- 10-K filed 2026-02-25 · period ending 2025-09-30 · accession 0001903596-26-000052 (NotesPayable)
- 10-K filed 2024-01-16 · periods ending 2021-09-30, 2022-09-30 · accession 0001903596-24-000016 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A filed 2026-03-18 · periods ending 2023-09-30, 2024-09-30 · accession 0001903596-26-000081 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2026-02-25 · period ending 2025-09-30 · accession 0001903596-26-000052 (CashAndCashEquivalentsAtCarryingValue)