MeritValue

Visionary Holdings Inc.

GVdata completeness 100%6 fiscal years on file
The thesis, from the filings

Visionary Holdings Inc. earns about 24% on invested capital, and has bought back 88% of its shares over 5 years. The applicable estimate puts fair value near $0.02 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$7.73M1$5.25M2$8.43M3$9.38M3$5.04M3
Net income$2.87M4$9,7495−$3.47M6$1.02M6−$15.8M6
Operating cash flow$4.44M7$6.36M8$335,9199−$4.1M9−$2.97M9
Capital expenditure—$010$62.7M11$1.31M11$011
Free cash flow (derived)—$6.36M8−$62.4M9−$5.41M9−$2.97M9
Total debt$172,62912$19.4M13$48.9M14$63.2M15$46.1M15
Cash & equivalents$1.19M16$809,68917$1.29M17$773,34417$572,10717
Diluted shares35.0M2.3M2.6M3.2M4.3M

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
$11.81
your share of equity
Profit it earned you last year
−$36.56
Free cash flow it threw off
−$6.85
Debt you’d be carrying
$106.39

10 shares is a claim on $11.81 of net worth that earned you −$36.56 and generated −$6.85 of cash last year, against $106.39 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
24% avg · 5y
FY21 126%FY22 3%FY23 -2%FY24 9%FY25 -17%

It earned an average 24% 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
−88% shares · 5y

Share count is down 88% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 26608% 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
$0.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$9,749
  • growthAssumed0.0%
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. 20-F · period ending 2021-03-31 · accession 0001683168-23-005816 (Revenues)
  2. 20-F · period ending 2022-03-31 · accession 0001683168-24-005751 (Revenues)
  3. 20-F · period ending 2023-03-31 · accession 0001575872-26-000048 (Revenues)
  4. 20-F · period ending 2021-03-31 · accession 0001683168-23-005816 (NetIncomeLoss)
  5. 20-F · period ending 2022-03-31 · accession 0001683168-24-005751 (NetIncomeLoss)
  6. 20-F · period ending 2023-03-31 · accession 0001575872-26-000048 (NetIncomeLoss)
  7. 20-F · period ending 2021-03-31 · accession 0001683168-23-005816 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-03-31 · accession 0001683168-24-005751 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-03-31 · accession 0001575872-26-000048 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-03-31 · accession 0001683168-24-005751 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-03-31 · accession 0001575872-26-000048 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F/A · period ending 2021-03-31 · accession 0001683168-23-001482 (LongTermDebtCurrent)
  13. 20-F · period ending 2022-03-31 · accession 0001683168-23-005816 (LongTermDebtCurrent)
  14. 20-F · period ending 2023-03-31 · accession 0001683168-24-005751 (LongTermDebtCurrent)
  15. 20-F · period ending 2024-03-31 · accession 0001575872-26-000048 (LongTermDebtCurrent)
  16. 20-F · period ending 2021-03-31 · accession 0001683168-24-005751 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 20-F · period ending 2022-03-31 · accession 0001575872-26-000048 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)