MeritValue

HyOrc Corp

HYORdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

HyOrc Corp earns about -5% on equity, but has diluted owners by 1598% 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 2014FY 2015FY 2016FY 2024FY 2025
Revenue———$617,1151$59,1241
Net income−$131,9922−$964,3223−$31,5403−$1.63M4−$551,2944
Operating cash flow−$83,5435−$189,8816−$12,1736−$345,8577−$336,0577
Capital expenditure—————
Free cash flow (derived)—————
Total debt$08————
Cash & equivalents$2,8369$8429$3629$176,01610$19,41710
Diluted shares43.2M67.2M67.2M685.7M733.4M

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
$0.3
your share of equity
Profit it earned you last year
−$0.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.3 of net worth that earned you −$0.01 last year.

iii. Is this a good business?
Moat signal · return on equity
-5% avg · 5y
FY14 —FY15 —FY16 —FY24 -7%FY25 -3%

It earned an average -5% 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
+1598% shares · 5y

Share count is up 1598% 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 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
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 2024-12-31 · accession 0001493152-26-013412 (Revenues)
  2. 10-K · period ending 2014-12-31 · accession 0001493152-17-011092 (NetIncomeLoss)
  3. 10-K · period ending 2015-12-31 · accession 0001493152-17-012724 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013412 (NetIncomeLoss)
  5. 10-K · period ending 2014-12-31 · accession 0001493152-17-011092 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2015-12-31 · accession 0001493152-17-012724 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-013412 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2014-12-31 · accession 0001493152-15-001051 (ShortTermBorrowings)
  9. 10-K · period ending 2014-12-31 · accession 0001493152-17-012724 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-013412 (CashAndCashEquivalentsAtCarryingValue)