INTERNATIONAL BATTERY METALS LTD.

IBATFdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

INTERNATIONAL BATTERY METALS LTD. earns about -8% on invested capital, but has diluted owners by 26% over 2 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

Figure	FY 2025	FY 2026
Revenue	—	—
Net income	−$3.52M¹	$122,000¹
Operating cash flow	−$13.5M²	−$9.67M²
Capital expenditure	$1.33M³	$401,000³
Free cash flow (derived)	−$14.8M²	−$10.1M²
Total debt	—	—
Cash & equivalents	$10.7M⁴	$9.19M⁴
Diluted shares	238.4M	301.0M

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

Net assets behind them

$0.94

your share of equity

Profit it earned you last year

Free cash flow it threw off

−$0.33

Debt you’d be carrying

—

10 shares is a claim on $0.94 of net worth that earned you $0 and generated −$0.33 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-8% avg · 2y

FY25 -18%FY26 1%

It earned an average -8% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+26% shares · 2y

Share count is up 26% over 2 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 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

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

10-K · period ending 2025-03-31 · accession 0001193125-26-274679 (NetIncomeLoss)
10-K · period ending 2025-03-31 · accession 0001193125-26-274679 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-03-31 · accession 0001193125-26-274679 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2025-03-31 · accession 0001193125-26-274679 (CashAndCashEquivalentsAtCarryingValue)