MeritValue

IEH Corp

IEHCdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

IEH Corp earns about -8% on invested capital, but has diluted owners by 98928% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$24.3M1$19.1M2$21.5M3$28.8M4$29.4M4
Net income$1.44M5−$6.5M6−$2.92M7$999,0388−$1.3M8
Operating cash flow$1.41M9−$3.79M10−$1.91M11$4.88M12−$631,13012
Capital expenditure$2.65M13$545,51414$347,16815$532,36416$953,09416
Free cash flow (derived)−$1.23M9−$4.33M10−$2.26M11$4.35M12−$1.58M12
Total debt—————
Cash & equivalents$12.7M17$8.34M18$6.14M19$10.5M20$9.65M20
Diluted shares2,4482,3702.4M2.4M2.4M

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
$92.23
your share of equity
Profit it earned you last year
−$5.35
Free cash flow it threw off
−$6.53
Debt you’d be carrying
—

10 shares is a claim on $92.23 of net worth that earned you −$5.35 and generated −$6.53 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY22 7%FY23 -28%FY24 -18%FY25 8%FY26 -8%

It earned an average -8% 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
+98928% shares · 5y

Share count is up 98928% 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
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 2022-03-31 · accession 0001213900-24-034937 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001213900-24-052905 (Revenues)
  3. 10-K · period ending 2024-03-31 · accession 0001213900-25-053885 (Revenues)
  4. 10-K · period ending 2025-03-31 · accession 0001213900-26-068122 (Revenues)
  5. 10-K/A · period ending 2022-03-31 · accession 0001213900-24-034937 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001213900-24-052905 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001213900-25-053885 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001213900-26-068122 (NetIncomeLoss)
  9. 10-K/A · period ending 2022-03-31 · accession 0001213900-24-034937 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001213900-24-052905 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001213900-25-053885 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001213900-26-068122 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2022-03-31 · accession 0001213900-24-034937 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001213900-24-052905 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001213900-25-053885 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001213900-26-068122 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001213900-24-052905 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2023-03-31 · accession 0001213900-24-052905 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001213900-25-053885 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001213900-26-068122 (CashAndCashEquivalentsAtCarryingValue)