MeritValue

iQSTEL Inc

IQSTdata completeness 100%16 fiscal years on file
The thesis, from the filings

iQSTEL Inc earns about -39% on invested capital, and has bought back 97% of its shares over 5 years. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$64.7M1$93.2M2$144.5M3$283.2M4$316.9M4
Net income−$3.84M5−$5.97M6−$763,2587−$5.18M8−$8.51M8
Operating cash flow−$3.15M9−$1.77M10−$1.48M11−$2.93M12−$3.84M12
Capital expenditure$153,18313$112,07414$220,04515$151,62016$113,02016
Free cash flow (derived)−$3.31M9−$1.88M10−$1.7M11−$3.08M12−$3.96M12
Total debt$1.18M17$499,32618$728,17419$4.91M20$8.1M21
Cash & equivalents$3.33M22$1.33M23$1.36M24$2.51M25$2.16M25
Diluted shares147.5M151.9M172.1M2.5M4.7M

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
$34.88
your share of equity
Profit it earned you last year
−$18.23
Free cash flow it threw off
−$8.48
Debt you’d be carrying
$17.36

10 shares is a claim on $34.88 of net worth that earned you −$18.23 and generated −$8.48 of cash last year, against $17.36 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-39% avg · 5y
FY21 -58%FY22 -78%FY23 -2%FY24 -26%FY25 -30%

It earned an average -39% 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
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 584% 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
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 2021-12-31 · accession 0001663577-23-000196 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001663577-24-000092 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001663577-25-000086 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001663577-26-000094 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001663577-23-000196 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001663577-24-000092 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001663577-25-000086 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001663577-26-000094 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001663577-22-000244 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001663577-24-000092 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001663577-25-000086 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001663577-26-000094 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001663577-22-000244 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001663577-24-000092 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001663577-25-000086 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001663577-26-000094 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001663577-23-000196 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001663577-24-000092 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001663577-25-000086 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001663577-26-000094 (LongTermDebtCurrent)
  21. 10-K · period ending 2025-12-31 · accession 0001663577-26-000094 (LongTermDebtNoncurrent)
  22. 10-K · period ending 2021-12-31 · accession 0001663577-23-000196 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2022-12-31 · accession 0001663577-24-000092 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2023-12-31 · accession 0001663577-25-000086 (CashAndCashEquivalentsAtCarryingValue)
  25. 10-K · period ending 2024-12-31 · accession 0001663577-26-000094 (CashAndCashEquivalentsAtCarryingValue)