MeritValue

INNOVATIVE DESIGNS INC

IVDNdata completeness 100%16 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

INNOVATIVE DESIGNS INC earns about -11% on equity, but has diluted owners by 19% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$225,6011$258,7342$347,7633$1.38M4$2.77M4
Net income−$322,7325−$225,4896−$301,3787$96,9238$494,7038
Operating cash flow−$46,5769−$99,68510−$209,48911−$201,66812$459,84712
Capital expenditure$013$014$20,59315$9,55816$10,66616
Free cash flow (derived)−$46,5769−$99,68510−$230,08211−$211,22612$449,18112
Total debt$750,70217$459,85417$64,82618$44,42919$020
Cash & equivalents$480,45121$263,29321$238,67722$185,67522$605,05222
Diluted shares32.3M35.3M36.5M37.3M38.3M

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
$0.54
your share of equity
Profit it earned you last year
$0.13
Free cash flow it threw off
$0.12
Debt you’d be carrying
$0

10 shares is a claim on $0.54 of net worth that earned you $0.13 and generated $0.12 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
-11% avg · 5y
FY21 -35%FY22 -22%FY23 -27%FY24 7%FY25 24%

It earned an average -11% 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
+19% shares · 5y

Share count is up 19% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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
$0.11
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-10-31 · accession 0001731122-23-000202 (Revenues)
  2. 10-K · period ending 2022-10-31 · accession 0001731122-24-000304 (Revenues)
  3. 10-K · period ending 2023-10-31 · accession 0001731122-25-000267 (Revenues)
  4. 10-K/A · period ending 2024-10-31 · accession 0001731122-26-000756 (Revenues)
  5. 10-K · period ending 2021-10-31 · accession 0001731122-23-000202 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-31 · accession 0001731122-24-000304 (NetIncomeLoss)
  7. 10-K · period ending 2023-10-31 · accession 0001731122-25-000267 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-10-31 · accession 0001731122-26-000756 (NetIncomeLoss)
  9. 10-K · period ending 2021-10-31 · accession 0001731122-23-000202 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-31 · accession 0001731122-24-000304 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-10-31 · accession 0001731122-25-000267 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-10-31 · accession 0001731122-26-000756 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-10-31 · accession 0001731122-22-000252 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-10-31 · accession 0001731122-24-000304 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-10-31 · accession 0001731122-25-000267 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2024-10-31 · accession 0001731122-26-000756 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-10-31 · accession 0001731122-23-000202 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-10-31 · accession 0001731122-24-000304 (LongTermDebt)
  19. 10-K · period ending 2024-10-31 · accession 0001731122-25-000267 (LongTermDebt)
  20. 10-K/A · period ending 2025-10-31 · accession 0001731122-26-000756 (LongTermDebt)
  21. 10-K · period ending 2021-10-31 · accession 0001731122-23-000202 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2023-10-31 · accession 0001731122-26-000756 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)