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Karbon-X Corp.

KARXdata completeness 100%8 fiscal years on file
The thesis, from the filings

Karbon-X Corp. earns about -439% on invested capital, but has diluted owners by 33% 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$01$9,8332$412,0573$3.16M4$55.9M4
Net income−$234,7465−$1.99M6−$2.74M7−$7.05M8−$13.6M8
Operating cash flow−$184,5879−$1.49M10−$1.1M11−$6.5M12−$7.86M12
Capital expenditure$3,25313$7,05814$015$2,54316$4,34116
Free cash flow (derived)−$187,8409,13−$1.49M10,14−$1.1M11,15−$6.5M12,16−$7.87M12,16
Total debt$017$100,00018$36,50019$020,21$5.24M20,21
Cash & equivalents$477,33922$206,82023$2.68M23$704,34624$1.16M24
Diluted shares65.0M73.5M77.2M83.6M86.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.69
your share of equity
Profit it earned you last year
−$1.57
Free cash flow it threw off
−$0.91
Debt you’d be carrying
$0.6

10 shares is a claim on −$0.69 of net worth that earned you −$1.57 and generated −$0.91 of cash last year, against $0.6 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-439% avg · 5y
FY22 -117%FY23 -73%FY24 -1128%FY25 —FY26 —

It earned an average -439% 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
+33% shares · 5y

Share count is up 33% 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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K filed 2023-09-13 · period ending 2022-05-31 · accession 0001477932-23-006860 (Revenues)
  2. 10-K filed 2024-09-13 · period ending 2023-05-31 · accession 0001477932-24-005717 (Revenues)
  3. 10-K/A filed 2025-09-17 · period ending 2024-05-31 · accession 0001477932-25-006822 (Revenues)
  4. 10-K filed 2026-09-15 · periods ending 2025-05-31, 2026-05-31 · accession 0001477932-26-005627 (Revenues)
  5. 10-K filed 2023-09-13 · period ending 2022-05-31 · accession 0001477932-23-006860 (NetIncomeLoss)
  6. 10-K filed 2024-09-13 · period ending 2023-05-31 · accession 0001477932-24-005717 (NetIncomeLoss)
  7. 10-K/A filed 2025-09-17 · period ending 2024-05-31 · accession 0001477932-25-006822 (NetIncomeLoss)
  8. 10-K filed 2026-09-15 · periods ending 2025-05-31, 2026-05-31 · accession 0001477932-26-005627 (NetIncomeLoss)
  9. 10-K filed 2023-09-13 · period ending 2022-05-31 · accession 0001477932-23-006860 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-09-13 · period ending 2023-05-31 · accession 0001477932-24-005717 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A filed 2025-09-17 · period ending 2024-05-31 · accession 0001477932-25-006822 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-09-15 · periods ending 2025-05-31, 2026-05-31 · accession 0001477932-26-005627 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2023-09-13 · period ending 2022-05-31 · accession 0001477932-23-006860 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K filed 2024-09-13 · period ending 2023-05-31 · accession 0001477932-24-005717 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A filed 2025-09-17 · period ending 2024-05-31 · accession 0001477932-25-006822 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K filed 2026-09-15 · periods ending 2025-05-31, 2026-05-31 · accession 0001477932-26-005627 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K filed 2023-09-13 · period ending 2022-05-31 · accession 0001477932-23-006860 (ShortTermBorrowings)
  18. 10-K filed 2024-09-13 · period ending 2023-05-31 · accession 0001477932-24-005717 (ShortTermBorrowings)
  19. 10-K/A filed 2025-09-17 · period ending 2024-05-31 · accession 0001477932-25-006822 (ShortTermBorrowings)
  20. 10-K filed 2026-09-15 · periods ending 2025-05-31, 2026-05-31 · accession 0001477932-26-005627 (LongTermDebt)
  21. 10-K filed 2026-09-15 · periods ending 2025-05-31, 2026-05-31 · accession 0001477932-26-005627 (ShortTermBankLoansAndNotesPayable)
  22. 10-K filed 2023-09-13 · period ending 2022-05-31 · accession 0001477932-23-006860 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K filed 2024-09-13 · periods ending 2023-05-31, 2024-05-31 · accession 0001477932-24-005717 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K filed 2026-09-15 · periods ending 2025-05-31, 2026-05-31 · accession 0001477932-26-005627 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)