MeritValue

Karbon-X Corp.

KARXdata completeness 100%7 fiscal years on file
The thesis, from the filings

Karbon-X Corp. earns about -439% on invested capital, but has diluted owners by 29% 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$01$02$9,8333$412,0574$3.16M4
Net income−$30,6895−$234,7466−$1.99M7−$2.74M8−$7.05M8
Operating cash flow−$1429−$184,58710−$1.49M11−$1.1M12−$6.5M12
Capital expenditure—$3,25313$7,05814$015$2,54315
Free cash flow (derived)—−$187,84010−$1.49M11−$1.1M12−$6.5M12
Total debt—$016$100,00017$36,50018$018
Cash & equivalents$019$477,33920$206,82021$2.68M21$704,34622
Diluted shares64.9M65.0M73.5M77.2M83.6M

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
−$0.16
your share of equity
Profit it earned you last year
−$0.84
Free cash flow it threw off
−$0.78
Debt you’d be carrying
$0

10 shares is a claim on −$0.16 of net worth that earned you −$0.84 and generated −$0.78 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-439% avg · 5y
FY21 —FY22 -117%FY23 -73%FY24 -1128%FY25 —

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
+29% shares · 5y

Share count is up 29% 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 · period ending 2021-05-31 · accession 0001477932-21-006022 (Revenues)
  2. 10-K · period ending 2022-05-31 · accession 0001477932-23-006860 (Revenues)
  3. 10-K · period ending 2023-05-31 · accession 0001477932-24-005717 (Revenues)
  4. 10-K/A · period ending 2024-05-31 · accession 0001477932-25-006822 (Revenues)
  5. 10-K · period ending 2021-05-31 · accession 0001477932-21-006022 (NetIncomeLoss)
  6. 10-K · period ending 2022-05-31 · accession 0001477932-23-006860 (NetIncomeLoss)
  7. 10-K · period ending 2023-05-31 · accession 0001477932-24-005717 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-05-31 · accession 0001477932-25-006822 (NetIncomeLoss)
  9. 10-K · period ending 2021-05-31 · accession 0001477932-21-006022 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-05-31 · accession 0001477932-23-006860 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-05-31 · accession 0001477932-24-005717 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-05-31 · accession 0001477932-25-006822 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-05-31 · accession 0001477932-23-006860 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-05-31 · accession 0001477932-24-005717 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2024-05-31 · accession 0001477932-25-006822 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-05-31 · accession 0001477932-23-006860 (ShortTermBorrowings)
  17. 10-K · period ending 2023-05-31 · accession 0001477932-24-005717 (ShortTermBorrowings)
  18. 10-K/A · period ending 2024-05-31 · accession 0001477932-25-006822 (ShortTermBorrowings)
  19. 10-K · period ending 2021-05-31 · accession 0001477932-22-006846 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-05-31 · accession 0001477932-23-006860 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-05-31 · accession 0001477932-24-005717 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K/A · period ending 2025-05-31 · accession 0001477932-25-006822 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)