MeritValue

Kaival Brands Innovations Group, Inc.

KAVLdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Kaival Brands Innovations Group, Inc. earns about -2709% on invested capital, and has bought back 63% 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$58.8M1$12.8M2$13.1M3$6.89M4$484,6614
Net income−$9.03M5−$14.4M6−$11.1M7−$6.7M8−$16.6M8
Operating cash flow−$9.31M9−$5.71M10−$2.97M11−$672,63212−$2.77M12
Capital expenditure——$3,48013——
Free cash flow (derived)——−$2.98M11——
Total debt—————
Cash & equivalents$7.83M14$3.69M14$015$016$016
Diluted shares30.2M1.9M2.7M4.3M11.0M

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
$0.09
your share of equity
Profit it earned you last year
−$15.07
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.09 of net worth that earned you −$15.07 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2709% avg · 5y
FY21 -97%FY22 -186%FY23 -68%FY24 -38%FY25 -13157%

It earned an average -2709% 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
−63% shares · 5y

Share count is down 63% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 2021-10-31 · accession 0001731122-23-000093 (Revenues)
  2. 10-K · period ending 2022-10-31 · accession 0001731122-24-000237 (Revenues)
  3. 10-K · period ending 2023-10-31 · accession 0001731122-25-000185 (Revenues)
  4. 10-K · period ending 2024-10-31 · accession 0001731122-26-000140 (Revenues)
  5. 10-K · period ending 2021-10-31 · accession 0001731122-23-000093 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-31 · accession 0001731122-24-000237 (NetIncomeLoss)
  7. 10-K · period ending 2023-10-31 · accession 0001731122-25-000185 (NetIncomeLoss)
  8. 10-K · period ending 2024-10-31 · accession 0001731122-26-000140 (NetIncomeLoss)
  9. 10-K · period ending 2021-10-31 · accession 0001731122-23-000093 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-31 · accession 0001731122-24-000237 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-10-31 · accession 0001731122-25-000185 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-10-31 · accession 0001731122-26-000140 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-10-31 · accession 0001731122-25-000185 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-10-31 · accession 0001731122-23-000093 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-10-31 · accession 0001731122-25-000185 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-10-31 · accession 0001731122-26-000140 (CashAndCashEquivalentsAtCarryingValue)