MeritValue

KELSO TECHNOLOGIES INC

KIQSFdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

KELSO TECHNOLOGIES INC earns about -7% on invested capital, with a roughly flat share count. 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$7.43M1$10.9M2$10.8M3$10.7M3$10.8M3
Net income−$2.76M4−$1.36M5−$2.1M6−$4.62M6$447,3976
Operating cash flow−$1.82M7$314,4088−$275,2519−$393,8789$109,3259
Capital expenditure$131,38210$011$012$11,28012$012
Free cash flow (derived)−$1.95M7$314,4088−$275,2519−$405,1589$109,3259
Total debt—————
Cash & equivalents$3.38M13$2.71M14$1.43M14$153,14714$399,37514
Diluted shares54.3M54.3M54.4M55.2M55.3M

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
$0.85
your share of equity
Profit it earned you last year
$0.08
Free cash flow it threw off
$0.02
Debt you’d be carrying
—

10 shares is a claim on $0.85 of net worth that earned you $0.08 and generated $0.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 -24%FY22 2%FY23 0%FY24 -27%FY25 11%

It earned an average -7% 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
+2% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
$0.14
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001062993-24-008042 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001062993-25-007274 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001062993-26-001683 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001062993-24-008042 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001062993-25-007274 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001062993-26-001683 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001062993-24-008042 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001062993-25-007274 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001062993-26-001683 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001062993-24-008042 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001062993-25-007274 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001062993-26-001683 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001062993-25-007274 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001062993-26-001683 (CashAndCashEquivalents)