MeritValue

Kuber Resources Corp

KUBRdata completeness 88%10 fiscal years on file
The thesis, from the filings

Kuber Resources Corp earns about 40% on invested capital, but has diluted owners by 532% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.02 a share.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 2020FY 2021FY 2022FY 2023FY 2024
Revenue——$1.56M1$2.25M2$3.92M2
Net income−$372,7433−$81,8124$758,1305$1.22M5$386,2676
Operating cash flow$2,7587$50,8098$12,5619$201,18210−$82,65610
Capital expenditure—$1,28811$55,17212$14,37612$311,56413
Free cash flow (derived)—$49,5218−$42,6119$186,80610−$394,22010
Total debt—$170,71214$77,78514——
Cash & equivalents$2,75815$52,27916$109,18717$143,86018$104,32218
Diluted shares32.6M32.6M236.3M283.1M206.0M

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
$0.22
your share of equity
Profit it earned you last year
$0.02
Free cash flow it threw off
−$0.02
Debt you’d be carrying
—

10 shares is a claim on $0.22 of net worth that earned you $0.02 and generated −$0.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
40% avg · 5y
FY20 —FY21 —FY22 81%FY23 30%FY24 9%

It earned an average 40% 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
+532% shares · 5y

Share count is up 532% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 54% — 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
$0.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$386,267
  • growthAssumed0.0%
Graham Number
$0.03
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001214659-24-006961 (Revenues)
  2. 10-K/A · period ending 2023-12-31 · accession 0001214659-25-005957 (Revenues)
  3. 10-K · period ending 2020-12-31 · accession 0001214659-22-005223 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001214659-23-005432 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001214659-24-006961 (NetIncomeLoss)
  6. 10-K/A · period ending 2024-12-31 · accession 0001214659-25-005957 (ProfitLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001214659-22-005223 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001214659-23-005432 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001214659-24-006961 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2023-12-31 · accession 0001214659-25-005957 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001214659-23-005432 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001214659-24-006961 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2024-12-31 · accession 0001214659-25-005957 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2021-12-31 · accession 0001214659-23-005432 (ShortTermBorrowings)
  15. 10-K · period ending 2020-12-31 · accession 0001214659-22-005223 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2021-12-31 · accession 0001214659-23-005432 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001214659-24-006961 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2023-12-31 · accession 0001214659-25-005957 (CashAndCashEquivalentsAtCarryingValue)