MeritValue

Leopard Energy, Inc.

LEENdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Leopard Energy, Inc. earns about -53% on equity, and has bought back 100% 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—$01$02$4,4293$5,9743
Net income−$550,1944−$1.94M5−$148,8946−$252,8037$31,8357
Operating cash flow−$494,5478−$181,3629−$48,36010−$154,32311−$76,57911
Capital expenditure$317,28712————
Free cash flow (derived)−$811,8348————
Total debt—————
Cash & equivalents$70,18213$32014$314$6,43215$12,11815
Diluted shares389.0M961,4481.3M1.3M1.3M

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
−$0.66
your share of equity
Profit it earned you last year
$0.25
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.66 of net worth that earned you $0.25 last year.

iii. Is this a good business?
Moat signal · return on equity
-53% avg · 5y
FY21 -53%FY22 —FY23 —FY24 —FY25 —

It earned an average -53% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-07-31 · accession 0001477932-24-002208 (Revenues)
  2. 10-K · period ending 2023-07-31 · accession 0001477932-24-007579 (Revenues)
  3. 10-K · period ending 2024-07-31 · accession 0001477932-25-007668 (Revenues)
  4. 10-K · period ending 2021-07-31 · accession 0001575705-22-000689 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-07-31 · accession 0001477932-24-002208 (NetIncomeLoss)
  6. 10-K · period ending 2023-07-31 · accession 0001477932-24-007579 (NetIncomeLoss)
  7. 10-K · period ending 2024-07-31 · accession 0001477932-25-007668 (NetIncomeLoss)
  8. 10-K · period ending 2021-07-31 · accession 0001575705-22-000689 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-07-31 · accession 0001477932-24-002208 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-07-31 · accession 0001477932-24-007579 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-07-31 · accession 0001477932-25-007668 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2021-07-31 · accession 0001575705-21-000852 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-07-31 · accession 0001575705-22-000689 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-07-31 · accession 0001477932-24-002208 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-07-31 · accession 0001477932-25-007668 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)