MeritValue

Lexaria Bioscience Corp.

LEXXdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Lexaria Bioscience Corp. earns about -363% on invested capital, but has diluted owners by 214% 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$722,7381$255,3972$226,2083$464,2783$705,9234
Net income−$4.03M5−$7.27M6−$6.66M7−$5.8M8−$11.9M8
Operating cash flow−$3.99M9−$4.88M10−$5.88M11−$4.96M12−$10.5M12
Capital expenditure—$49,19213$33,74814$43,01415$24,64615
Free cash flow (derived)—−$4.93M10−$5.91M11−$5M12−$10.5M12
Total debt—————
Cash & equivalents$10.9M16$5.81M16$1.35M17$6.5M17$1.8M17
Diluted shares5.7M6.0M6.6M12.4M18.0M

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
$1.66
your share of equity
Profit it earned you last year
−$6.61
Free cash flow it threw off
−$5.82
Debt you’d be carrying
—

10 shares is a claim on $1.66 of net worth that earned you −$6.61 and generated −$5.82 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-363% avg · 5y
FY21 -140%FY22 -273%FY23 -311%FY24 -298%FY25 -792%

It earned an average -363% 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
+214% shares · 5y

Share count is up 214% 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 2021-08-31 · accession 0001640334-22-002512 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-08-31 · accession 0001640334-23-002227 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-08-31 · accession 0001640334-24-001787 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-08-31 · accession 0001640334-25-002225 (Revenues)
  5. 10-K · period ending 2021-08-31 · accession 0001640334-22-002512 (NetIncomeLoss)
  6. 10-K · period ending 2022-08-31 · accession 0001640334-23-002227 (NetIncomeLoss)
  7. 10-K · period ending 2023-08-31 · accession 0001640334-24-001787 (NetIncomeLoss)
  8. 10-K · period ending 2024-08-31 · accession 0001640334-25-002225 (NetIncomeLoss)
  9. 10-K · period ending 2021-08-31 · accession 0001640334-22-002512 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-08-31 · accession 0001640334-23-002227 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-08-31 · accession 0001640334-24-001787 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-08-31 · accession 0001640334-25-002225 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-08-31 · accession 0001640334-23-002227 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-08-31 · accession 0001640334-24-001787 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-08-31 · accession 0001640334-25-002225 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-08-31 · accession 0001640334-22-002512 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-08-31 · accession 0001640334-25-002225 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)