MeritValue

ModuLink Inc.

MDLKdata completeness 88%5 fiscal years on file
The thesis, from the filings

ModuLink Inc. earns about -173% on equity, but has diluted owners by 65172% 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 2014FY 2015FY 2016FY 2024FY 2025
Revenue$30,0001$98,9432$60,5342$409,3423$1.29M3
Net income−$177,2534−$72,0455−$122,3305−$283,3786−$1.27M6
Operating cash flow———−$345,1937−$1.24M7
Capital expenditure———$25,6558$36,7888
Free cash flow (derived)———−$370,8487−$1.27M7
Total debt—$09$364,9479——
Cash & equivalents$96,42510$8,99610$3,31310$382,12711$152,78611
Diluted shares12.2M12.5M12.5M7.83B7.97B

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
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
−$0
Debt you’d be carrying
—

10 shares is a claim on −$0 of net worth that earned you −$0 and generated −$0 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-173% avg · 5y
FY14 -94%FY15 -46%FY16 -364%FY24 -188%FY25 —

It earned an average -173% 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
+65172% shares · 5y

Share count is up 65172% 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
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
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 2014-12-31 · accession 0001570931-16-000050 (Revenues)
  2. 10-K/A · period ending 2015-12-31 · accession 0001079973-17-000443 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001683168-26-002455 (Revenues)
  4. 10-K · period ending 2014-12-31 · accession 0001570931-16-000050 (NetIncomeLoss)
  5. 10-K/A · period ending 2015-12-31 · accession 0001079973-17-000443 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001683168-26-002455 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001683168-26-002455 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002455 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K/A · period ending 2015-12-31 · accession 0001079973-17-000443 (LongTermDebtCurrent)
  10. 10-K/A · period ending 2014-12-31 · accession 0001079973-17-000443 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001683168-26-002455 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)