i. The business — what you’d actually own
| Figure | FY 2025 | FY 2026 |
|---|---|---|
| Revenue | $1,2941 | — |
| Net income | −$330,9852 | −$226,7082 |
| Operating cash flow | −$191,0273 | −$194,7513 |
| Capital expenditure | $3,8694 | — |
| Free cash flow (derived) | −$194,8963 | — |
| Total debt | — | — |
| Cash & equivalents | $4505 | $43,4495 |
| Diluted shares | 12.2M | 12.6M |
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
−$0.15
your share of equity
Profit it earned you last year
−$0.18
Free cash flow it threw off
—
Debt you’d be carrying
—
10 shares is a claim on −$0.15 of net worth that earned you −$0.18 last year.
iii. Is this a good business?
Moat signal · return on equity
— avg · 2y
Not enough data in the filings for a return-on-capital reading.
seeing a moat in the numbers →Management signal · capital allocation
+3% shares · 2y
Share count is up 3% over 2 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 v0.5.0
Different models answer different questions — which to trust when →
Sources — the receipts
- 10-K · period ending 2025-03-31 · accession 0001213900-26-073032 (Revenues)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-073032 (NetIncomeLoss)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-073032 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-073032 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2025-03-31 · accession 0001213900-26-073032 (CashAndCashEquivalentsAtCarryingValue)