MeritValue

MMEX Resources Corp

MMEXdata completeness 88%15 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$02$03$04$04
Net income−$24.5M5−$228,7306−$1.98M7−$2.46M8−$2.3M8
Operating cash flow−$805,6839−$3.4M10−$682,00411−$492,99212−$380,10712
Capital expenditure$013$677,90514$015$016$016
Free cash flow (derived)−$805,6839−$4.08M10−$682,00411−$492,99212−$380,10712
Total debt$017$017———
Cash & equivalents$330,44918$136,86719$10,36319$89820$4,57920
Diluted shares3.3M21.2M769.6M7.19B10.17B

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
−$0.01
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 −$0.01 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
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+312702% shares · 5y

Share count is up 312702% 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 2021-04-30 · accession 0001477932-22-005128 (Revenues)
  2. 10-K · period ending 2022-04-30 · accession 0001477932-23-005360 (Revenues)
  3. 10-K · period ending 2023-04-30 · accession 0001477932-24-004414 (Revenues)
  4. 10-K · period ending 2024-04-30 · accession 0001477932-25-005291 (Revenues)
  5. 10-K · period ending 2021-04-30 · accession 0001477932-22-005128 (NetIncomeLoss)
  6. 10-K · period ending 2022-04-30 · accession 0001477932-23-005360 (NetIncomeLoss)
  7. 10-K · period ending 2023-04-30 · accession 0001477932-24-004414 (NetIncomeLoss)
  8. 10-K · period ending 2024-04-30 · accession 0001477932-25-005291 (NetIncomeLoss)
  9. 10-K · period ending 2021-04-30 · accession 0001477932-22-005128 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-30 · accession 0001477932-23-005360 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-04-30 · accession 0001477932-24-004414 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-04-30 · accession 0001477932-25-005291 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-04-30 · accession 0001477932-22-005128 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-04-30 · accession 0001477932-23-005360 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-04-30 · accession 0001477932-24-004414 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-04-30 · accession 0001477932-25-005291 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-04-30 · accession 0001477932-22-005128 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2021-04-30 · accession 0001477932-22-005128 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-04-30 · accession 0001477932-23-005360 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-04-30 · accession 0001477932-25-005291 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)