MeritValue

MICROMEM TECHNOLOGIES INC

MMTIFdata completeness 63%10 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'netIncome'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income—————
Operating cash flow−$762,7661−$997,0312−$1.08M3−$625,9243−$1.32M3
Capital expenditure$5,2714$05$2,0446$06$2,7296
Free cash flow (derived)−$768,0371−$997,0312−$1.09M3−$625,9243−$1.33M3
Total debt—————
Cash & equivalents$171,3977$33,2278$31,5848$125,7058$250,1488
Diluted shares435.7M467.6M510.4M573.0M616.1M

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
−$0.09
your share of equity
Profit it earned you last year
—
Free cash flow it threw off
−$0.02
Debt you’d be carrying
—

10 shares is a claim on −$0.09 of net worth that generated −$0.02 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
+41% shares · 5y

Share count is up 41% 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 v0.5.0
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
only 0 years of net income (need ≥3)
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. 20-F · period ending 2021-10-31 · accession 0001062993-24-001931 (CashFlowsFromUsedInOperatingActivities)
  2. 20-F · period ending 2022-10-31 · accession 0001062993-25-003888 (CashFlowsFromUsedInOperatingActivities)
  3. 20-F · period ending 2023-10-31 · accession 0001062993-26-001096 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2021-10-31 · accession 0001062993-24-001931 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F · period ending 2022-10-31 · accession 0001062993-25-003888 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  6. 20-F · period ending 2023-10-31 · accession 0001062993-26-001096 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  7. 20-F · period ending 2021-10-31 · accession 0001062993-25-003888 (CashAndCashEquivalents)
  8. 20-F · period ending 2022-10-31 · accession 0001062993-26-001096 (CashAndCashEquivalents)