MeritValue

Corvex, Inc.

MOVEdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Corvex, Inc. earns about -405% on equity, and has bought back 97% of its shares over 5 years. 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———$1.01M1$433,0001
Net income−$21.8M2−$30.3M3−$29.3M4−$23.7M5−$18.3M5
Operating cash flow−$16.2M6−$24.9M7−$26.2M8−$22.5M9−$11.3M9
Capital expenditure$565,00010$105,00011$64,00012$8,00013—
Free cash flow (derived)−$16.7M6−$25M7−$26.2M8−$22.5M9—
Total debt—————
Cash & equivalents$17.7M14$10.8M15$6.12M16$7.9M17$2.83M17
Diluted shares26.3M33.0M3.1M602,333840,720

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
−$41.32
your share of equity
Profit it earned you last year
−$217.49
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$41.32 of net worth that earned you −$217.49 last year.

iii. Is this a good business?
Moat signal · return on equity
-405% avg · 5y
FY21 -67%FY22 -383%FY23 -849%FY24 -323%FY25 —

It earned an average -405% 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
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2024-12-31 · accession 0001213900-26-036609 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001213900-23-024616 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-033365 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-25-030345 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-036609 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-23-024616 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-033365 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-030345 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-036609 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001213900-23-024616 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001213900-24-033365 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-25-030345 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001213900-26-036609 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-23-024616 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-033365 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-030345 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-036609 (CashAndCashEquivalentsAtCarryingValue)