MeritValue

Metalla Royalty & Streaming Ltd.

MTAdata completeness 88%6 fiscal years on file
The thesis, from the filings

Metalla Royalty & Streaming Ltd. earns about -4% on invested capital, but has diluted owners by 111% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.97M1$2.41M2$4.6M3$5.88M4$11.7M4
Net income−$10.4M5−$10.9M6−$5.84M7−$5.48M8−$4.24M8
Operating cash flow$298,9679−$35,00010$518,00011−$2.57M12$4.41M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$10.5M13$10.6M14$13.7M15$12.6M16$12.2M16
Cash & equivalents$2.34M17$4.56M18$14.1M19$9.72M19$9.79M19
Diluted shares44.0M49.5M90.9M92.1M92.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$27.1
your share of equity
Profit it earned you last year
−$0.46
Free cash flow it threw off
—
Debt you’d be carrying
$1.31

10 shares is a claim on $27.1 of net worth that earned you −$0.46 last year, against $1.31 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 -8%FY22 -7%FY23 -1%FY24 -2%FY25 -1%

It earned an average -4% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+111% shares · 5y

Share count is up 111% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 16% over the same window.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 →

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Sources — the receipts
  1. 40-F filed 2023-03-31 · period ending 2021-12-31 · accession 0001062993-23-008193 (Revenue)
  2. 40-F filed 2024-03-28 · period ending 2022-12-31 · accession 0001062993-24-007364 (Revenue)
  3. 40-F filed 2025-03-27 · period ending 2023-12-31 · accession 0001062993-25-006404 (Revenue)
  4. 40-F filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001062993-26-001632 (Revenue)
  5. 40-F filed 2023-03-31 · period ending 2021-12-31 · accession 0001062993-23-008193 (ProfitLoss)
  6. 40-F filed 2024-03-28 · period ending 2022-12-31 · accession 0001062993-24-007364 (ProfitLoss)
  7. 40-F filed 2025-03-27 · period ending 2023-12-31 · accession 0001062993-25-006404 (ProfitLoss)
  8. 40-F filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001062993-26-001632 (ProfitLoss)
  9. 40-F filed 2023-03-31 · period ending 2021-12-31 · accession 0001062993-23-008193 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F filed 2024-03-28 · period ending 2022-12-31 · accession 0001062993-24-007364 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F filed 2025-03-27 · period ending 2023-12-31 · accession 0001062993-25-006404 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001062993-26-001632 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F filed 2023-03-31 · period ending 2021-12-31 · accession 0001062993-23-008193 (Borrowings)
  14. 40-F filed 2024-03-28 · period ending 2022-12-31 · accession 0001062993-24-007364 (Borrowings)
  15. 40-F filed 2025-03-27 · period ending 2023-12-31 · accession 0001062993-25-006404 (Borrowings)
  16. 40-F filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001062993-26-001632 (Borrowings)
  17. 40-F filed 2024-03-28 · period ending 2021-12-31 · accession 0001062993-24-007364 (CashAndCashEquivalents)
  18. 40-F filed 2025-03-27 · period ending 2022-12-31 · accession 0001062993-25-006404 (CashAndCashEquivalents)
  19. 40-F filed 2026-03-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001062993-26-001632 (CashAndCashEquivalents)