MeritValue

Nakamoto Inc.

NAKAdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Nakamoto Inc. earns about -362% on invested capital, but has diluted owners by 4348% over 3 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 2023FY 2024FY 2025
Revenue$3.77M1$2.72M2$1.82M2
Net income−$1.62M3−$3.62M4−$52.2M4
Operating cash flow−$449,4895−$3.07M6−$23.5M6
Capital expenditure$14,4207$13,2938—
Free cash flow (derived)−$463,9095−$3.09M6—
Total debt—$148,8289—
Cash & equivalents$525,50010$2.27M11$22.6M11
Diluted shares4.5M5.4M200.2M

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
$25.69
your share of equity
Profit it earned you last year
−$2.61
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $25.69 of net worth that earned you −$2.61 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-362% avg · 3y
FY23 —FY24 -714%FY25 -10%

It earned an average -362% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4348% shares · 3y

Share count is up 4348% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001641172-25-001314 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-013601 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001314 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013601 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001314 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-013601 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001314 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013601 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0001641172-25-001314 (LongTermDebt)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001314 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-013601 (CashAndCashEquivalentsAtCarryingValue)