MeritValue

NAPC Defense, Inc.

NAPDdata completeness 100%10 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

NAPC Defense, Inc. earns about -93% on equity, but has diluted owners by 3275% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—$85,0001—$02$1.42M2
Net income−$2.07M3−$941,1254−$711,9865−$3.38M6−$2.88M6
Operating cash flow−$613,7587−$424,0568−$340,7389−$797,22510−$157,50710
Capital expenditure————$6,50011
Free cash flow (derived)————−$164,00710
Total debt$16,76312$2,70013$2,70014$22,92515$122,92515
Cash & equivalents$47,00316$206,72217—$11,81218$718,44018
Diluted shares9.5M43.8M168.4M200.5M320.2M

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
−$0.07
your share of equity
Profit it earned you last year
−$0.09
Free cash flow it threw off
−$0.01
Debt you’d be carrying
$0

10 shares is a claim on −$0.07 of net worth that earned you −$0.09 and generated −$0.01 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on equity
-93% avg · 5y
FY22 —FY23 —FY24 -93%FY25 —FY26 —

It earned an average -93% 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
+3275% shares · 5y

Share count is up 3275% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 633% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2023-04-30 · accession 0001199835-24-000315 (Revenues)
  2. 10-K/A · period ending 2025-04-30 · accession 0001199835-26-000302 (Revenues)
  3. 10-K/A · period ending 2022-04-30 · accession 0001199835-23-000466 (NetIncomeLoss)
  4. 10-K · period ending 2023-04-30 · accession 0001199835-24-000315 (NetIncomeLoss)
  5. 10-K/A · period ending 2024-04-30 · accession 0001199835-25-000330 (NetIncomeLoss)
  6. 10-K/A · period ending 2025-04-30 · accession 0001199835-26-000302 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-04-30 · accession 0001199835-23-000466 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-30 · accession 0001199835-24-000315 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2024-04-30 · accession 0001199835-25-000330 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2025-04-30 · accession 0001199835-26-000302 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2026-04-30 · accession 0001199835-26-000302 (PaymentsForCapitalImprovements)
  12. 10-K/A · period ending 2022-04-30 · accession 0001199835-23-000466 (ShortTermBorrowings)
  13. 10-K · period ending 2023-04-30 · accession 0001199835-24-000315 (ShortTermBorrowings)
  14. 10-K/A · period ending 2024-04-30 · accession 0001199835-25-000330 (ShortTermBorrowings)
  15. 10-K/A · period ending 2025-04-30 · accession 0001199835-26-000302 (ShortTermBorrowings)
  16. 10-K · period ending 2022-04-30 · accession 0001199835-24-000315 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K/A · period ending 2023-04-30 · accession 0001199835-25-000330 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K/A · period ending 2025-04-30 · accession 0001199835-26-000302 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)