MeritValue

Can B Corp

NASCdata completeness 88%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Can B Corp earns about -316% on invested capital, but has diluted owners by 368% 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 2019FY 2020FY 2021FY 2022FY 2023
Revenue$2.31M1$1.71M2$4.6M3$6.69M4$2.16M4
Net income−$5.9M5−$8.88M6−$12.2M7−$14.9M8−$9.74M8
Operating cash flow−$2.41M9−$1.95M10−$7.47M11−$3.95M12−$1.3M12
Capital expenditure$1.11M13$50,21914$538,76315—$15,00016
Free cash flow (derived)−$3.52M9−$2M10−$8.01M11—−$1.32M12
Total debt—————
Cash & equivalents$46,54017$457,79818$449,00119$73,19420$34,00620
Diluted shares2.7M4.2M1.3M3.6M12.6M

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
−$0.8
your share of equity
Profit it earned you last year
−$7.73
Free cash flow it threw off
−$1.05
Debt you’d be carrying
—

10 shares is a claim on −$0.8 of net worth that earned you −$7.73 and generated −$1.05 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-316% avg · 5y
FY19 -70%FY20 -616%FY21 -154%FY22 -422%FY23 —

It earned an average -316% 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
+368% shares · 5y

Share count is up 368% 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 v0.1.0
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 2019-12-31 · accession 0001493152-21-008687 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2020-12-31 · accession 0001493152-22-010149 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001493152-23-012511 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-014686 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2019-12-31 · accession 0001493152-21-008687 (NetIncomeLoss)
  6. 10-K · period ending 2020-12-31 · accession 0001493152-22-010149 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001493152-23-012511 (NetIncomeLoss)
  8. 10-K · period ending 2022-12-31 · accession 0001493152-24-014686 (NetIncomeLoss)
  9. 10-K · period ending 2019-12-31 · accession 0001493152-21-008687 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001493152-22-010149 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001493152-23-012511 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-014686 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2019-12-31 · accession 0001493152-21-008687 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2020-12-31 · accession 0001493152-22-010149 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-012511 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001493152-24-014686 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2019-12-31 · accession 0001493152-21-008687 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2020-12-31 · accession 0001493152-22-010149 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-012511 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-014686 (CashAndCashEquivalentsAtCarryingValue)