MeritValue

NetBrands Corp.

NBNDdata completeness 75%9 fiscal years on file
The thesis, from the filings

NetBrands Corp. earns about -818% on equity, but has diluted owners by 394% 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$2.67M1$1.64M2$644,5353—$18,2654
Net income−$1.21M5−$1.09M6−$1.32M7−$1.29M8−$1.7M8
Operating cash flow−$438,4159−$436,64510−$430,09311−$182,11912−$336,90712
Capital expenditure—$50,00013———
Free cash flow (derived)—−$486,64510———
Total debt—————
Cash & equivalents$312,57414$54,18515$1,01316—$4,29717
Diluted shares14.0M15.1M16.1M22.6M69.2M

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
−$0.35
your share of equity
Profit it earned you last year
−$0.25
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.35 of net worth that earned you −$0.25 last year.

iii. Is this a good business?
Moat signal · return on equity
-818% avg · 5y
FY21 -818%FY22 —FY23 —FY24 —FY25 —

It earned an average -818% 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
+394% shares · 5y

Share count is up 394% 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
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 2021-12-31 · accession 0001493152-23-008645 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014612 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-006029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-12-31 · accession 0001493152-26-016806 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-008645 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014612 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-006029 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016806 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-008645 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014612 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-006029 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016806 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-014612 (PaymentsToAcquireProductiveAssets)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-008645 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-014612 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-006029 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-12-31 · accession 0001493152-26-016806 (CashAndCashEquivalentsAtCarryingValue)