MeritValue

NOCERA, INC.

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

NOCERA, INC. earns about -101% on invested capital, but has diluted owners by 134% 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$3.84M1$14.1M2$23.9M3$17M3$11M4
Net income−$9.62M5−$4.81M6−$4.1M7−$4.49M8−$2.88M8
Operating cash flow$203,1039−$1.77M10−$1.08M11−$2.07M12−$2.58M12
Capital expenditure$25,06713$014$857,87015$95615—
Free cash flow (derived)$178,0369−$1.77M10−$1.94M11−$2.07M12—
Total debt——$016$23,78616—
Cash & equivalents$2.1M17$2.91M18$1.23M19$484,16120$7.95M20
Diluted shares6.1M7.9M9.8M13.2M14.3M

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
−$0.31
your share of equity
Profit it earned you last year
−$2.01
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.31 of net worth that earned you −$2.01 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-101% avg · 5y
FY21 0%FY22 -53%FY23 -153%FY24 -196%FY25 —

It earned an average -101% 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
+134% shares · 5y

Share count is up 134% 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/A · period ending 2021-12-31 · accession 0001683168-23-006299 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-008303 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001683168-25-004667 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2025-12-31 · accession 0001683168-26-003115 (Revenues)
  5. 10-K/A · period ending 2021-12-31 · accession 0001683168-23-006299 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-008303 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001683168-25-004667 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003115 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001683168-23-006299 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-008303 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001683168-25-004667 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003115 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-002043 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-008303 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K/A · period ending 2023-12-31 · accession 0001683168-25-004667 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2023-12-31 · accession 0001683168-25-004667 (LongTermDebtNoncurrent)
  17. 10-K/A · period ending 2021-12-31 · accession 0001683168-23-006299 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2022-12-31 · accession 0001683168-24-008303 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K/A · period ending 2023-12-31 · accession 0001683168-25-004667 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2024-12-31 · accession 0001683168-26-003115 (CashAndCashEquivalentsAtCarryingValue)