MeritValue

NightFood Holdings, Inc.

NGTFdata completeness 100%14 fiscal years on file
The thesis, from the filings

NightFood Holdings, Inc. earns about -632% on equity, but has diluted owners by 83% 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$701,2461$443,5382$133,4063$89,2723$482,2854
Net income−$3.48M5−$2.52M6−$6.07M7−$3.24M8−$8.12M8
Operating cash flow−$1.44M9−$2.07M10−$1.2M11−$709,99012−$1.63M12
Capital expenditure————$200,85113
Free cash flow (derived)————−$1.84M12
Total debt$2.51M14———$10.6M15
Cash & equivalents$1.04M16$280,87717$53,34917$137,66018$350,23118
Diluted shares71.1M87.5M103.9M126.5M130.4M

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
−$1.33
your share of equity
Profit it earned you last year
−$0.62
Free cash flow it threw off
−$0.14
Debt you’d be carrying
$0.81

10 shares is a claim on −$1.33 of net worth that earned you −$0.62 and generated −$0.14 of cash last year, against $0.81 of debt.

iii. Is this a good business?
Moat signal · return on equity
-632% avg · 5y
FY21 -313%FY22 -950%FY23 —FY24 —FY25 —

It earned an average -632% 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
+83% shares · 5y

Share count is up 83% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 322% 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 v0.1.0
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 2021-06-30 · accession 0001213900-22-059811 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001013762-23-003824 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0001213900-24-113166 (Revenues)
  4. 10-K · period ending 2025-06-30 · accession 0001493152-25-017958 (Revenues)
  5. 10-K · period ending 2021-06-30 · accession 0001213900-22-059811 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001013762-23-003824 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001213900-24-113166 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001493152-25-017958 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001213900-22-059811 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001013762-23-003824 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001213900-24-113166 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001493152-25-017958 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2025-06-30 · accession 0001493152-25-017958 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-06-30 · accession 0001213900-21-052658 (LongTermDebt)
  15. 10-K · period ending 2025-06-30 · accession 0001493152-25-017958 (LongTermDebt)
  16. 10-K · period ending 2021-06-30 · accession 0001213900-21-052658 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-06-30 · accession 0001213900-24-113166 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2024-06-30 · accession 0001493152-25-017958 (CashAndCashEquivalentsAtCarryingValue)