NITCHES INC

NICHdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'

The thesis, from the filings

NITCHES INC earns about -455% on equity, but has diluted owners by 17710% over 3 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

Figure	FY 2022	FY 2023	FY 2024
Revenue	$710¹	$4,224²	$4,830²
Net income	−$834,134³	−$1.71M⁴	−$2.84M⁴
Operating cash flow	−$482,951⁵	−$223,548⁶	−$370,353⁶
Capital expenditure	$8,400⁷	$0⁷	—
Free cash flow (derived)	−$491,351⁵	−$223,548⁶	—
Total debt	—	—	—
Cash & equivalents	$71,392⁸	$344⁹	$59,991⁹
Diluted shares	2,278	2,699	405,713

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

Net assets behind them

−$55.9

your share of equity

Profit it earned you last year

−$70.08

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$55.9 of net worth that earned you −$70.08 last year.

iii. Is this a good business?

Moat signal · return on equity

-455% avg · 3y

FY22 -455%FY23 —FY24 —

It earned an average -455% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+17710% shares · 3y

Share count is up 17710% over 3 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 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 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

10-K/A · period ending 2022-08-31 · accession 0001393905-25-000050 (Revenues)
10-K · period ending 2023-08-31 · accession 0000772263-25-000003 (Revenues)
10-K/A · period ending 2022-08-31 · accession 0001393905-25-000050 (NetIncomeLoss)
10-K · period ending 2023-08-31 · accession 0000772263-25-000003 (NetIncomeLoss)
10-K/A · period ending 2022-08-31 · accession 0001393905-25-000050 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-08-31 · accession 0000772263-25-000003 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-08-31 · accession 0001393905-25-000050 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K/A · period ending 2022-08-31 · accession 0001393905-25-000050 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-08-31 · accession 0000772263-25-000003 (CashAndCashEquivalentsAtCarryingValue)