MeritValue

NIKA PHARMACEUTICALS, INC

NIKAdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

NIKA PHARMACEUTICALS, INC earns about -281% on invested capital, but has diluted owners by 164% 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$01$02$03$04—
Net income−$14,7125−$3.18M6−$64,8337−$95,7928−$76,3988
Operating cash flow$14,7129$33,71510−$64,83311−$154,93212−$79,65412
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$18,18013$203,49014$239,16415$318,62415
Cash & equivalents$39916$86417$19,59618$2,08319$1,88919
Diluted shares396.1M724.0M876.1M1.02B1.05B

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
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on −$0 of net worth that earned you −$0 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-281% avg · 5y
FY21 —FY22 —FY23 -50%FY24 -477%FY25 -316%

It earned an average -281% 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
+164% shares · 5y

Share count is up 164% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1653% 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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 0001826466-22-000017 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001826466-23-000014 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001826466-24-000041 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001826466-25-000030 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001826466-23-000014 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001826466-24-000041 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001826466-25-000030 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001826466-26-000026 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001826466-23-000014 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001826466-24-000041 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001826466-25-000030 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001826466-26-000026 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001826466-24-000041 (DebtCurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001826466-25-000030 (ShortTermBorrowings)
  15. 10-K · period ending 2024-12-31 · accession 0001826466-26-000026 (ShortTermBorrowings)
  16. 10-K · period ending 2021-12-31 · accession 0001826466-23-000014 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001826466-24-000041 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001826466-25-000030 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001826466-26-000026 (CashAndCashEquivalentsAtCarryingValue)