MeritValue

Nixxy, Inc.

NIXXdata completeness 88%16 fiscal years on file
The thesis, from the filings

Nixxy, Inc. earns about -463% on invested capital, but has diluted owners by 40% 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$22.2M1$21.3M2$3.19M3$6,0004$97.9M4
Net income−$16.3M5−$16.5M6−$7.16M7−$22.6M8−$15M8
Operating cash flow−$9.02M9−$6.95M10−$947,29911−$4.1M12−$4.57M12
Capital expenditure$013$74,60614$014——
Free cash flow (derived)−$9.02M9−$7.02M10−$947,29911——
Total debt$50,43115——$1.2M16$016
Cash & equivalents$2.58M17$946,80418$1.01M19$2.53M19$182,00019
Diluted shares14.6M1.1M1.3M5.9M20.4M

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
$3.91
your share of equity
Profit it earned you last year
−$7.34
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $3.91 of net worth that earned you −$7.34 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-463% avg · 5y
FY21 -77%FY22 -333%FY23 —FY24 -1308%FY25 -133%

It earned an average -463% 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
+40% shares · 5y

Share count is up 40% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 · period ending 2021-12-31 · accession 0001654954-23-004101 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001654954-24-010638 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-003709 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002951 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-004101 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001654954-24-010638 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-003709 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002951 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-004101 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001654954-24-010638 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-003709 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002951 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-004101 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001654954-24-010638 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001654954-22-004330 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-26-002951 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-22-004330 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001654954-25-003709 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K · period ending 2023-12-31 · accession 0001683168-26-002951 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)