MeritValue

Nano Nuclear Energy Inc.

NNEdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Nano Nuclear Energy Inc. earns about -120% on equity, but has diluted owners by 69% 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
FigureFY 2023FY 2024FY 2025
Revenue———
Net income−$6.25M1−$10.2M2−$40.1M2
Operating cash flow−$3.87M3−$8.46M4−$19.6M4
Capital expenditure—$1.7M5$8.45M5
Free cash flow (derived)—−$10.2M4−$28.1M4
Total debt———
Cash & equivalents—$28.5M6$203.3M6
Diluted shares22.4M26.2M37.9M

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
$58.71
your share of equity
Profit it earned you last year
−$10.57
Free cash flow it threw off
−$7.4
Debt you’d be carrying
—

10 shares is a claim on $58.71 of net worth that earned you −$10.57 and generated −$7.4 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-120% avg · 3y
FY23 -311%FY24 -32%FY25 -18%

It earned an average -120% 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
+69% shares · 3y

Share count is up 69% 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
  1. 10-K · period ending 2023-09-30 · accession 0001493152-24-052393 (NetIncomeLoss)
  2. 10-K · period ending 2024-09-30 · accession 0001493152-25-028285 (NetIncomeLoss)
  3. 10-K · period ending 2023-09-30 · accession 0001493152-24-052393 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-09-30 · accession 0001493152-25-028285 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-09-30 · accession 0001493152-25-028285 (PaymentsToAcquirePropertyPlantAndEquipment)
  6. 10-K · period ending 2024-09-30 · accession 0001493152-25-028285 (CashAndCashEquivalentsAtCarryingValue)