MeritValue

Norris Industries, Inc.

NRISdata completeness 63%12 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$452,2911$526,4472$329,6103$329,3344$286,0864
Net income−$498,9475−$504,9806−$643,3357−$601,0768−$661,4318
Operating cash flow−$421,0629−$287,83810−$397,51411−$368,59012−$440,25112
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents—————
Diluted shares90.9M90.9M90.9M95.7M108.2M

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
−$0.45
your share of equity
Profit it earned you last year
−$0.06
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.45 of net worth that earned you −$0.06 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+19% shares · 5y

Share count is up 19% over 5 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 v0.5.0
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 2022-02-28 · accession 0001493152-23-019180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-02-28 · accession 0001493152-24-021582 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-02-29 · accession 0001641172-25-012733 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-02-28 · accession 0001493152-26-026291 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-02-28 · accession 0001493152-23-019180 (NetIncomeLoss)
  6. 10-K · period ending 2023-02-28 · accession 0001493152-24-021582 (NetIncomeLoss)
  7. 10-K · period ending 2024-02-29 · accession 0001641172-25-012733 (NetIncomeLoss)
  8. 10-K · period ending 2025-02-28 · accession 0001493152-26-026291 (NetIncomeLoss)
  9. 10-K · period ending 2022-02-28 · accession 0001493152-23-019180 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-02-28 · accession 0001493152-24-021582 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-02-29 · accession 0001641172-25-012733 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-02-28 · accession 0001493152-26-026291 (NetCashProvidedByUsedInOperatingActivities)