NXT Energy Solutions Inc. earns about -16% on invested capital, but has diluted owners by 19% 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.
| Figure | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $01 | $01 | $12M2 | $136,5662 | $3.13M2 |
| Net income | — | — | $3.79M3 | −$6.03M3 | −$3.12M3 |
| Operating cash flow | −$5.46M4 | −$6.04M4 | $4.2M5 | −$3.41M5 | −$1.03M5 |
| Capital expenditure | −$3.13M6 | $10,0066 | $216,6917 | $07 | $07 |
| Free cash flow (derived) | −$2.33M4,6 | −$6.05M4,6 | $3.98M5,7 | −$3.41M5,7 | −$1.03M5,7 |
| Total debt | — | — | — | $08,9 | $1M8,9 |
| Cash & equivalents | $166,61810 | $339,53211 | $2.86M11 | $2.69M11 | $2.26M11 |
| Diluted shares | 54.5M | 65.5M | 68.2M | 64.4M | 64.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $2.81 of net worth that earned you −$0.48 and generated −$0.16 of cash last year, against $0.15 of debt.
It earned an average -16% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 20-F filed 2019-04-30 · periods ending 2017-12-31, 2018-12-31 · accession 0001654954-19-005027 (Revenues)
- 20-F filed 2022-05-02 · periods ending 2019-12-31, 2020-12-31, 2021-12-31 · accession 0001654954-22-005703 (Revenues)
- 20-F filed 2022-05-02 · periods ending 2019-12-31, 2020-12-31, 2021-12-31 · accession 0001654954-22-005703 (NetIncomeLoss)
- 20-F filed 2019-04-30 · periods ending 2017-12-31, 2018-12-31 · accession 0001654954-19-005027 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2022-05-02 · periods ending 2019-12-31, 2020-12-31, 2021-12-31 · accession 0001654954-22-005703 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2019-04-30 · periods ending 2017-12-31, 2018-12-31 · accession 0001654954-19-005027 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2022-05-02 · periods ending 2019-12-31, 2020-12-31, 2021-12-31 · accession 0001654954-22-005703 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2022-05-02 · periods ending 2020-12-31, 2021-12-31 · accession 0001654954-22-005703 (LongTermDebtNoncurrent)
- 20-F filed 2022-05-02 · periods ending 2020-12-31, 2021-12-31 · accession 0001654954-22-005703 (LongTermDebtCurrent)
- 20-F filed 2019-04-30 · period ending 2017-12-31 · accession 0001654954-19-005027 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2022-05-02 · periods ending 2018-12-31, 2019-12-31, 2020-12-31, 2021-12-31 · accession 0001654954-22-005703 (CashAndCashEquivalentsAtCarryingValue)