NextSource Materials Inc. earns about -241% on equity, and has bought back 78% of its shares over 5 years. 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 2019 | FY 2020 | FY 2021 | FY 2022 |
|---|---|---|---|---|---|
| Revenue | $01 | $02 | $03 | $03 | $03 |
| Net income | −$4M4 | −$3.21M5 | −$977,6356 | −$42M6 | $16.1M6 |
| Operating cash flow | −$3.36M7 | −$2.24M8 | −$1.39M9 | −$1.36M9 | −$1.63M9 |
| Capital expenditure | $27,80510 | $011 | $011 | −$4.33M11 | — |
| Free cash flow (derived) | −$3.39M7,10 | −$2.24M8,11 | −$1.39M9,11 | $2.97M9,11 | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $1.96M12 | $529,33113 | $222,30513 | $22.4M14 | $9.79M14 |
| Diluted shares | 461.0M | 49.4M | 52.7M | 98.2M | 101.9M |
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 −$0.3 of net worth that earned you $1.58 last year.
It earned an average -241% on equity over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 78% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
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 →- 10-K filed 2017-09-28 · period ending 2017-06-30 · accession 0001437749-17-016410 (Revenues)
- 20-F filed 2021-11-02 · period ending 2019-06-30 · accession 0001568276-21-001985 (Revenue)
- 40-F filed 2023-07-24 · periods ending 2020-06-30, 2021-06-30, 2022-06-30 · accession 0001654954-23-009587 (Revenue)
- 10-K filed 2017-09-28 · period ending 2017-06-30 · accession 0001437749-17-016410 (NetIncomeLoss)
- 20-F filed 2021-11-02 · period ending 2019-06-30 · accession 0001568276-21-001985 (ProfitLoss)
- 40-F filed 2023-07-24 · periods ending 2020-06-30, 2021-06-30, 2022-06-30 · accession 0001654954-23-009587 (ProfitLoss)
- 10-K filed 2017-09-28 · period ending 2017-06-30 · accession 0001437749-17-016410 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 20-F filed 2021-11-02 · period ending 2019-06-30 · accession 0001568276-21-001985 (CashFlowsFromUsedInOperatingActivities)
- 40-F filed 2023-07-24 · periods ending 2020-06-30, 2021-06-30, 2022-06-30 · accession 0001654954-23-009587 (CashFlowsFromUsedInOperatingActivities)
- 10-K filed 2017-09-28 · period ending 2017-06-30 · accession 0001437749-17-016410 (PaymentsToAcquireProductiveAssets)
- 20-F filed 2021-11-02 · periods ending 2019-06-30, 2020-06-30, 2021-06-30 · accession 0001568276-21-001985 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 10-K filed 2017-09-28 · period ending 2017-06-30 · accession 0001437749-17-016410 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2022-10-31 · periods ending 2019-06-30, 2020-06-30 · accession 0001654954-22-014395 (CashAndCashEquivalents)
- 40-F filed 2023-07-24 · periods ending 2021-06-30, 2022-06-30 · accession 0001654954-23-009587 (CashAndCashEquivalents)