MeritValue

NovelStem International Corp.

NSTMdata completeness 63%9 fiscal years on file
The thesis, from the filings

NovelStem International Corp. earns about -48% on equity, but has diluted owners by 8% 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—————
Net income−$1.35M1−$765,7302−$4.19M3−$3.23M4$2.38M4
Operating cash flow−$180,9285−$182,3206−$348,2837−$271,9648−$167,6338
Capital expenditure—————
Free cash flow (derived)—————
Total debt———$4.06M9$1.3M9
Cash & equivalents$8,66610$6,34610$53,06311$6,09911—
Diluted shares44.3M46.9M46.9M46.9M47.8M

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
$0.5
Free cash flow it threw off
—
Debt you’d be carrying
$0.27

10 shares is a claim on −$0.45 of net worth that earned you $0.5 last year, against $0.27 of debt.

iii. Is this a good business?
Moat signal · return on equity
-48% avg · 5y
FY21 -56%FY22 -40%FY23 —FY24 —FY25 —

It earned an average -48% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+8% shares · 5y

Share count is up 8% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 68% — 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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
book value / share count 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 0001493152-23-010137 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012323 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-003031 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-012736 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010137 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012323 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-003031 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-012736 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-012736 (LongTermDebtCurrent)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-010137 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-003031 (CashAndCashEquivalentsAtCarryingValue)