MeritValue

Natics Corp.

NTCSdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Natics Corp. earns about -200% on equity, but has diluted owners by 83% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$01$1,2002$21,9203$16,2004$27,6004
Net income−$2005−$29,3276−$12,1606−$41,0496−$27,1596
Operating cash flow$42,8007−$25,0278−$7,8609−$36,74910−$22,85910
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$10011$20,62012$23,72613$6,63513$28213
Diluted shares3.0M3.8M5.5M5.5M5.5M

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
−$0.15
your share of equity
Profit it earned you last year
−$0.05
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.15 of net worth that earned you −$0.05 last year.

iii. Is this a good business?
Moat signal · return on equity
-200% avg · 5y
FY22 -200%FY23 —FY24 —FY25 —FY26 —

It earned an average -200% 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
+83% shares · 5y

Share count is up 83% 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 v0.1.0
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 2022-04-30 · accession 0001683168-23-003820 (Revenues)
  2. 10-K · period ending 2023-04-30 · accession 0001683168-24-003953 (Revenues)
  3. 10-K · period ending 2024-04-30 · accession 0001683168-25-004268 (Revenues)
  4. 10-K · period ending 2025-04-30 · accession 0001683168-26-004650 (Revenues)
  5. 10-K · period ending 2022-04-30 · accession 0001683168-23-003820 (NetIncomeLoss)
  6. 10-K · period ending 2023-04-30 · accession 0001683168-26-004650 (NetIncomeLoss)
  7. 10-K · period ending 2022-04-30 · accession 0001683168-23-003820 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-04-30 · accession 0001683168-24-003953 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-04-30 · accession 0001683168-25-004268 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2025-04-30 · accession 0001683168-26-004650 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-04-30 · accession 0001683168-24-003953 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2023-04-30 · accession 0001683168-25-004268 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2024-04-30 · accession 0001683168-26-004650 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)