MeritValue

NutriBand Inc.

NTRBdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

NutriBand Inc. earns about -175% on invested capital, but has diluted owners by 47% 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$1.18M1$2.08M2$2.09M3$2.14M4$2.04M4
Net income−$6.18M5−$4.48M6−$5.49M7−$10.5M8−$8.23M8
Operating cash flow−$2.81M9−$2.99M10−$3.53M11−$4.63M12−$5.13M12
Capital expenditure$81,59513$79,30414$51,76115$92,04316$5,32416
Free cash flow (derived)−$2.89M9−$3.07M10−$3.58M11−$4.72M12−$5.14M12
Total debt——$2M17——
Cash & equivalents$4.89M18$1.99M19$492,94220$4.31M21$4.57M21
Diluted shares7.9M8.5M8.0M10.6M11.6M

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
$5.74
your share of equity
Profit it earned you last year
−$7.07
Free cash flow it threw off
−$4.42
Debt you’d be carrying
—

10 shares is a claim on $5.74 of net worth that earned you −$7.07 and generated −$4.42 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-175% avg · 5y
FY22 -69%FY23 -54%FY24 -54%FY25 -390%FY26 -308%

It earned an average -175% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+47% shares · 5y

Share count is up 47% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 2022-01-31 · accession 0001213900-23-032682 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001213900-24-037996 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001213900-25-036201 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2025-01-31 · accession 0001213900-26-049399 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2022-01-31 · accession 0001213900-23-032682 (NetIncomeLoss)
  6. 10-K · period ending 2023-01-31 · accession 0001213900-24-037996 (NetIncomeLoss)
  7. 10-K · period ending 2024-01-31 · accession 0001213900-25-036201 (NetIncomeLoss)
  8. 10-K · period ending 2025-01-31 · accession 0001213900-26-049399 (NetIncomeLoss)
  9. 10-K · period ending 2022-01-31 · accession 0001213900-23-032682 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-01-31 · accession 0001213900-24-037996 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-01-31 · accession 0001213900-25-036201 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-01-31 · accession 0001213900-26-049399 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-01-31 · accession 0001213900-23-032682 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-01-31 · accession 0001213900-24-037996 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-01-31 · accession 0001213900-25-036201 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-01-31 · accession 0001213900-26-049399 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-01-31 · accession 0001213900-24-037996 (DebtCurrent)
  18. 10-K · period ending 2022-01-31 · accession 0001213900-23-032682 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-01-31 · accession 0001213900-24-037996 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-01-31 · accession 0001213900-25-036201 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2025-01-31 · accession 0001213900-26-049399 (CashAndCashEquivalentsAtCarryingValue)