MeritValue

NextTrip, Inc.

NTRPdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

NextTrip, Inc. earns about -580% on invested capital, and has bought back 15% 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.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$630,4281$382,8322$458,7523$501,4234$3.72M4
Net income−$8.69M5−$5.03M6−$7.33M7−$10.1M8−$15.9M8
Operating cash flow−$8.21M9−$3.79M10−$5.73M11−$5.08M12−$4.56M12
Capital expenditure$164,62213$2,92814$9,25315——
Free cash flow (derived)−$8.38M9−$3.8M10−$5.74M11——
Total debt—————
Cash & equivalents$2.85M16$282,47517$323,80518$1.06M19$1.7M19
Diluted shares10.5M71,581228,2744.6M8.9M

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
$6.02
your share of equity
Profit it earned you last year
−$17.82
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.02 of net worth that earned you −$17.82 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-580% avg · 5y
FY22 -308%FY23 -1944%FY24 -181%FY25 -127%FY26 -342%

It earned an average -580% 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
−15% shares · 5y

Share count is down 15% 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.

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 2022-12-31 · accession 0001493152-23-009743 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-02-28 · accession 0001493152-24-035017 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-02-29 · accession 0001641172-25-012889 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-02-28 · accession 0001493152-26-026334 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-23-009743 (NetIncomeLoss)
  6. 10-K · period ending 2023-02-28 · accession 0001493152-24-035017 (NetIncomeLoss)
  7. 10-K · period ending 2024-02-29 · accession 0001641172-25-012889 (NetIncomeLoss)
  8. 10-K · period ending 2025-02-28 · accession 0001493152-26-026334 (NetIncomeLoss)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-23-009743 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-02-28 · accession 0001493152-24-035017 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-02-29 · accession 0001641172-25-012889 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-02-28 · accession 0001493152-26-026334 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-23-009743 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-02-28 · accession 0001493152-24-035017 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-02-29 · accession 0001641172-25-012889 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-23-009743 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-02-28 · accession 0001493152-24-035017 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-02-29 · accession 0001641172-25-012889 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-02-28 · accession 0001493152-26-026334 (CashAndCashEquivalentsAtCarryingValue)