Nova Minerals Corp earns about -316% on invested capital, but has diluted owners by 49% over 2 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.
| Figure | FY 2025 | FY 2026 |
|---|---|---|
| Revenue | — | — |
| Net income | −$11.8M1 | −$25.6M1 |
| Operating cash flow | −$7.71M2 | −$8.8M2 |
| Capital expenditure | $141,1693 | $2.74M3 |
| Free cash flow (derived) | −$7.85M2 | −$11.5M2 |
| Total debt | — | $1.28M4 |
| Cash & equivalents | $5.95M5 | $26.8M5 |
| Diluted shares | 24.0M | 35.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $6.59 of net worth that earned you −$7.16 and generated −$3.23 of cash last year, against $0.36 of debt.
It earned an average -316% on invested capital over 2 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 49% over 2 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.
Different models answer different questions — which to trust when →
- 10-K · period ending 2025-06-30 · accession 0001493152-26-045120 (NetIncomeLoss)
- 10-K · period ending 2025-06-30 · accession 0001493152-26-045120 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-06-30 · accession 0001493152-26-045120 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2026-06-30 · accession 0001493152-26-045120 (LongTermDebt)
- 10-K · period ending 2025-06-30 · accession 0001493152-26-045120 (CashAndCashEquivalentsAtCarryingValue)