MeritValue

Newton Golf Company, Inc.

NWTGdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Newton Golf Company, Inc. earns about -365% on equity, and has bought back 65% of its shares over 4 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 2025
Revenue$190,0001$349,0002$3.45M3$8.14M3
Net income−$3.51M4−$4.63M5−$11.8M6−$6.02M6
Operating cash flow−$785,0007−$5.05M8−$4.93M9−$5.17M9
Capital expenditure$75,00010$289,00011$502,00012$469,00012
Free cash flow (derived)−$860,0007−$5.34M8−$5.43M9−$5.64M9
Total debt————
Cash & equivalents$147,00013$5.34M14$7.65M15$1.3M15
Diluted shares10.4M40,79165,8993.7M

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
$2.5
your share of equity
Profit it earned you last year
−$16.26
Free cash flow it threw off
−$15.22
Debt you’d be carrying
—

10 shares is a claim on $2.5 of net worth that earned you −$16.26 and generated −$15.22 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-365% avg · 4y
FY22 —FY23 -80%FY24 —FY25 -650%

It earned an average -365% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−65% shares · 4y

Share count is down 65% over 4 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 0001493152-24-010203 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-002840 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-014164 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-010203 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-002840 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014164 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-010203 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-002840 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-014164 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-010203 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-002840 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014164 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-010203 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-002840 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-014164 (CashAndCashEquivalentsAtCarryingValue)