MeritValue

NextBoat Inc.

NXBdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

NextBoat Inc. earns about 43% on equity, but has diluted owners by 3% 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.

i. The business — what you’d actually own
FigureFY 2024FY 2025
Revenue$99M1$119.9M1
Net income$991,6842−$1.87M2
Operating cash flow−$7.11M3−$697,3943
Capital expenditure$25,0124$577,4564
Free cash flow (derived)−$7.13M3−$1.27M3
Total debt$596,0585$156,4595
Cash & equivalents$2.93M6$12.4M6
Diluted shares20.0M20.5M

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
$5.77
your share of equity
Profit it earned you last year
−$0.91
Free cash flow it threw off
−$0.62
Debt you’d be carrying
$0.08

10 shares is a claim on $5.77 of net worth that earned you −$0.91 and generated −$0.62 of cash last year, against $0.08 of debt.

iii. Is this a good business?
Moat signal · return on equity
43% avg · 2y
FY24 103%FY25 -16%

It earned an average 43% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 2y

Share count is up 3% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 74% — deleveraging.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001493152-26-014063 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-014063 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-014063 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014063 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2024-12-31 · accession 0001493152-26-014063 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014063 (CashAndCashEquivalentsAtCarryingValue)