Next Meats Holdings, Inc.

NXMHdata completeness 63%3 fiscal years on file

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

The thesis, from the filings

Next Meats Holdings, Inc. earns about -5259% on equity, but has diluted owners by 230% over 3 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

Figure	FY 2021	FY 2022	FY 2023
Revenue	$398,386¹	$6.95M¹	$1.4M²
Net income	$42,656³	−$5.8M⁴	−$4.83M⁵
Operating cash flow	−$1.15M⁶	−$8.45M⁶	−$1.66M⁷
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	—	—
Cash & equivalents	$0⁸	$620,297⁹	—
Diluted shares	152.3M	500.6M	502.5M

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

Net assets behind them

your share of equity

Profit it earned you last year

−$0.1

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0 of net worth that earned you −$0.1 last year.

iii. Is this a good business?

Moat signal · return on equity

-5259% avg · 3y

FY21 —FY22 -119%FY23 -10400%

It earned an average -5259% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+230% shares · 3y

Share count is up 230% over 3 years — owners have been diluted. Worth asking what they got for it.

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 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

10-K/A · period ending 2021-04-30 · accession 0001599916-24-000069 (Revenues)
10-K · period ending 2023-04-30 · accession 0001599916-23-000212 (Revenues)
10-K/A · period ending 2021-04-30 · accession 0001599916-24-000097 (NetIncomeLoss)
10-K/A · period ending 2022-04-30 · accession 0001599916-24-000069 (NetIncomeLoss)
10-K · period ending 2023-04-30 · accession 0001599916-23-000212 (NetIncomeLoss)
10-K/A · period ending 2021-04-30 · accession 0001599916-24-000069 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-04-30 · accession 0001599916-23-000212 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2021-04-30 · accession 0001599916-24-000097 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2022-04-30 · accession 0001599916-24-000069 (CashAndCashEquivalentsAtCarryingValue)