MeritValue

NextPlat Corp

NXPLdata completeness 100%16 fiscal years on file
The thesis, from the filings

NextPlat Corp earns about -521% on invested capital, but has diluted owners by 550% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.74M1$11.7M1$37.8M2$66.1M3$54.3M3
Net income−$8.11M4−$9.16M5−$3.78M6−$14M6−$10.5M7
Operating cash flow−$4.09M8−$3.6M9−$3.6M10−$5.46M11−$6.13M11
Capital expenditure$229,30712$716,00013$647,00014$189,00015$71,00015
Free cash flow (derived)−$4.32M8−$4.32M9−$4.24M10−$5.65M11−$6.2M11
Total debt——$1.52M16$1.41M17$1.29M18
Cash & equivalents$17.3M19$18.9M20$26.3M21$20M22$13.7M22
Diluted shares4.1M9.6M17.5M20.6M26.5M

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
$6.52
your share of equity
Profit it earned you last year
−$3.94
Free cash flow it threw off
−$2.34
Debt you’d be carrying
$0.49

10 shares is a claim on $6.52 of net worth that earned you −$3.94 and generated −$2.34 of cash last year, against $0.49 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-521% avg · 5y
FY21 -1996%FY22 -104%FY23 -131%FY24 -203%FY25 -169%

It earned an average -521% 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
+550% shares · 5y

Share count is up 550% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 15% — 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
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 2021-12-31 · accession 0001493152-23-010400 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001437749-25-008787 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001437749-26-010668 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-010400 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-24-011806 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-008787 (NetIncomeLoss)
  7. 10-K · period ending 2025-12-31 · accession 0001437749-26-010668 (ProfitLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-010400 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001437749-24-011806 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-008787 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-26-010668 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-010400 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-24-011806 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-008787 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-010668 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001437749-24-011806 (LongTermDebt)
  17. 10-K · period ending 2024-12-31 · accession 0001437749-25-008787 (LongTermDebt)
  18. 10-K · period ending 2025-12-31 · accession 0001437749-26-010668 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-010400 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001437749-24-011806 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001437749-25-008787 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001437749-26-010668 (CashAndCashEquivalentsAtCarryingValue)