MeritValue

Nexentis Technologies Inc.

NXTSdata completeness 88%8 fiscal years on file
The thesis, from the filings

Nexentis Technologies Inc. earns about -82% on equity, and has bought back 45% of its shares over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$438,1411$394,0042$263,0003$210,0003—
Net income−$4.82M4−$5.74M5−$6.52M6−$5.19M7−$4M7
Operating cash flow−$4.11M8−$5.1M9−$3.23M10−$3.42M11−$3.81M11
Capital expenditure$67,74912$51,68913——$14,00014
Free cash flow (derived)−$4.18M8−$5.15M9——−$3.82M11
Total debt$25,17015———$2.16M16
Cash & equivalents$6.75M17$5.7M18$4.45M19$1.92M20$3.83M20
Diluted shares2.3M528,7761.2M187,2151.3M

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
$124.28
your share of equity
Profit it earned you last year
−$31.08
Free cash flow it threw off
−$29.67
Debt you’d be carrying
$16.75

10 shares is a claim on $124.28 of net worth that earned you −$31.08 and generated −$29.67 of cash last year, against $16.75 of debt.

iii. Is this a good business?
Moat signal · return on equity
-82% avg · 5y
FY21 -74%FY22 -98%FY23 -101%FY24 -109%FY25 -25%

It earned an average -82% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−45% shares · 5y

Share count is down 45% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 8474% over the same window.

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 0001493152-23-009116 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012356 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001513 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-009116 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-012356 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-001513 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-014183 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-009116 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-012356 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001513 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-014183 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-009116 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-012356 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2025-12-31 · accession 0001493152-26-014183 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-22-008526 (LongTermDebtCurrent)
  16. 10-K · period ending 2025-12-31 · accession 0001493152-26-014183 (ShortTermBorrowings)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-009116 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-012356 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-001513 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-014183 (CashAndCashEquivalentsAtCarryingValue)