MeritValue

OKYO Pharma Ltd

OKYOdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

OKYO Pharma Ltd earns about -124% on equity, but has diluted owners by 46% 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—————
Net income−$3.35M1−$5.43M2−$13.3M3−$16.8M3−$4.71M3
Operating cash flow−$1.6M4−$5.47M5−$7.7M6−$9.49M6−$1.81M6
Capital expenditure$6,9437$1,6698$5,9169—$1,2089
Free cash flow (derived)−$1.61M4−$5.47M5−$7.7M6—−$1.81M6
Total debt—————
Cash & equivalents$6.89M10$2.7M11$4.05M11$826,84811$1.56M11
Diluted shares672.8M979.2M———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
-124% avg · 5y
FY21 -63%FY22 -184%FY23 —FY24 —FY25 —

It earned an average -124% 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
+46% shares · 5y

Share count is up 46% over 5 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
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. 20-F · period ending 2021-03-31 · accession 0001493152-23-028739 (ProfitLoss)
  2. 20-F · period ending 2022-03-31 · accession 0001493152-24-031640 (ProfitLoss)
  3. 20-F · period ending 2023-03-31 · accession 0001641172-25-020240 (ProfitLoss)
  4. 20-F · period ending 2021-03-31 · accession 0001493152-23-028739 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-03-31 · accession 0001493152-24-031640 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-03-31 · accession 0001641172-25-020240 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-03-31 · accession 0001493152-23-028739 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-03-31 · accession 0001493152-24-031640 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-03-31 · accession 0001641172-25-020240 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-03-31 · accession 0001493152-24-031640 (CashAndCashEquivalents)
  11. 20-F · period ending 2022-03-31 · accession 0001641172-25-020240 (CashAndCashEquivalents)