MeritValue

OLENOX INDUSTRIES INC.

OLOXdata completeness 88%15 fiscal years on file
The thesis, from the filings

OLENOX INDUSTRIES INC. earns about -448% on invested capital, and has bought back 99% 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$38.3M1$24.4M2$16.5M3$4.98M4$2.95M4
Net income−$10.8M5−$8.32M6−$26.3M7−$17M8−$18.8M8
Operating cash flow−$662,7599−$5.63M10−$7.14M10−$9.3M11−$7.84M11
Capital expenditure$4.82M12$2.76M13$600,06414$90,37414—
Free cash flow (derived)−$5.49M9−$8.39M10−$7.74M10−$9.39M11—
Total debt$23,72715$6.05M16$19.4M16$13.6M17$9.72M18
Cash & equivalents$13M19$582,77620$14,21221$375,87321$427,86622
Diluted shares9.3M666,605772,2613,353113,908

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
$666.3
your share of equity
Profit it earned you last year
−$1,652.23
Free cash flow it threw off
—
Debt you’d be carrying
$853.04

10 shares is a claim on $666.3 of net worth that earned you −$1,652.23 last year, against $853.04 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-448% avg · 5y
FY21 -63%FY22 -26%FY23 -132%FY24 -1932%FY25 -88%

It earned an average -448% 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
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 40852% 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 0001213900-23-024927 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-041716 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026495 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-073749 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-024927 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-041716 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026495 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-073749 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024927 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-041716 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-073749 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-024927 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-041716 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-026495 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-22-020226 (ShortTermBorrowings)
  16. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-041716 (LongTermDebtCurrent)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-25-026495 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2025-12-31 · accession 0001213900-26-073749 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001213900-23-024927 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K/A · period ending 2022-12-31 · accession 0001213900-24-041716 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001213900-25-026495 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2025-12-31 · accession 0001213900-26-073749 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)