MeritValue

Onar Holding Corp

ONARdata completeness 75%10 fiscal years on file
The thesis, from the filings

Onar Holding Corp earns about 208% on equity, but has diluted owners by 648% 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$2.8M1$4.62M2$2.8M3$1.95M4$3.18M4
Net income−$435,1975$333,8766−$1.74M7−$3.08M8−$9.28M8
Operating cash flow$169,1109−$218,25010−$377,30011−$1.72M11—
Capital expenditure$10,70312$013$014$42,67215$015
Free cash flow (derived)$158,4079−$218,25010−$377,30011−$1.76M11—
Total debt$65,87216$15,35817$115,89617——
Cash & equivalents$339,99618$282,62119$309,37719$339,19920$444,17020
Diluted shares16.4M16.4M16.6M20.2M122.6M

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
−$0.48
your share of equity
Profit it earned you last year
−$0.76
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.48 of net worth that earned you −$0.76 last year.

iii. Is this a good business?
Moat signal · return on equity
208% avg · 5y
FY21 —FY22 208%FY23 —FY24 —FY25 —

It earned an average 208% 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
+648% shares · 5y

Share count is up 648% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 76% 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 0001477932-23-002344 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-002220 (Revenues)
  3. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-003315 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-003805 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-002344 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-002220 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-003315 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-003805 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-002344 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-002220 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-003315 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001477932-23-002344 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001477932-24-002220 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2023-12-31 · accession 0001477932-25-003315 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001477932-26-003805 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001477932-23-002344 (LongTermDebtCurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001477932-24-002220 (LongTermDebtCurrent)
  18. 10-K · period ending 2021-12-31 · accession 0001477932-23-002344 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001477932-24-002220 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001477932-26-003805 (CashAndCashEquivalentsAtCarryingValue)