Palomino Laboratories Inc.

PALXdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Palomino Laboratories Inc. earns about -39% on equity, but has diluted owners by 34% over 3 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

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$83,937¹	−$16,198²	−$3.16M²
Operating cash flow	−$79,379³	−$4,870⁴	−$1.28M⁴
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	—	—
Cash & equivalents	$380⁵	$134,657⁶	$8.12M⁶
Diluted shares	5.0M	1.5M	6.7M

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

Net assets behind them

$12.07

your share of equity

Profit it earned you last year

−$4.71

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $12.07 of net worth that earned you −$4.71 last year.

iii. Is this a good business?

Moat signal · return on equity

-39% avg · 3y

FY23 —FY24 —FY25 -39%

It earned an average -39% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+34% shares · 3y

Share count is up 34% over 3 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

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

10-K · period ending 2023-12-31 · accession 0001013762-25-004263 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-014270 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001013762-25-004263 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-014270 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001213900-24-028690 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-014270 (CashAndCashEquivalentsAtCarryingValue)