MeritValue

Pineapple Financial Inc.

PAPLdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'cash'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Pineapple Financial Inc. earns about -181% on invested capital, and has bought back 89% of its shares over 4 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 2022FY 2023FY 2024FY 2025
Revenue$3.6M1$2.5M2$2.69M3$2.99M3
Net income−$2.81M4−$2.81M5−$4.1M6−$3.64M6
Operating cash flow−$1.83M7−$2.12M8−$1.71M9−$946,8209
Capital expenditure$249,32210$62,07311$4,99112—
Free cash flow (derived)−$2.08M7−$2.18M8−$1.71M9—
Total debt————
Cash & equivalents————
Diluted shares6.3M6.3M357,297665,820

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
$13.62
your share of equity
Profit it earned you last year
−$54.65
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $13.62 of net worth that earned you −$54.65 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-181% avg · 4y
FY22 -46%FY23 -122%FY24 -244%FY25 -313%

It earned an average -181% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−89% shares · 4y

Share count is down 89% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2022-08-31 · accession 0001493152-23-044927 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-08-31 · accession 0001493152-24-051101 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-08-31 · accession 0001493152-25-025962 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-08-31 · accession 0001493152-23-044927 (NetIncomeLoss)
  5. 10-K · period ending 2023-08-31 · accession 0001493152-24-051101 (NetIncomeLoss)
  6. 10-K · period ending 2024-08-31 · accession 0001493152-25-025962 (NetIncomeLoss)
  7. 10-K · period ending 2022-08-31 · accession 0001493152-23-044927 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-08-31 · accession 0001493152-24-051101 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-08-31 · accession 0001493152-25-025962 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-08-31 · accession 0001493152-23-044927 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-08-31 · accession 0001493152-24-051101 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-08-31 · accession 0001493152-25-025962 (PaymentsToAcquirePropertyPlantAndEquipment)