MeritValue

Pharma-Bio Serv, Inc.

PBSVdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Pharma-Bio Serv, Inc. earns about -8% on invested capital, with a roughly flat share count. 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$20.1M1$19.4M2$17M3$9.51M4$9M4
Net income−$2.09M5$1.01M6$1.31M7−$777,6198−$100,4638
Operating cash flow$804,8429$592,45710$1.89M11−$566,70112−$214,88612
Capital expenditure$10,84513$19,26914$7,25115$159,74316$6,64416
Free cash flow (derived)$793,9979$573,18810$1.88M11−$726,44412−$221,53012
Total debt—————
Cash & equivalents$17.5M17$14.5M17$10.4M18$6.77M18$3.38M18
Diluted shares23.2M23.0M23.0M23.0M23.0M

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
$5.19
your share of equity
Profit it earned you last year
−$0.04
Free cash flow it threw off
−$0.1
Debt you’d be carrying
—

10 shares is a claim on $5.19 of net worth that earned you −$0.04 and generated −$0.1 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-8% avg · 5y
FY21 -103%FY22 48%FY23 23%FY24 -9%FY25 -1%

It earned an average -8% 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
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 2021-10-31 · accession 0001654954-23-001018 (Revenues)
  2. 10-K · period ending 2022-10-31 · accession 0001654954-24-000996 (Revenues)
  3. 10-K · period ending 2023-10-31 · accession 0001654954-25-000915 (Revenues)
  4. 10-K · period ending 2024-10-31 · accession 0001654954-26-000710 (Revenues)
  5. 10-K · period ending 2021-10-31 · accession 0001654954-23-001018 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-31 · accession 0001654954-24-000996 (NetIncomeLoss)
  7. 10-K · period ending 2023-10-31 · accession 0001654954-25-000915 (NetIncomeLoss)
  8. 10-K · period ending 2024-10-31 · accession 0001654954-26-000710 (NetIncomeLoss)
  9. 10-K · period ending 2021-10-31 · accession 0001654954-23-001018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-31 · accession 0001654954-24-000996 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-10-31 · accession 0001654954-25-000915 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-10-31 · accession 0001654954-26-000710 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-10-31 · accession 0001654954-23-001018 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-10-31 · accession 0001654954-24-000996 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-10-31 · accession 0001654954-25-000915 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-10-31 · accession 0001654954-26-000710 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-10-31 · accession 0001654954-23-001018 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-10-31 · accession 0001654954-26-000710 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)