MeritValue

PetVivo Holdings, Inc.

PETVdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

PetVivo Holdings, Inc. earns about -1183% on invested capital, but has diluted owners by 244% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$115,5861$917,1622$968,7063$1.13M4$1.14M4
Net income−$5.01M5−$8.72M6−$11M7−$8.4M8−$10.5M8
Operating cash flow−$4.17M9−$6.79M10−$7.42M11−$5.32M12−$6.11M12
Capital expenditure$154,03013$423,93414$309,10415$63,43416$7,73416
Free cash flow (derived)−$4.33M9−$7.22M10−$7.73M11−$5.39M12−$6.12M12
Total debt—————
Cash & equivalents$6.11M17$475,31418$87,40318——
Diluted shares8.8M10.2M14.0M20.5M30.2M

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
$0.73
your share of equity
Profit it earned you last year
−$3.47
Free cash flow it threw off
−$2.03
Debt you’d be carrying
—

10 shares is a claim on $0.73 of net worth that earned you −$3.47 and generated −$2.03 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1183% avg · 5y
FY22 —FY23 -2753%FY24 -1447%FY25 -157%FY26 -376%

It earned an average -1183% 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
+244% shares · 5y

Share count is up 244% over 5 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
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 2022-03-31 · accession 0001493152-23-022907 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001493152-24-025637 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001641172-25-018617 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001493152-26-031136 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001493152-23-022907 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001493152-24-025637 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001641172-25-018617 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001493152-26-031136 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001493152-23-022907 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001493152-24-025637 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001641172-25-018617 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001493152-26-031136 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001493152-23-022907 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001493152-24-025637 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001641172-25-018617 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001493152-26-031136 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001493152-23-022907 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001493152-24-025637 (CashAndCashEquivalentsAtCarryingValue)