MeritValue

PATRIOT GOLD CORP

PGOLdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

PATRIOT GOLD CORP earns about 15% on invested capital, and has bought back 20% of its shares over 5 years. The applicable estimate puts fair value near $0.01 a share.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$1.74M1$1.79M2$1.93M3$361,5234$04
Net income$152,4315$621,5116$82,9797−$3.15M8−$1.88M8
Operating cash flow$293,2349$1.19M10$582,58411−$1.21M12−$1M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.42M13$2.16M14$1.7M15$401,20715$57,29415
Diluted shares76.1M75.6M73.4M60.9M61.2M

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
−$0.3
your share of equity
Profit it earned you last year
−$0.31
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.3 of net worth that earned you −$0.31 last year.

iii. Is this a good business?
Moat signal · return on invested capital
15% avg · 5y
FY21 7%FY22 34%FY23 5%FY24 —FY25 —

It earned an average 15% 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
−20% shares · 5y

Share count is down 20% over 5 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
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
$0.01
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$82,979
  • growthAssumed0.0%
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 0001683168-23-001645 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-001879 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002359 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002795 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-001645 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-001879 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002359 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002795 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-001645 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-001879 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002359 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002795 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-24-001879 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-25-002359 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-26-002795 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)