MeritValue

PRINCETON CAPITAL CORP

PIACdata completeness 63%6 fiscal years on file

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

The thesis, from the filings

PRINCETON CAPITAL CORP earns about -2% 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$8.18M1$9.04M2———
Net income$12M3$6.65M4−$178,9005−$10.9M5−$6.78M5
Operating cash flow−$1.19M6$10M7$413,1138−$683,7958−$1.05M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$523,8159$1.53M10$1.94M11$1.29M12$241,83212
Diluted shares120.5M120.5M120.5M120.5M120.5M

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
$1.18
your share of equity
Profit it earned you last year
−$0.56
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.18 of net worth that earned you −$0.56 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 -2%FY22 -2%FY23 3%FY24 -1%FY25 -7%

It earned an average -2% 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
−0% 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
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
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-024619 (Revenues)
  2. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-020803 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K/A · period ending 2021-12-31 · accession 0001213900-25-020803 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-25-027110 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-26-036469 (NetIncomeLoss)
  6. 10-K/A · period ending 2021-12-31 · accession 0001213900-25-020803 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-25-027110 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-26-036469 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024619 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K/A · period ending 2022-12-31 · accession 0001213900-25-020803 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-027110 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-036469 (CashAndCashEquivalentsAtCarryingValue)