MeritValue

P2 Solar, Inc.

PTOSdata completeness 75%8 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2014FY 2022FY 2023FY 2024FY 2025
Revenue$153,0551$02$03$166,2884$26,3824
Net income−$424,1875−$119,8386−$177,5287−$148,4268−$34,4928
Operating cash flow−$244,0469−$24,13610−$54,88811−$27,67212−$68,75212
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents—$8,20813$7,64414$21314$014
Diluted shares—67.9M67.9M67.9M73.9M

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
−$0.14
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.14 of net worth that earned you −$0 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 5y

Share count is up 9% 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 v0.5.0
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 2014-03-31 · accession 0001137050-14-000159 (SalesRevenueNet)
  2. 10-K · period ending 2022-03-31 · accession 0001640334-23-001477 (Revenues)
  3. 10-K · period ending 2023-03-31 · accession 0001640334-24-001124 (Revenues)
  4. 10-K · period ending 2024-03-31 · accession 0001640334-25-001215 (Revenues)
  5. 10-K · period ending 2014-03-31 · accession 0001137050-14-000159 (NetIncomeLoss)
  6. 10-K · period ending 2022-03-31 · accession 0001640334-23-001477 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001640334-24-001124 (NetIncomeLoss)
  8. 10-K · period ending 2024-03-31 · accession 0001640334-25-001215 (NetIncomeLoss)
  9. 10-K · period ending 2014-03-31 · accession 0001137050-14-000159 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001640334-23-001477 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-03-31 · accession 0001640334-24-001124 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-03-31 · accession 0001640334-25-001215 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001640334-24-001124 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2023-03-31 · accession 0001640334-25-001215 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)