MeritValue

Paramount Gold Nevada Corp.

PZGdata completeness 63%12 fiscal years on file

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

The thesis, from the filings

Paramount Gold Nevada Corp. earns about -15% on invested capital, but has diluted owners by 91% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$330,2591————
Net income−$5.9M2−$7.84M3−$6.45M4−$8.06M5−$9.05M5
Operating cash flow−$5.96M6−$6.7M7−$5.25M8−$5.41M9−$6.27M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.16M10$4.22M10———
Cash & equivalents$3.11M11$2.48M12$824,92013$5.42M14$1.35M14
Diluted shares35.5M42.4M48.7M59.9M67.8M

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
$4.95
your share of equity
Profit it earned you last year
−$1.34
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.95 of net worth that earned you −$1.34 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-15% avg · 5y
FY21 -10%FY22 -12%FY23 -12%FY24 -19%FY25 -22%

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
+91% shares · 5y

Share count is up 91% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2021-06-30 · accession 0001564590-21-048261 (Revenues)
  2. 10-K · period ending 2021-06-30 · accession 0000950170-22-019552 (NetIncomeLoss)
  3. 10-K · period ending 2022-06-30 · accession 0000950170-23-049730 (NetIncomeLoss)
  4. 10-K · period ending 2023-06-30 · accession 0000950170-24-109633 (NetIncomeLoss)
  5. 10-K · period ending 2024-06-30 · accession 0001193125-25-217759 (NetIncomeLoss)
  6. 10-K · period ending 2021-06-30 · accession 0000950170-22-019552 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-06-30 · accession 0000950170-23-049730 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0000950170-24-109633 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001193125-25-217759 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0000950170-22-019552 (LongTermDebt)
  11. 10-K · period ending 2021-06-30 · accession 0000950170-22-019552 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-06-30 · accession 0000950170-23-049730 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-06-30 · accession 0000950170-24-109633 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-06-30 · accession 0001193125-25-217759 (CashAndCashEquivalentsAtCarryingValue)