MeritValue

Quality Industrial Corp.

QINDdata completeness 88%7 fiscal years on file
The thesis, from the filings

Quality Industrial Corp. earns about -298% on equity, but has diluted owners by 65% 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—$65.6M1—$11.2M2$16.3M2
Net income−$5.18M3−$102,8634−$4.23M5−$523,0176−$5.44M6
Operating cash flow−$409,2047−$415,1368$2.36M9$1.15M10−$2.59M10
Capital expenditure————$299,78511
Free cash flow (derived)————−$2.89M10
Total debt——$333,13312——
Cash & equivalents$15,65913$3,13614$2,49215$225,58216$426,58516
Diluted shares95.1M102.9M127.4M128.6M157.4M

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
−$0.11
your share of equity
Profit it earned you last year
−$0.35
Free cash flow it threw off
−$0.18
Debt you’d be carrying
—

10 shares is a claim on −$0.11 of net worth that earned you −$0.35 and generated −$0.18 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-298% avg · 5y
FY21 —FY22 —FY23 -569%FY24 -26%FY25 —

It earned an average -298% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+65% shares · 5y

Share count is up 65% 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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/A · period ending 2022-12-31 · accession 0001663577-23-000218 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-013723 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2021-12-31 · accession 0001663577-23-000218 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-030968 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-006369 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-013723 (NetIncomeLoss)
  7. 10-K/A · period ending 2021-12-31 · accession 0001663577-23-000218 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-24-030968 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-006369 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-013723 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2025-12-31 · accession 0001493152-26-013723 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001213900-24-030968 (LongTermDebt)
  13. 10-K · period ending 2021-12-31 · accession 0001663577-22-000138 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001641172-25-006369 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-006369 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-013723 (CashAndCashEquivalentsAtCarryingValue)