MeritValue

Quanome Technologies, Inc.

QNMEdata completeness 88%4 fiscal years on file
The thesis, from the filings

Quanome Technologies, Inc. earns about -1% on invested capital, but has diluted owners by 329% over 4 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 2023FY 2024FY 2025FY 2026
Revenue$12.9M1$18.3M2$17.8M2$5.85M3
Net income$983,6024−$225,2525−$5.25M6−$9.48M6
Operating cash flow$39,3037−$53,6408−$2.66M8−$3.18M9
Capital expenditure$18,28810—$20,43611$2,04811
Free cash flow (derived)$21,0157—−$2.68M8−$3.19M9
Total debt—$883,33712$1.36M13—
Cash & equivalents$174,01814$123,55015$4.81M16$670,28116
Diluted shares6.0M6.0M7.6M25.7M

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
$2.72
your share of equity
Profit it earned you last year
−$3.69
Free cash flow it threw off
−$1.24
Debt you’d be carrying
—

10 shares is a claim on $2.72 of net worth that earned you −$3.69 and generated −$1.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 4y
FY23 139%FY24 -16%FY25 —FY26 -125%

It earned an average -1% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+329% shares · 4y

Share count is up 329% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 54% over the same window.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 2023-06-30 · accession 0001213900-24-083350 (Revenues)
  2. 10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2026-06-30 · accession 0001213900-26-103571 (Revenues)
  4. 10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (NetIncomeLoss)
  5. 10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (NetIncomeLoss)
  6. 10-K · period ending 2025-06-30 · accession 0001213900-26-103571 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2026-06-30 · accession 0001213900-26-103571 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2025-06-30 · accession 0001213900-26-103571 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001213900-24-083350 (LongTermDebt)
  13. 10-K · period ending 2025-06-30 · accession 0001213900-25-098720 (LongTermDebt)
  14. 10-K · period ending 2023-06-30 · accession 0001213900-24-083350 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-06-30 · accession 0001213900-25-098720 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-06-30 · accession 0001213900-26-103571 (CashAndCashEquivalentsAtCarryingValue)