MeritValue

Quantum Cyber N.V.

QUCYdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Quantum Cyber N.V. earns about -809% on equity, and has bought back 17% of its shares over 5 years. 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$577,3481$529,8772$895,4792$893,9913$537,0803
Net income−$11.7M4−$26.4M5−$26.3M5−$21.6M6−$16.2M6
Operating cash flow−$3.22M7−$14.8M8−$21.9M8−$17.3M9−$11M9
Capital expenditure$16,70510$658,48311$1.2M11$104,94912$1,21612
Free cash flow (derived)−$3.24M7−$15.4M8−$23.1M8−$17.4M9−$11M9
Total debt$78,29513$77,86013—$1.02M14$956,90214
Cash & equivalents$8.73M15$17.1M15$7.07M16$6.24M16$889,09116
Diluted shares7.2M14.6M21.2M985,7176.0M

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
$1.07
your share of equity
Profit it earned you last year
−$27.03
Free cash flow it threw off
−$18.31
Debt you’d be carrying
$1.6

10 shares is a claim on $1.07 of net worth that earned you −$27.03 and generated −$18.31 of cash last year, against $1.6 of debt.

iii. Is this a good business?
Moat signal · return on equity
-809% avg · 5y
FY21 -184%FY22 -187%FY23 -786%FY24 -360%FY25 -2527%

It earned an average -809% 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
−17% shares · 5y

Share count is down 17% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 1122% 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 v0.1.0
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. 20-F · period ending 2021-12-31 · accession 0001213900-24-031299 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-026430 (Revenue)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-037676 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-031299 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-026430 (ProfitLossAttributableToOwnersOfParent)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-037676 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-031299 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-026430 (CashFlowsFromUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-037676 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-24-031299 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-25-026430 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-037676 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-028320 (Borrowings)
  14. 10-K · period ending 2024-12-31 · accession 0001213900-26-037676 (ShortTermBorrowings)
  15. 20-F · period ending 2021-12-31 · accession 0001213900-25-026430 (CashAndCashEquivalents)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-26-037676 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)