MeritValue

Quarta-Rad, Inc.

QURTdata completeness 75%11 fiscal years on file
The thesis, from the filings

Quarta-Rad, Inc. earns about -94% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0 a share. 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$1.25M1$1.1M2$508,3163$106,7974$244,9554
Net income$7,3435$14,5786$44,4927−$216,7558−$256,9298
Operating cash flow$54,4009$200,02610$49,77311−$75,12412$9,88812
Capital expenditure$662,96013$468,67914$015$015—
Free cash flow (derived)−$608,5609,13−$268,65310,14$49,77311,15−$75,12412,15—
Total debt—————
Cash & equivalents$260,20016$293,87817$72,62518$63,02119$72,90919
Diluted shares15.7M15.7M15.7M15.7M15.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.08
your share of equity
Profit it earned you last year
−$0.16
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.08 of net worth that earned you −$0.16 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-94% avg · 5y
FY21 10%FY22 26%FY23 14%FY24 -126%FY25 -393%

It earned an average -94% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 v0.6.0
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
$0
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$7,343
  • Growth assumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2023-06-01 · period ending 2021-12-31 · accession 0001493152-23-019810 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001493152-24-032737 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001641172-25-001687 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-014020 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K filed 2023-06-01 · period ending 2021-12-31 · accession 0001493152-23-019810 (NetIncomeLoss)
  6. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001493152-24-032737 (NetIncomeLoss)
  7. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001641172-25-001687 (NetIncomeLoss)
  8. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-014020 (NetIncomeLoss)
  9. 10-K filed 2023-06-01 · period ending 2021-12-31 · accession 0001493152-23-019810 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001493152-24-032737 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001641172-25-001687 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-014020 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K filed 2023-06-01 · period ending 2021-12-31 · accession 0001493152-23-019810 (PaymentsToAcquireProductiveAssets)
  14. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001493152-24-032737 (PaymentsToAcquireProductiveAssets)
  15. 10-K filed 2025-03-31 · periods ending 2023-12-31, 2024-12-31 · accession 0001641172-25-001687 (PaymentsToAcquireProductiveAssets)
  16. 10-K filed 2023-06-01 · period ending 2021-12-31 · accession 0001493152-23-019810 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001493152-24-032737 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2025-03-31 · period ending 2023-12-31 · accession 0001641172-25-001687 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K filed 2026-03-31 · periods ending 2024-12-31, 2025-12-31 · accession 0001493152-26-014020 (CashAndCashEquivalentsAtCarryingValue)