MeritValue

RenX Enterprises Corp.

RENXdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

RenX Enterprises Corp. earns about -436% on equity, but has diluted owners by 23221% 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 2022FY 2023FY 2024FY 2025
Revenue——$207,5521$8.22M1
Net income−$2.44M2−$4.2M3−$8.91M4−$16M4
Operating cash flow−$2.32M5−$4.55M6−$2.6M6−$7.27M7
Capital expenditure—$3,8058$3,4889$3.62M9
Free cash flow (derived)—−$4.55M6−$2.6M6−$10.9M7
Total debt$2.65M10$6.81M11$28.1M12$48.5M12
Cash & equivalents$72013$3,23613$227,76614$54,06614
Diluted shares1,000146,62845,524233,211

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
$188.42
your share of equity
Profit it earned you last year
−$684.23
Free cash flow it threw off
−$467.01
Debt you’d be carrying
$2,078.83

10 shares is a claim on $188.42 of net worth that earned you −$684.23 and generated −$467.01 of cash last year, against $2,078.83 of debt.

iii. Is this a good business?
Moat signal · return on equity
-436% avg · 4y
FY22 -113%FY23 -223%FY24 -1044%FY25 -363%

It earned an average -436% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+23221% shares · 4y

Share count is up 23221% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1731% 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. 10-K · period ending 2024-12-31 · accession 0001213900-26-037999 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-028274 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026215 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-037999 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001213900-24-028274 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001213900-25-026215 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2025-12-31 · accession 0001213900-26-037999 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-026215 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-037999 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-028274 (ShortTermBorrowings)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-026215 (ShortTermBorrowings)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-037999 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-028274 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001213900-26-037999 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)