MeritValue

RHINO BITCOIN INC.

RHNOdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

RHINO BITCOIN INC. earns about -591% on invested capital, and has bought back 98% 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$66,2671$20,8262$99,8333$1.23M4$478,1594
Net income−$338,3515−$609,6176−$389,2377−$437,7818−$458,3648
Operating cash flow−$279,1769−$367,82010−$418,01811−$653,11912−$387,52112
Capital expenditure—$3,04213$8,08914$13,96715$3,03015
Free cash flow (derived)—−$370,86210−$426,10711−$667,08612−$390,55112
Total debt—————
Cash & equivalents$1.91M16$1.54M17$1.11M18$434,35119$25,05219
Diluted shares332.0M332.7M332.7M6.7M6.7M

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
$1.74
your share of equity
Profit it earned you last year
−$0.69
Free cash flow it threw off
−$0.58
Debt you’d be carrying
—

10 shares is a claim on $1.74 of net worth that earned you −$0.69 and generated −$0.58 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-591% avg · 5y
FY21 -123%FY22 —FY23 -2065%FY24 -142%FY25 -32%

It earned an average -591% 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
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2021-07-31 · accession 0001493152-22-029798 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-07-31 · accession 0001493152-23-038585 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-07-31 · accession 0001493152-24-044955 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-07-31 · accession 0001493152-25-022052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-07-31 · accession 0001493152-22-029798 (NetIncomeLoss)
  6. 10-K · period ending 2022-07-31 · accession 0001493152-23-038585 (NetIncomeLoss)
  7. 10-K · period ending 2023-07-31 · accession 0001493152-24-044955 (NetIncomeLoss)
  8. 10-K · period ending 2024-07-31 · accession 0001493152-25-022052 (NetIncomeLoss)
  9. 10-K · period ending 2021-07-31 · accession 0001493152-22-029798 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-07-31 · accession 0001493152-23-038585 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-07-31 · accession 0001493152-24-044955 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-07-31 · accession 0001493152-25-022052 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-07-31 · accession 0001493152-23-038585 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-07-31 · accession 0001493152-24-044955 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-07-31 · accession 0001493152-25-022052 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-07-31 · accession 0001493152-22-029798 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-07-31 · accession 0001493152-23-038585 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-07-31 · accession 0001493152-24-044955 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-07-31 · accession 0001493152-25-022052 (CashAndCashEquivalentsAtCarryingValue)