MeritValue

RANGE IMPACT, INC.

RNGEdata completeness 88%17 fiscal years on file
The thesis, from the filings

RANGE IMPACT, INC. earns about 13% on invested capital, but has diluted owners by 115% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue—$4.83M1$19.3M2$9.01M2$3.71M3
Net income−$880,8514−$1.07M5$3.13M6−$9.8M7$19.2M7
Operating cash flow−$1.61M8−$603,7789$438,63710−$1.59M11$123,02811
Capital expenditure—$5.81M12$2.13M13——
Free cash flow (derived)—−$6.42M9−$1.69M10——
Total debt—$10.1M14$8.01M15$2.6M15$1.8M16
Cash & equivalents$884,13717$442,36918$2.18M19$167,28620$2.11M20
Diluted shares50.8M68.1M83.1M104.7M109.4M

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
$1.96
your share of equity
Profit it earned you last year
$1.75
Free cash flow it threw off
—
Debt you’d be carrying
$0.16

10 shares is a claim on $1.96 of net worth that earned you $1.75 last year, against $0.16 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
13% avg · 5y
FY21 —FY22 —FY23 27%FY24 -60%FY25 72%

It earned an average 13% 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
+115% shares · 5y

Share count is up 115% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 82% — deleveraging.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.89
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-030763 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001343 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001493152-26-013689 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-03-31 · accession 0001493152-21-012226 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-030763 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-001343 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-013689 (NetIncomeLoss)
  8. 10-K · period ending 2021-03-31 · accession 0001493152-21-012226 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-030763 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001343 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-013689 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-23-009955 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001343 (PaymentsToAcquireProductiveAssets)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-030763 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001343 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-12-31 · accession 0001493152-26-013689 (LongTermDebt)
  17. 10-K · period ending 2021-03-31 · accession 0001493152-21-012226 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-030763 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001641172-25-001343 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-013689 (CashAndCashEquivalentsAtCarryingValue)