MeritValue

Scage Future

SCAGdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$437,9701$6.11M1$11.1M1
Net income−$6.44M2−$5.81M2−$12.9M2
Operating cash flow−$4.89M3−$6.22M3−$5.89M3
Capital expenditure$166,1704$51,2924$13,4904
Free cash flow (derived)−$5.06M3−$6.28M3−$5.91M3
Total debt—$8.42M5$9.63M5
Cash & equivalents$172,7036$1.98M6$90,7586
Diluted shares50.7M50.7M72.2M

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
−$0.73
your share of equity
Profit it earned you last year
−$1.79
Free cash flow it threw off
−$0.82
Debt you’d be carrying
$1.33

10 shares is a claim on −$0.73 of net worth that earned you −$1.79 and generated −$0.82 of cash last year, against $1.33 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 3y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+42% shares · 3y

Share count is up 42% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 14% 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 v0.5.0
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 2023-06-30 · accession 0001213900-25-109190 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-06-30 · accession 0001213900-25-109190 (NetIncomeLoss)
  3. 20-F · period ending 2023-06-30 · accession 0001213900-25-109190 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-25-109190 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2024-06-30 · accession 0001213900-25-109190 (ShortTermBorrowings)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-25-109190 (CashAndCashEquivalentsAtCarryingValue)