MeritValue

SCIENTIFIC INDUSTRIES INC

SCNDdata completeness 88%15 fiscal years on file
The thesis, from the filings

SCIENTIFIC INDUSTRIES INC earns about -45% on invested capital, but has diluted owners by 256% 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$9.78M1$11.4M2$11.1M3$4.8M4$5.05M4
Net income−$3.67M5−$13.7M6−$9.09M7−$6.45M8−$1.22M8
Operating cash flow−$3.3M9−$5.19M10−$6.16M11−$3.68M11−$8.15M12
Capital expenditure$198,70013$757,60014$131,70015$98,90016$63,20016
Free cash flow (derived)−$3.5M9−$5.95M10−$6.29M11−$3.78M11−$8.21M12
Total debt—————
Cash & equivalents$9.68M17$2.97M18$796,10019$587,90019$955,00019
Diluted shares3.2M6.6M10.1M10.5M11.3M

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
$9.4
your share of equity
Profit it earned you last year
−$1.08
Free cash flow it threw off
−$7.24
Debt you’d be carrying
—

10 shares is a claim on $9.4 of net worth that earned you −$1.08 and generated −$7.24 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-45% avg · 5y
FY21 -19%FY22 -61%FY23 -55%FY24 -74%FY25 -14%

It earned an average -45% 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
+256% shares · 5y

Share count is up 256% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2021-06-30 · accession 0001654954-22-013054 (Revenues)
  2. 10-K/A · period ending 2022-06-30 · accession 0001654954-24-009114 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-003699 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001654954-26-003102 (Revenues)
  5. 10-K · period ending 2021-06-30 · accession 0001654954-22-013054 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-06-30 · accession 0001654954-24-009114 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-003699 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001654954-26-003102 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001654954-22-013054 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-06-30 · accession 0001654954-24-009114 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-003699 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-12-31 · accession 0001654954-26-003102 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  13. 10-K · period ending 2021-06-30 · accession 0001654954-22-013054 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-06-30 · accession 0001654954-24-009114 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001654954-25-003699 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001654954-26-003102 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-06-30 · accession 0001654954-22-013054 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2022-06-30 · accession 0001654954-24-009114 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001654954-26-003102 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)