MeritValue

Stablecoin Development Corp

SDEVdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Stablecoin Development Corp earns about -762% on invested capital, but has diluted owners by 367% 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$10.2M1$14.4M2$10.5M3$9.78M3—
Net income−$5.82M4−$10.6M5−$9.64M6−$7.22M7−$630.8M7
Operating cash flow−$9.19M8−$6.65M9−$4.13M9−$7.5M10−$8.43M10
Capital expenditure$52,00011$112,00012$19,00013$6,00013—
Free cash flow (derived)−$9.24M8−$6.77M9−$4.15M9−$7.5M10—
Total debt—————
Cash & equivalents$7.5M14$5.36M15$2.92M16$430,00017$7.96M17
Diluted shares1.2M1.6M120,000679,0005.8M

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
−$1,085.59
your share of equity
Profit it earned you last year
−$1,083.81
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1,085.59 of net worth that earned you −$1,083.81 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-762% avg · 5y
FY21 -173%FY22 -161%FY23 -1953%FY24 —FY25 —

It earned an average -762% 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
+367% shares · 5y

Share count is up 367% 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 2021-12-31 · accession 0001437749-23-008843 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009417 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-010730 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001437749-23-008843 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-24-009417 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-010730 (NetIncomeLoss)
  7. 10-K/A · period ending 2024-12-31 · accession 0001437749-26-013913 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001437749-23-008843 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001437749-24-009417 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2024-12-31 · accession 0001437749-26-013913 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001437749-23-008843 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001437749-24-009417 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001437749-25-010730 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001437749-23-008843 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001437749-24-009417 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001437749-25-010730 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2024-12-31 · accession 0001437749-26-013913 (CashAndCashEquivalentsAtCarryingValue)