MeritValue

SUPA Consolidated Inc.

SFCXdata completeness 75%11 fiscal years on file
The thesis, from the filings

SUPA Consolidated Inc. earns about -156% on invested capital, but has diluted owners by 359% 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—————
Net income−$350,1401−$1.49M1−$185,9182$52,8423−$293,0693
Operating cash flow−$112,5794−$154,5045−$19,8266$66,3057$17,6757
Capital expenditure$47,2948$85,4449$9,42410$5M10—
Free cash flow (derived)−$159,8734−$239,9485−$29,2506−$4.93M7—
Total debt$173,42611$620,00012$912,15013$1.03M14$1.16M14
Cash & equivalents$121,48115$4,21316$017$017$17,67517
Diluted shares36.3M36.6M39.9M39.9M166.8M

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
$0.24
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
$0.07

10 shares is a claim on $0.24 of net worth that earned you −$0.02 last year, against $0.07 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-156% avg · 5y
FY21 -77%FY22 -629%FY23 -71%FY24 1%FY25 -4%

It earned an average -156% 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
+359% shares · 5y

Share count is up 359% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 566% 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 v0.1.0
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/A · period ending 2021-12-31 · accession 0001683168-25-005438 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001683168-25-006576 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001683168-26-002170 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001683168-23-002473 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K/A · period ending 2022-12-31 · accession 0001683168-25-005438 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001683168-25-006576 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-12-31 · accession 0001683168-26-002170 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2021-12-31 · accession 0001683168-23-002473 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K/A · period ending 2022-12-31 · accession 0001683168-25-005438 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-12-31 · accession 0001683168-25-006576 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001683168-23-002473 (LongTermDebtNoncurrent)
  12. 10-K/A · period ending 2022-12-31 · accession 0001683168-25-005438 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-12-31 · accession 0001683168-25-006576 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0001683168-26-002170 (LongTermDebtNoncurrent)
  15. 10-K/A · period ending 2021-12-31 · accession 0001683168-25-005438 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-12-31 · accession 0001683168-25-006576 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2023-12-31 · accession 0001683168-26-002170 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)