MeritValue

NaturalShrimp Inc

SHMPdata completeness 75%16 fiscal years on file
The thesis, from the filings

NaturalShrimp Inc earns about -113% on equity, but has diluted owners by 147% 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$01$33,7652$238,6853$446,3013$202,8174
Net income−$3.58M5−$86.3M6−$16M7−$15.6M7−$10.7M8
Operating cash flow−$2.38M9−$8.93M10−$5.86M11−$3.88M11−$3.89M12
Capital expenditure$1.74M13————
Free cash flow (derived)−$4.12M9————
Total debt$321,17614————
Cash & equivalents$155,79515$1.73M16$216,46516$115,52517$101,96917
Diluted shares501.5M619.1M748.5M872.9M1.24B

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
−$0.54
your share of equity
Profit it earned you last year
−$0.09
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.54 of net worth that earned you −$0.09 last year.

iii. Is this a good business?
Moat signal · return on equity
-113% avg · 5y
FY21 -113%FY22 —FY23 —FY24 —FY25 —

It earned an average -113% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+147% shares · 5y

Share count is up 147% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 v0.2.0
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
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 2021-03-31 · accession 0001654954-21-007393 (Revenues)
  2. 10-K · period ending 2022-03-31 · accession 0001493152-23-022546 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-03-31 · accession 0001493152-24-028214 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-30 · accession 0001493152-25-020857 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-03-31 · accession 0001493152-22-018121 (NetIncomeLoss)
  6. 10-K · period ending 2022-03-31 · accession 0001493152-23-022546 (NetIncomeLoss)
  7. 10-K · period ending 2023-03-31 · accession 0001493152-24-028214 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-30 · accession 0001493152-26-034187 (NetIncomeLoss)
  9. 10-K · period ending 2021-03-31 · accession 0001493152-22-018121 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001493152-23-022546 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-03-31 · accession 0001493152-24-028214 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-30 · accession 0001493152-26-034187 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-03-31 · accession 0001654954-21-007393 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-03-31 · accession 0001654954-21-007393 (LongTermDebt)
  15. 10-K · period ending 2021-03-31 · accession 0001493152-23-022546 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-03-31 · accession 0001493152-24-028214 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2024-03-31 · accession 0001493152-26-034187 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)