MeritValue

Sidus Space Inc.

SIDUdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Sidus Space Inc. earns about -124% on invested capital, but has diluted owners by 122% 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$789,4001$6.25M2$5.01M3$3.87M4$1.78M4
Net income−$3.75M5−$12.8M6−$14.3M7−$17.5M8−$29.5M8
Operating cash flow−$2.48M9−$12.1M10−$11.7M11−$15.8M12−$18.2M12
Capital expenditure$217,84013$2.1M14$7.21M15$7.47M16$8.17M16
Free cash flow (derived)−$2.7M9−$14.2M10−$19M11−$23.3M12−$26.3M12
Total debt—————
Cash & equivalents$13.7M17————
Diluted shares11.2M171,658619,9864.9M24.7M

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
$20.46
your share of equity
Profit it earned you last year
−$11.91
Free cash flow it threw off
−$10.64
Debt you’d be carrying
—

10 shares is a claim on $20.46 of net worth that earned you −$11.91 and generated −$10.64 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-124% avg · 5y
FY21 —FY22 -246%FY23 -150%FY24 -54%FY25 -46%

It earned an average -124% 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
+122% shares · 5y

Share count is up 122% 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 0001493152-23-007736 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-040895 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001742 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014547 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-007736 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-040895 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001742 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014547 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-007736 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-040895 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001742 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014547 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-007736 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-040895 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001742 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-014547 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-009092 (CashAndCashEquivalentsAtCarryingValue)