Solaris Resources Inc. earns about -234% on equity, and has bought back 100% of its shares over 3 years. 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.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Net income | −$41M1 | −$77M2 | −$42.2M2 |
| Operating cash flow | — | — | — |
| Capital expenditure | — | $2.41M3 | $2.28M3 |
| Free cash flow (derived) | — | — | — |
| Total debt | — | $100,0004 | $653,0004 |
| Cash & equivalents | $38.9M5 | $31.7M5 | $25.2M5 |
| Diluted shares | 142.1M | 157.3M | 0 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
It earned an average -234% on equity over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is down 100% over 3 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 553% 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.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 40-F filed 2025-03-20 · period ending 2023-12-31 · accession 0001213900-25-025609 (ProfitLossAttributableToOwnersOfParent)
- 40-F filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-034862 (ProfitLossAttributableToOwnersOfParent)
- 40-F filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-034862 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 40-F filed 2026-03-26 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-034862 (Borrowings)
- 40-F filed 2026-03-26 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-034862 (CashAndCashEquivalents)