MeritValue

Sentinel Holdings Ltd.

SNTLdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

Sentinel Holdings Ltd. earns about -105% on equity, but has diluted owners by 80% 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$1,8951$4.06M1$8.82M2$03$1.93M3
Net income−$766,0274$113,4455−$2.62M6−$8.45M6$1.66M7
Operating cash flow$16,2158$178,2699−$269,54310−$123,75511−$1.32M11
Capital expenditure$012$11,80013—$014$140,00014
Free cash flow (derived)$16,2158$166,4699—−$123,75511−$1.46M11
Total debt—————
Cash & equivalents$110,46015$455,45316$45,55117$131,15418$197,16518
Diluted shares5.3M8.3M9.0M8.9M9.5M

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
−$2.62
your share of equity
Profit it earned you last year
$1.76
Free cash flow it threw off
−$1.54
Debt you’d be carrying
—

10 shares is a claim on −$2.62 of net worth that earned you $1.76 and generated −$1.54 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-105% avg · 5y
FY21 -215%FY22 5%FY23 —FY24 —FY25 —

It earned an average -105% 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
+80% shares · 5y

Share count is up 80% 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
book value / share count 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 0001096906-23-002268 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001096906-25-000610 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001096906-26-000918 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001096906-23-002268 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001437 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001096906-25-000610 (NetIncomeLoss)
  7. 10-K · period ending 2025-12-31 · accession 0001096906-26-000918 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001096906-23-002268 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001437 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001096906-25-000610 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001096906-26-000918 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001096906-23-002268 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001437 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001096906-26-000918 (PaymentsToAcquireProductiveAssets)
  15. 10-K/A · period ending 2021-12-31 · accession 0001096906-24-001437 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2022-12-31 · accession 0001096906-25-000610 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2023-12-31 · accession 0001096906-26-000918 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  18. 10-K · period ending 2024-12-31 · accession 0001096906-26-000918 (CashAndCashEquivalentsAtCarryingValue)