MeritValue

Summit Networks Inc.

SNTWdata completeness 88%12 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Summit Networks Inc. earns about -10% on equity, but has diluted owners by 11% 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————$11,7971
Net income−$454,0742−$108,2053$23,7784−$216,1505−$331,0735
Operating cash flow−$385,1896−$72,0497−$59,3058−$203,2889−$265,8489
Capital expenditure$5,53610———$6,87911
Free cash flow (derived)−$390,7256———−$272,7279
Total debt—————
Cash & equivalents$80,87812$8,82913$149,61414$46,32614$94,55915
Diluted shares61.9M62.0M67.1M88.7M68.9M

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
−$0.13
your share of equity
Profit it earned you last year
−$0.05
Free cash flow it threw off
−$0.04
Debt you’d be carrying
—

10 shares is a claim on −$0.13 of net worth that earned you −$0.05 and generated −$0.04 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-10% avg · 5y
FY21 —FY22 —FY23 —FY24 -10%FY25 —

It earned an average -10% 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
+11% shares · 5y

Share count is up 11% 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
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 2025-12-31 · accession 0001091818-26-000053 (Revenues)
  2. 10-K · period ending 2021-09-30 · accession 0001091818-23-000002 (NetIncomeLoss)
  3. 10-K · period ending 2022-09-30 · accession 0001091818-23-000203 (NetIncomeLoss)
  4. 10-K · period ending 2023-09-30 · accession 0001091818-25-000026 (NetIncomeLoss)
  5. 10-K · period ending 2024-09-30 · accession 0001091818-26-000053 (NetIncomeLoss)
  6. 10-K · period ending 2021-09-30 · accession 0001091818-23-000002 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-09-30 · accession 0001091818-23-000203 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-09-30 · accession 0001091818-25-000026 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-09-30 · accession 0001091818-26-000053 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-30 · accession 0001091818-21-000152 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2025-12-31 · accession 0001091818-26-000053 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-09-30 · accession 0001091818-23-000002 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-09-30 · accession 0001091818-23-000203 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-09-30 · accession 0001091818-25-000026 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2025-12-31 · accession 0001091818-26-000053 (CashAndCashEquivalentsAtCarryingValue)