MeritValue

DNA X, Inc.

SONMdata completeness 75%8 fiscal years on file
The thesis, from the filings

DNA X, Inc. earns about -297% on invested capital, and has bought back 92% of its shares over 5 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.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$54.6M1$69.8M2$93.6M3$50.9M3—
Net income−$38.6M4−$14.1M5−$90,0006−$33.6M7−$20.7M7
Operating cash flow−$38.5M8−$12.4M9−$4.05M10−$8.49M11−$23.5M11
Capital expenditure$46,00012$8,00013$36,00014$214,00015—
Free cash flow (derived)−$38.5M8−$12.4M9−$4.09M10−$8.7M11—
Total debt$214,00016$147,00017——$10.1M18
Cash & equivalents$11.2M19$13.2M20$9.4M21$5.34M22$1.3M22
Diluted shares9.5M28.9M4.3M262,118722,689

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
−$110.08
your share of equity
Profit it earned you last year
−$285.84
Free cash flow it threw off
—
Debt you’d be carrying
$140.17

10 shares is a claim on −$110.08 of net worth that earned you −$285.84 last year, against $140.17 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-297% avg · 5y
FY21 -399%FY22 -156%FY23 1%FY24 —FY25 -635%

It earned an average -297% 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
−92% shares · 5y

Share count is down 92% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 4634% 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.

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 0001493152-23-008199 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-011530 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001720 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-008199 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-011530 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-001720 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-016659 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-008199 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-011530 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-001720 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-016659 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-008199 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-011530 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-001720 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-016659 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-008199 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-24-011530 (LongTermDebtCurrent)
  18. 10-K · period ending 2025-12-31 · accession 0001493152-26-016659 (LongTermDebtCurrent)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-008199 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-011530 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-001720 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-016659 (CashAndCashEquivalentsAtCarryingValue)