MeritValue

SPARTA COMMERCIAL SERVICES, INC.

SRCOdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$259,7311$245,4692$256,9063$192,0404$235,5444
Net income−$2.28M5−$2.2M6$1.02M7−$607,2518−$2.11M8
Operating cash flow−$678,3879−$2.07M10−$3.08M11−$1.21M12−$1.23M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$5.09M13$4.82M14$5.1M15$7.17M16$8.37M16
Cash & equivalents$39617$31718$4,02819$100,95320$131,00320
Diluted shares6.3M13.7M19.4M28.3M35.6M

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
−$3.26
your share of equity
Profit it earned you last year
−$0.59
Free cash flow it threw off
—
Debt you’d be carrying
$2.35

10 shares is a claim on −$3.26 of net worth that earned you −$0.59 last year, against $2.35 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+468% shares · 5y

Share count is up 468% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 64% 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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2021-04-30 · accession 0001493152-22-023055 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-04-30 · accession 0001493152-22-023055 (NetIncomeLoss)
  6. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (NetIncomeLoss)
  7. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (NetIncomeLoss)
  8. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (NetIncomeLoss)
  9. 10-K · period ending 2021-04-30 · accession 0001493152-22-023055 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-04-30 · accession 0001493152-22-023055 (LongTermDebt)
  14. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (LongTermDebt)
  15. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (LongTermDebt)
  16. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (LongTermDebt)
  17. 10-K · period ending 2021-04-30 · accession 0001493152-22-023055 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (CashAndCashEquivalentsAtCarryingValue)