MeritValue

SPARTA COMMERCIAL SERVICES, INC.

SRCOdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$245,4691$256,9062$192,0403$235,5444$345,3124
Net income−$2.2M5$1.02M6−$607,2517−$2.11M8−$2.85M8
Operating cash flow−$2.07M9−$3.08M10−$1.21M11−$1.23M12−$779,57212
Capital expenditure—————
Free cash flow (derived)—————
Total debt$4.82M13$5.1M14$7.17M15$8.37M15$1,58516
Cash & equivalents$31717$4,02818$100,95319$131,00320$118,13120
Diluted shares13.7M19.4M28.3M35.6M45.1M

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
−$2.96
your share of equity
Profit it earned you last year
−$0.63
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on −$2.96 of net worth that earned you −$0.63 last year, against $0 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
+229% shares · 5y

Share count is up 229% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 v0.5.0
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 2022-04-30 · accession 0001493152-23-029349 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-04-30 · accession 0001493152-26-037876 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (NetIncomeLoss)
  6. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (NetIncomeLoss)
  7. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (NetIncomeLoss)
  8. 10-K · period ending 2025-04-30 · accession 0001493152-26-037876 (NetIncomeLoss)
  9. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-04-30 · accession 0001493152-26-037876 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (LongTermDebt)
  14. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (LongTermDebt)
  15. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (LongTermDebt)
  16. 10-K · period ending 2026-04-30 · accession 0001493152-26-037876 (ShortTermBorrowings)
  17. 10-K · period ending 2022-04-30 · accession 0001493152-23-029349 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-04-30 · accession 0001493152-24-032011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-04-30 · accession 0001641172-25-023585 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-04-30 · accession 0001493152-26-037876 (CashAndCashEquivalentsAtCarryingValue)