MeritValue

Star Gold Corp.

SRGZdata completeness 63%18 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'

The thesis, from the filings

Star Gold Corp. earns about -137% on invested capital, but has diluted owners by 21% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—————
Net income−$393,1951−$424,8402−$237,7113−$257,3864−$824,8504
Operating cash flow−$253,1295−$282,8106−$176,3377−$157,2948−$929,1658
Capital expenditure—————
Free cash flow (derived)—————
Total debt—$09$165,0009——
Cash & equivalents$50,81510$33,50511$5,16812$11,37413$1.93M13
Diluted shares97.3M97.3M97.3M97.3M117.7M

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
$0.23
your share of equity
Profit it earned you last year
−$0.07
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.23 of net worth that earned you −$0.07 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-137% avg · 5y
FY22 -56%FY23 -229%FY24 -183%FY25 —FY26 -82%

It earned an average -137% 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
+21% shares · 5y

Share count is up 21% 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 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/A · period ending 2022-04-30 · accession 0001437749-24-007942 (NetIncomeLoss)
  2. 10-K · period ending 2023-04-30 · accession 0001437749-24-026390 (NetIncomeLoss)
  3. 10-K · period ending 2024-04-30 · accession 0001437749-25-028701 (NetIncomeLoss)
  4. 10-K · period ending 2025-04-30 · accession 0001437749-26-024054 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-04-30 · accession 0001437749-24-007942 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-04-30 · accession 0001437749-24-026390 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-04-30 · accession 0001437749-25-028701 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-04-30 · accession 0001437749-26-024054 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-04-30 · accession 0001437749-24-026390 (LongTermDebtCurrent)
  10. 10-K/A · period ending 2022-04-30 · accession 0001437749-24-007942 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-04-30 · accession 0001437749-24-026390 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-04-30 · accession 0001437749-25-028701 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-04-30 · accession 0001437749-26-024054 (CashAndCashEquivalentsAtCarryingValue)