MeritValue

SRX Global Inc.

SRXHdata completeness 75%27 fiscal years on file
The thesis, from the filings

SRX Global Inc. earns about -95% on invested capital, but has diluted owners by 3064% 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 2024FY 2025
Revenue$54.7M1$38.6M2—$35M2$6.53M3
Net income−$39.3M4−$22.8M5−$43.1M6−$168,0005−$45M6
Operating cash flow−$20.6M7$97,0008−$1.48M9−$4.36M8−$8.14M9
Capital expenditure$198,00010$18,00011—$41,00011—
Free cash flow (derived)−$20.8M7$79,0008—−$4.4M8—
Total debt$23.1M12$9.41M13$68.3M14$4.83M13—
Cash & equivalents$3.17M15$4.46M16$106,00017$3.07M16$1.31M17
Diluted shares667,114705,18522.1M1.6M21.1M

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
$0.19
your share of equity
Profit it earned you last year
−$21.32
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.19 of net worth that earned you −$21.32 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-95% avg · 5y
FY22 -74%FY23 -213%FY24 —FY24 2%FY25 —

It earned an average -95% 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
+3064% shares · 5y

Share count is up 3064% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 79% — 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 v0.1.0
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 2022-12-31 · accession 0001493152-24-014436 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-001558 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-09-30 · accession 0001493152-25-026452 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-014436 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-001558 (NetIncomeLoss)
  6. 10-K · period ending 2024-09-30 · accession 0001493152-25-026452 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-014436 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-001558 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-09-30 · accession 0001493152-25-026452 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014436 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001558 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001493152-24-014436 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-12-31 · accession 0001641172-25-001558 (LongTermDebtCurrent)
  14. 10-K · period ending 2024-09-30 · accession 0001493152-25-026452 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-014436 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-001558 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-09-30 · accession 0001493152-25-026452 (CashAndCashEquivalentsAtCarryingValue)