MeritValue

STAK Inc.

STAKdata completeness 100%3 fiscal years on file
The thesis, from the filings

STAK Inc. earns about 12% on invested capital, but has diluted owners by 7% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $2.36 a share.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 2023FY 2024FY 2025
Revenue$21.1M1$18.9M1$24.9M1
Net income$3.46M2$2.44M2−$5.71M2
Operating cash flow−$1.53M3−$2.74M3−$2.88M3
Capital expenditure$2.52M4$17,4274$61,6224
Free cash flow (derived)−$4.05M3−$2.75M3−$2.94M3
Total debt—$4.33M5$5.64M5
Cash & equivalents—$658,1546$1.02M6
Diluted shares10.0M10.0M10.7M

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
$12.02
your share of equity
Profit it earned you last year
−$5.32
Free cash flow it threw off
−$2.74
Debt you’d be carrying
$5.25

10 shares is a claim on $12.02 of net worth that earned you −$5.32 and generated −$2.74 of cash last year, against $5.25 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 3y
FY23 43%FY24 18%FY25 -26%

It earned an average 12% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 3y

Share count is up 7% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 30% 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
$2.36
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.44M
  • growthAssumed0.0%
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. 20-F · period ending 2023-06-30 · accession 0001493152-25-020818 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-06-30 · accession 0001493152-25-020818 (NetIncomeLoss)
  3. 20-F · period ending 2023-06-30 · accession 0001493152-25-020818 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-06-30 · accession 0001493152-25-020818 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2024-06-30 · accession 0001493152-25-020818 (ShortTermBorrowings)
  6. 20-F · period ending 2024-06-30 · accession 0001493152-25-020818 (CashAndCashEquivalentsAtCarryingValue)