MeritValue

Streamex Corp.

STEXdata completeness 63%13 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Streamex Corp. earns about -3084% on equity, but has diluted owners by 35% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$441,0001$286,0002$18,0003$40,0004—
Net income−$31.9M5−$27.1M6−$29M7−$10.3M8−$462.8M8
Operating cash flow−$26.4M9−$21.7M10−$17.3M11−$4.76M12−$10.4M12
Capital expenditure$542,00013$168,00014$186,00015——
Free cash flow (derived)−$26.9M9−$21.9M10−$17.5M11——
Total debt—————
Cash & equivalents$11.7M16$400,00017$200,00018$142,00019$20.3M20
Diluted shares35.6M4.3M7.4M14.0M48.0M

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
$27.77
your share of equity
Profit it earned you last year
−$96.48
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $27.77 of net worth that earned you −$96.48 last year.

iii. Is this a good business?
Moat signal · return on equity
-3084% avg · 5y
FY21 -261%FY22 -8643%FY23 —FY24 —FY25 -347%

It earned an average -3084% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+35% shares · 5y

Share count is up 35% 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
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 2021-12-31 · accession 0001185185-23-000298 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014860 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004816 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-014376 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001185185-23-000298 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014860 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004816 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-014376 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001185185-23-000298 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014860 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004816 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014376 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001185185-23-000298 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014860 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004816 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001185185-22-000369 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001185185-23-000298 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-24-014860 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001641172-25-004816 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  20. 10-K · period ending 2025-12-31 · accession 0001493152-26-014376 (CashAndCashEquivalentsAtCarryingValue)