MeritValue

SILVER BULL RESOURCES, INC.

SVBLdata completeness 63%32 fiscal years on file

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

The thesis, from the filings

SILVER BULL RESOURCES, INC. earns about -25% on invested capital, but has diluted owners by 40% 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—————
Net income−$2.45M1−$3.17M2−$1.25M3−$168,7854−$13.1M4
Operating cash flow−$1.69M5−$1.25M6−$793,7987−$420,7818$36,4418
Capital expenditure$82,0339——$1,06810—
Free cash flow (derived)−$1.77M5——−$421,8498—
Total debt—————
Cash & equivalents$189,60711$886,72812$1.01M13$476,86814$1.14M14
Diluted shares33.9M34.9M35.5M47.4M47.6M

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
−$1.45
your share of equity
Profit it earned you last year
−$2.76
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.45 of net worth that earned you −$2.76 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-25% avg · 5y
FY21 -24%FY22 -50%FY23 -22%FY24 -3%FY25 —

It earned an average -25% 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
+40% shares · 5y

Share count is up 40% 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 2021-10-31 · accession 0001079973-22-000065 (NetIncomeLoss)
  2. 10-K · period ending 2022-10-31 · accession 0001079973-24-000143 (NetIncomeLoss)
  3. 10-K · period ending 2023-10-31 · accession 0001079973-25-000156 (NetIncomeLoss)
  4. 10-K · period ending 2024-10-31 · accession 0001079973-26-000129 (NetIncomeLoss)
  5. 10-K · period ending 2021-10-31 · accession 0001079973-23-000131 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-10-31 · accession 0001079973-24-000143 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-10-31 · accession 0001079973-25-000156 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-10-31 · accession 0001079973-26-000129 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-10-31 · accession 0001079973-23-000131 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2024-10-31 · accession 0001079973-26-000129 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-10-31 · accession 0001079973-23-000131 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-10-31 · accession 0001079973-24-000143 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-10-31 · accession 0001079973-25-000156 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-10-31 · accession 0001079973-26-000129 (CashAndCashEquivalentsAtCarryingValue)