MeritValue

INTERNATIONAL TOWER HILL MINES LTD

THMdata completeness 75%28 fiscal years on file

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

The thesis, from the filings

INTERNATIONAL TOWER HILL MINES LTD earns about -6% on invested capital, but has diluted owners by 7% 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——$01$02$02
Net income−$5.98M3−$3.04M4−$3.4M5−$3.6M6−$4.64M6
Operating cash flow−$5.34M7−$2.9M8−$3.19M9−$2.89M10−$3.63M10
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$7.78M11$4.85M12$1.69M13$992,48713$1.35M14
Diluted shares194.9M195.2M195.6M199.7M207.9M

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
$2.71
your share of equity
Profit it earned you last year
−$0.22
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.71 of net worth that earned you −$0.22 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 -9%FY22 -4%FY23 -5%FY24 -5%FY25 -7%

It earned an average -6% 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
+7% shares · 5y

Share count is up 7% 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 · period ending 2023-12-31 · accession 0001410578-25-000319 (Revenues)
  2. 10-K · period ending 2024-12-31 · accession 0001104659-26-026416 (Revenues)
  3. 10-K · period ending 2021-12-31 · accession 0001410578-23-000217 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001410578-24-000156 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001410578-25-000319 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-026416 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001410578-23-000217 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001410578-24-000156 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001410578-25-000319 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001104659-26-026416 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001410578-23-000217 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0001410578-24-000156 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001410578-25-000319 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2025-12-31 · accession 0001104659-26-026416 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)