MeritValue

Texas Mineral Resources Corp.

TMRCdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Texas Mineral Resources Corp. earns about -104% on equity, but has diluted owners by 3% 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$2.04M1−$2.9M2−$2.59M3−$833,0094−$1.93M4
Operating cash flow−$599,0495−$2.77M6−$1.31M7−$662,1108−$897,0818
Capital expenditure$34,9069————
Free cash flow (derived)−$633,9555————
Total debt—————
Cash & equivalents$5.11M10$1.84M11$1.08M12$428,19713$590,35013
Diluted shares72.9M72.4M73.2M73.9M75.0M

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
$0.14
your share of equity
Profit it earned you last year
−$0.26
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.14 of net worth that earned you −$0.26 last year.

iii. Is this a good business?
Moat signal · return on equity
-104% avg · 5y
FY21 39%FY22 -95%FY23 -180%FY24 -96%FY25 -187%

It earned an average -104% 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
+3% shares · 5y

Share count is up 3% 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2021-08-31 · accession 0001387131-22-011962 (NetIncomeLoss)
  2. 10-K · period ending 2022-08-31 · accession 0001999371-23-000633 (NetIncomeLoss)
  3. 10-K · period ending 2023-08-31 · accession 0001839882-24-042431 (NetIncomeLoss)
  4. 10-K · period ending 2024-08-31 · accession 0001999371-25-018974 (NetIncomeLoss)
  5. 10-K · period ending 2021-08-31 · accession 0001387131-22-011962 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-08-31 · accession 0001999371-23-000633 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-08-31 · accession 0001839882-24-042431 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-08-31 · accession 0001999371-25-018974 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-08-31 · accession 0001387131-22-011962 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-08-31 · accession 0001387131-22-011962 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-08-31 · accession 0001999371-23-000633 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-08-31 · accession 0001839882-24-042431 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-08-31 · accession 0001999371-25-018974 (CashAndCashEquivalentsAtCarryingValue)