MeritValue

TECHPRECISION CORP

TPCSdata completeness 88%16 fiscal years on file
The thesis, from the filings

TECHPRECISION CORP earns about -20% on invested capital, but has diluted owners by 22% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$22.3M1$31.4M2$31.6M3$34M4$31.6M4
Net income−$349,8345−$979,0066−$7.04M7−$2.75M8−$1.66M8
Operating cash flow$257,8399$3.14M10$728,00011−$599,00012$6,00012
Capital expenditure$939,00413$2.33M14$3.23M15$4.12M16$3.27M16
Free cash flow (derived)−$681,1659$812,53710−$2.5M11−$4.72M12−$3.26M12
Total debt$10.5M17$10.9M18—$3,00019—
Cash & equivalents$1.05M20$534,47421$138,00022$195,00022$431,00023
Diluted shares8.1M8.6M8.7M9.5M9.9M

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
$7.74
your share of equity
Profit it earned you last year
−$1.68
Free cash flow it threw off
−$3.29
Debt you’d be carrying
—

10 shares is a claim on $7.74 of net worth that earned you −$1.68 and generated −$3.29 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-20% avg · 5y
FY22 -1%FY23 -1%FY24 -53%FY25 -25%FY26 -18%

It earned an average -20% 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
+22% shares · 5y

Share count is up 22% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

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 2022-03-31 · accession 0001410578-23-001442 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001410578-24-001590 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001410578-25-001537 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001104659-26-077758 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0001410578-23-001442 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001410578-24-001590 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001410578-25-001537 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001104659-26-077758 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001410578-23-001442 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001410578-24-001590 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001410578-25-001537 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001104659-26-077758 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001410578-23-001442 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0001410578-24-001590 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-03-31 · accession 0001410578-25-001537 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-03-31 · accession 0001104659-26-077758 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-03-31 · accession 0001410578-23-001442 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2023-03-31 · accession 0001410578-24-001590 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2025-03-31 · accession 0001104659-26-077758 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2022-03-31 · accession 0001410578-23-001442 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-03-31 · accession 0001410578-24-001590 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-03-31 · accession 0001410578-25-001537 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2026-03-31 · accession 0001104659-26-077758 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)