Trio Petroleum Corp

TPETdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Trio Petroleum Corp earns about -65% on invested capital, and has bought back 38% of its shares over 4 years. 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

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	$213,204¹	$398,734¹
Net income	−$3.8M²	−$6.54M³	−$9.63M⁴	−$7.28M⁴
Operating cash flow	−$502,144⁵	−$4.04M⁶	−$3.84M⁷	−$2.6M⁷
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$73,648⁸	$1.56M⁹	$285,945⁹	$882,162⁹
Diluted shares	14.8M	1.2M	2.2M	9.1M

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

Net assets behind them

$12.4

your share of equity

Profit it earned you last year

−$7.99

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $12.4 of net worth that earned you −$7.99 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-65% avg · 4y

FY22 -64%FY23 -56%FY24 -87%FY25 -55%

It earned an average -65% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−38% shares · 4y

Share count is down 38% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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

10-K · period ending 2024-10-31 · accession 0001493152-26-002848 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K/A · period ending 2022-10-31 · accession 0001493152-24-023710 (NetIncomeLoss)
10-K/A · period ending 2023-10-31 · accession 0001641172-25-004910 (NetIncomeLoss)
10-K · period ending 2024-10-31 · accession 0001493152-26-002848 (NetIncomeLoss)
10-K/A · period ending 2022-10-31 · accession 0001493152-24-023710 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-10-31 · accession 0001641172-25-004910 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-10-31 · accession 0001493152-26-002848 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-10-31 · accession 0001641172-25-004910 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-10-31 · accession 0001493152-26-002848 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)