MeritValue

Tradewinds Universal

TRWDdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

Tradewinds Universal earns about -190% on invested capital, but has diluted owners by 279% over 3 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 2023FY 2024FY 2025
Revenue$145,0851$171,5962$133,2222
Net income−$182,1913−$115,7433−$892,8773
Operating cash flow−$55,6434−$28,0035−$57,5725
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$28,2136$2106$16,6387
Diluted shares9.4M32.2M35.5M

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
$0.09
your share of equity
Profit it earned you last year
−$0.25
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.09 of net worth that earned you −$0.25 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-190% avg · 3y
FY23 -153%FY24 -175%FY25 -243%

It earned an average -190% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+279% shares · 3y

Share count is up 279% over 3 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 0001079973-25-000543 (Revenues)
  2. 10-K/A · period ending 2024-12-31 · accession 0001079973-26-000502 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001079973-26-000502 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001079973-25-000543 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K/A · period ending 2024-12-31 · accession 0001079973-26-000502 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001079973-25-000543 (CashAndCashEquivalentsAtCarryingValue)
  7. 10-K/A · period ending 2025-12-31 · accession 0001079973-26-000502 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)