MeritValue

United States 12 Month Natural Gas Fund, LP

UNLdata completeness 50%17 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3,5001$9,1002$6,6503$11,2003$8,0503
Net income$3.16M4$3.63M5−$13.3M6−$1.22M6−$971,4796
Operating cash flow$2.56M7$12.5M8−$17.2M9−$6.33M9$1.95M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$14.4M10$22M11$14.5M12$17.9M12$18.2M12
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

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 2021-12-31 · accession 0001410578-24-000158 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-25-000266 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-023411 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001410578-24-000158 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001410578-25-000266 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-023411 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001410578-24-000158 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001410578-25-000266 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-023411 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001410578-24-000158 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001410578-25-000266 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-023411 (CashAndCashEquivalentsAtCarryingValue)