MeritValue

UPEXI, INC.

UPXIdata completeness 100%6 fiscal years on file
The thesis, from the filings

UPEXI, INC. earns about -80% on invested capital, and has bought back 44% of its shares over 5 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$24.1M1$23.1M2$36.4M3$26M4$15.8M4
Net income$2.98M5−$2.05M6−$17.5M7−$23.7M8−$13.7M8
Operating cash flow$2.94M9−$180,83110$202,67711−$101,37612−$8.42M12
Capital expenditure$1.42M13$5.45M14$937,56415$932,56516$387,76016
Free cash flow (derived)$1.52M9−$5.63M10−$734,88711−$1.03M12−$8.81M12
Total debt——$27.7M17$018$20M18
Cash & equivalents$14.5M19$7.15M19$4.49M20$661,41520$2.98M20
Diluted shares14.3M16.2M893,9431.0M7.9M

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
$113.84
your share of equity
Profit it earned you last year
−$17.29
Free cash flow it threw off
−$11.13
Debt you’d be carrying
$25.27

10 shares is a claim on $113.84 of net worth that earned you −$17.29 and generated −$11.13 of cash last year, against $25.27 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-80% avg · 5y
FY21 13%FY22 -23%FY23 -33%FY24 -344%FY25 -10%

It earned an average -80% 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
−44% shares · 5y

Share count is down 44% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 28% — 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 2021-06-30 · accession 0001477932-22-007297 (Revenues)
  2. 10-K · period ending 2022-06-30 · accession 0001477932-23-007307 (Revenues)
  3. 10-K · period ending 2023-06-30 · accession 0001477932-24-008123 (Revenues)
  4. 10-K · period ending 2024-06-30 · accession 0001477932-25-006996 (Revenues)
  5. 10-K · period ending 2021-06-30 · accession 0001477932-22-007297 (NetIncomeLoss)
  6. 10-K · period ending 2022-06-30 · accession 0001477932-23-007307 (NetIncomeLoss)
  7. 10-K · period ending 2023-06-30 · accession 0001477932-24-008123 (NetIncomeLoss)
  8. 10-K · period ending 2024-06-30 · accession 0001477932-25-006996 (NetIncomeLoss)
  9. 10-K · period ending 2021-06-30 · accession 0001477932-22-007297 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-06-30 · accession 0001477932-23-007307 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001477932-24-008123 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-06-30 · accession 0001477932-25-006996 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-06-30 · accession 0001477932-22-007297 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-06-30 · accession 0001477932-23-007307 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-06-30 · accession 0001477932-24-008123 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-06-30 · accession 0001477932-25-006996 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2023-06-30 · accession 0001477932-23-007307 (LongTermDebt)
  18. 10-K · period ending 2024-06-30 · accession 0001477932-25-006996 (ShortTermBorrowings)
  19. 10-K · period ending 2021-06-30 · accession 0001477932-22-007297 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-06-30 · accession 0001477932-25-006996 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)