MeritValue

Uranium Royalty Corp.

UROYdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Uranium Royalty Corp. earns about 21% on invested capital, but has diluted owners by 21% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.99 a share.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 2024FY 2025FY 2026
Revenue$31.2M1$11.2M1$186.8M1
Net income$13.7M2−$4.51M2$40.2M2
Operating cash flow−$76.4M3−$15.1M3$178.5M3
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$15.4M4$9.37M5$242M5
Diluted shares115.2M126.8M139.4M

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
$22.43
your share of equity
Profit it earned you last year
$2.89
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $22.43 of net worth that earned you $2.89 last year.

iii. Is this a good business?
Moat signal · return on invested capital
21% avg · 3y
FY24 7%FY25 -2%FY26 57%

It earned an average 21% 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
+21% shares · 3y

Share count is up 21% 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 v0.5.0
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
$0.99
assumptions (8)
  • riskFreeRate5.0%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13.7M
  • growthAssumed0.0%
Graham Number
$3.73
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-04-30 · accession 0001193125-26-321135 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-04-30 · accession 0001193125-26-321135 (NetIncomeLoss)
  3. 10-K · period ending 2024-04-30 · accession 0001193125-26-321135 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-04-30 · accession 0001193125-26-321135 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  5. 10-K · period ending 2025-04-30 · accession 0001193125-26-321135 (CashAndCashEquivalentsAtCarryingValue)