MeritValue

U.S. GOLD CORP.

USAUdata completeness 63%17 fiscal years on file

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

The thesis, from the filings

U.S. GOLD CORP. earns about -56% on invested capital, but has diluted owners by 106% over 5 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—————
Net income−$13.9M1−$7.61M2−$6.9M3−$20.6M4−$17.2M4
Operating cash flow−$12.6M5−$8.69M6−$7.08M7−$9.87M8−$18.2M8
Capital expenditure$178,9729$177,51310—$6,15811$3,33111
Free cash flow (derived)−$12.8M5−$8.87M6—−$9.88M8−$18.2M8
Total debt—————
Cash & equivalents—————
Diluted shares7.3M8.4M9.4M11.4M15.0M

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
$32.55
your share of equity
Profit it earned you last year
−$11.49
Free cash flow it threw off
−$12.16
Debt you’d be carrying
—

10 shares is a claim on $32.55 of net worth that earned you −$11.49 and generated −$12.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-56% avg · 5y
FY22 -47%FY23 -32%FY24 -31%FY25 -140%FY26 -28%

It earned an average -56% 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
+106% shares · 5y

Share count is up 106% over 5 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
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 2022-04-30 · accession 0001493152-23-026120 (NetIncomeLoss)
  2. 10-K · period ending 2023-04-30 · accession 0001493152-24-029423 (NetIncomeLoss)
  3. 10-K · period ending 2024-04-30 · accession 0001641172-25-021368 (NetIncomeLoss)
  4. 10-K · period ending 2025-04-30 · accession 0001493152-26-035188 (NetIncomeLoss)
  5. 10-K · period ending 2022-04-30 · accession 0001493152-23-026120 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-04-30 · accession 0001493152-24-029423 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-04-30 · accession 0001641172-25-021368 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-04-30 · accession 0001493152-26-035188 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-04-30 · accession 0001493152-23-026120 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2023-04-30 · accession 0001493152-24-029423 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2025-04-30 · accession 0001493152-26-035188 (PaymentsToAcquirePropertyPlantAndEquipment)