MeritValue

U.S. GOLD CORP.

USAUdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

U.S. GOLD CORP. earns about -57% on invested capital, but has diluted owners by 143% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$12.4M1−$13.9M2−$7.61M3−$6.9M4−$20.6M4
Operating cash flow−$8.59M5−$12.6M6−$8.69M7−$7.08M8−$9.87M8
Capital expenditure$42,9919$178,97210$177,51311—$6,15812
Free cash flow (derived)−$8.63M5−$12.8M6−$8.87M7—−$9.88M8
Total debt—————
Cash & equivalents—————
Diluted shares4.7M7.3M8.4M9.4M11.4M

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
$10.14
your share of equity
Profit it earned you last year
−$17.99
Free cash flow it threw off
−$8.64
Debt you’d be carrying
—

10 shares is a claim on $10.14 of net worth that earned you −$17.99 and generated −$8.64 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-57% avg · 5y
FY21 -33%FY22 -47%FY23 -32%FY24 -31%FY25 -140%

It earned an average -57% 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
+143% shares · 5y

Share count is up 143% 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 v0.1.0
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 2021-04-30 · accession 0001493152-22-023030 (NetIncomeLoss)
  2. 10-K · period ending 2022-04-30 · accession 0001493152-23-026120 (NetIncomeLoss)
  3. 10-K · period ending 2023-04-30 · accession 0001493152-24-029423 (NetIncomeLoss)
  4. 10-K · period ending 2024-04-30 · accession 0001641172-25-021368 (NetIncomeLoss)
  5. 10-K · period ending 2021-04-30 · accession 0001493152-22-023030 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-04-30 · accession 0001493152-23-026120 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-04-30 · accession 0001493152-24-029423 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-04-30 · accession 0001641172-25-021368 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-04-30 · accession 0001493152-22-023030 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-04-30 · accession 0001493152-23-026120 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-04-30 · accession 0001493152-24-029423 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2025-04-30 · accession 0001641172-25-021368 (PaymentsToAcquirePropertyPlantAndEquipment)