MeritValue

USBC, Inc.

USBCdata completeness 75%17 fiscal years on file
The thesis, from the filings

USBC, Inc. earns about -669% on equity, but has diluted owners by 79% 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$01$4.36M2$02——
Net income−$25.4M3−$20.1M4−$15.3M5−$16.6M6−$22.1M6
Operating cash flow−$6.85M7−$6.92M8−$10.4M9−$12.8M10−$7.6M10
Capital expenditure$299,52511$855,46812$80,79713$66,35214$014
Free cash flow (derived)−$7.15M7−$7.78M8−$10.4M9−$12.9M10−$7.6M10
Total debt—————
Cash & equivalents$12.3M15$12.6M16$8.02M16$3.11M17$8.82M18
Diluted shares35.2M48.2M80.4M2.2M63.1M

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
$15.4
your share of equity
Profit it earned you last year
−$3.51
Free cash flow it threw off
−$1.2
Debt you’d be carrying
—

10 shares is a claim on $15.4 of net worth that earned you −$3.51 and generated −$1.2 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-669% avg · 5y
FY21 -2042%FY22 -204%FY23 -408%FY24 —FY25 -23%

It earned an average -669% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+79% shares · 5y

Share count is up 79% 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 2021-09-30 · accession 0001654954-22-016732 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0001654954-23-015760 (Revenues)
  3. 10-K · period ending 2021-09-30 · accession 0001654954-22-016732 (NetIncomeLoss)
  4. 10-K · period ending 2022-09-30 · accession 0001654954-23-015760 (NetIncomeLoss)
  5. 10-K · period ending 2023-09-30 · accession 0001654954-24-014480 (NetIncomeLoss)
  6. 10-K · period ending 2024-09-30 · accession 0001654954-26-002725 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-30 · accession 0001654954-22-016732 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-30 · accession 0001654954-23-015760 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0001654954-24-014480 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-09-30 · accession 0001654954-26-002725 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-09-30 · accession 0001654954-22-016732 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2022-09-30 · accession 0001654954-23-015760 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-09-30 · accession 0001654954-24-014480 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-09-30 · accession 0001654954-26-002725 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-09-30 · accession 0001654954-22-016732 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-09-30 · accession 0001654954-23-015760 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-09-30 · accession 0001654954-24-014480 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-09-30 · accession 0001654954-25-014138 (CashAndCashEquivalentsAtCarryingValue)