MeritValue

United States Commodity Index Funds Trust

USCIdata completeness 38%12 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2017FY 2018FY 2019FY 2020FY 2021
Revenue$34.1M1−$68.9M2−$4.24M2−$16.6M2—
Net income$28.6M3−$74.9M4−$8.14M5−$18.1M5$75.3M5
Operating cash flow−$50.6M6$21.3M7−$25.6M8−$26.5M8$73.6M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$401.9M9$438.4M10$169.7M11$165.7M11$430.8M11
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

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
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
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 2017-12-31 · accession 0001104659-20-032921 (Revenues)
  2. 10-K · period ending 2018-12-31 · accession 0001104659-21-029196 (Revenues)
  3. 10-K · period ending 2017-12-31 · accession 0001104659-20-032921 (NetIncomeLoss)
  4. 10-K · period ending 2018-12-31 · accession 0001104659-21-029196 (NetIncomeLoss)
  5. 10-K · period ending 2019-12-31 · accession 0001410578-22-000220 (NetIncomeLoss)
  6. 10-K · period ending 2017-12-31 · accession 0001104659-20-032921 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2018-12-31 · accession 0001104659-21-029196 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2019-12-31 · accession 0001410578-22-000220 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2017-12-31 · accession 0001104659-20-032921 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2018-12-31 · accession 0001104659-21-029196 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2019-12-31 · accession 0001410578-22-000220 (CashAndCashEquivalentsAtCarryingValue)