MeritValue

MADE IN USA INC.

USDWdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

MADE IN USA INC. earns about -27% on invested capital, but has diluted owners by 259% over 4 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 2023FY 2024FY 2025FY 2026
Revenue—$21,5181$37,7602$37,0362
Net income−$1,3423−$6,7714−$22,6585−$29,6105
Operating cash flow$23,6806−$62,3087−$23,5048−$34,8428
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$7,5119$9,07310$13,86111$011
Diluted shares5.0M5.2M6.7M18.0M

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
$0.05
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.05 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-27% avg · 4y
FY23 —FY24 -28%FY25 —FY26 -25%

It earned an average -27% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+259% shares · 4y

Share count is up 259% over 4 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
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/A · period ending 2024-02-29 · accession 0001977837-25-000032 (Revenues)
  2. 10-K · period ending 2025-02-28 · accession 0001683168-26-005043 (Revenues)
  3. 10-K/A · period ending 2023-02-28 · accession 0001977837-25-000018 (NetIncomeLoss)
  4. 10-K/A · period ending 2024-02-29 · accession 0001977837-25-000032 (NetIncomeLoss)
  5. 10-K · period ending 2025-02-28 · accession 0001683168-26-005043 (NetIncomeLoss)
  6. 10-K/A · period ending 2023-02-28 · accession 0001977837-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2024-02-29 · accession 0001977837-25-000032 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-02-28 · accession 0001683168-26-005043 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2023-02-28 · accession 0001977837-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K/A · period ending 2024-02-29 · accession 0001977837-25-000032 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2025-02-28 · accession 0001683168-26-005043 (CashAndCashEquivalentsAtCarryingValue)