MeritValue

UNIVERSAL SAFETY PRODUCTS, INC.

UUUdata completeness 75%16 fiscal years on file
The thesis, from the filings

UNIVERSAL SAFETY PRODUCTS, INC. earns about 5% on invested capital, but has diluted owners by 4% 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$19.5M1$22.2M2$19.5M3$23.6M4$4.85M4
Net income−$78,1505$720,4116−$695,7907$500,6848−$2.49M8
Operating cash flow−$1.86M9$1.49M10$604,07611−$1.05M12$536,18512
Capital expenditure—————
Free cash flow (derived)—————
Total debt$100,00013————
Cash & equivalents$438,73514$151,50215$65,08116$348,07417$3.47M17
Diluted shares2.3M2.3M2.3M2.3M2.4M

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
$13.5
your share of equity
Profit it earned you last year
−$10.37
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $13.5 of net worth that earned you −$10.37 last year.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY22 1%FY23 18%FY24 -9%FY25 8%FY26 —

It earned an average 5% 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
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 2022-03-31 · accession 0001410578-23-001476 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001410578-24-001074 (Revenues)
  3. 10-K · period ending 2024-03-31 · accession 0001410578-25-001522 (Revenues)
  4. 10-K · period ending 2025-03-31 · accession 0001104659-26-080359 (Revenues)
  5. 10-K · period ending 2022-03-31 · accession 0001410578-23-001476 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001410578-24-001074 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0001410578-25-001522 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001104659-26-080359 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0001410578-23-001476 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0001410578-24-001074 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0001410578-25-001522 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001104659-26-080359 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0001410578-23-001476 (LongTermDebt)
  14. 10-K · period ending 2022-03-31 · accession 0001410578-23-001476 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-03-31 · accession 0001410578-24-001074 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-03-31 · accession 0001410578-25-001522 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2025-03-31 · accession 0001104659-26-080359 (CashAndCashEquivalentsAtCarryingValue)