MeritValue

VS Trust

UVIXdata completeness 50%4 fiscal years on file

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

The thesis, from the filings

VS Trust earns about -52% on equity. 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 2025
Revenue————
Net income−$60.7M1—−$25.4M2−$623.5M2
Operating cash flow−$232M3−$201.2M4−$329.4M5−$542.1M5
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$504,6006$5.03M7$1.19M8$124.8M8
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
-52% avg · 4y
FY22 -35%FY23 —FY24 -5%FY25 -115%

It earned an average -52% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 4y

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 2022-12-31 · accession 0001213900-23-023646 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-037527 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-027502 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2023-12-31 · accession 0001013762-25-004207 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-037527 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-027502 (CashAndCashEquivalentsAtCarryingValue)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-004207 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-037527 (CashAndCashEquivalentsAtCarryingValue)