Vocodia Holdings Corp

VHAIdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Vocodia Holdings Corp earns about -16790% on invested capital, but has diluted owners by 18448% over 3 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

Figure	FY 2022	FY 2023	FY 2024
Revenue	$658,875¹	$256,385²	$50,078²
Net income	−$20.8M³	−$8.71M⁴	−$10.1M⁴
Operating cash flow	−$5.16M⁵	−$2.7M⁶	−$5.42M⁶
Capital expenditure	—	—	$2,131⁷
Free cash flow (derived)	—	—	−$5.42M⁶
Total debt	$1.02M⁸	$3.69M⁸	—
Cash & equivalents	$697,626⁹	—	$281¹⁰
Diluted shares	3.0M	3.9M	551.3M

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

Net assets behind them

−$0.04

your share of equity

Profit it earned you last year

−$0.18

Free cash flow it threw off

−$0.1

Debt you’d be carrying

—

10 shares is a claim on −$0.04 of net worth that earned you −$0.18 and generated −$0.1 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-16790% avg · 3y

FY22 -823%FY23 -32758%FY24 —

It earned an average -16790% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+18448% shares · 3y

Share count is up 18448% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 263% over the same window.

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 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 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

10-K · period ending 2022-12-31 · accession 0001213900-24-033415 (Revenues)
10-K/A · period ending 2023-12-31 · accession 0001213900-25-055553 (Revenues)
10-K · period ending 2022-12-31 · accession 0001213900-24-033415 (NetIncomeLoss)
10-K/A · period ending 2023-12-31 · accession 0001213900-25-055553 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-033415 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2023-12-31 · accession 0001213900-25-055553 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2024-12-31 · accession 0001213900-25-055553 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0001213900-24-033415 (LongTermDebt)
10-K · period ending 2022-12-31 · accession 0001213900-24-033415 (CashAndCashEquivalentsAtCarryingValue)
10-K/A · period ending 2024-12-31 · accession 0001213900-25-055553 (CashAndCashEquivalentsAtCarryingValue)