MeritValue

VitaNova Life Sciences Corp

VNOVdata completeness 75%9 fiscal years on file

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

The thesis, from the filings

VitaNova Life Sciences Corp earns about 29% on equity, but has diluted owners by 326% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.06 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01$120,0002$38,0003$570,6944$2.66M4
Net income−$52,0945$139,6826−$24,2277$140,8658$850,7468
Operating cash flow−$42,2869$4,06110−$18,37511−$375,88012$192,77412
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$013$23,10314$8,72814$593,03615$782,81015
Diluted shares5.9M5.9M5.9M10.6M25.0M

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
$0.76
your share of equity
Profit it earned you last year
$0.34
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.76 of net worth that earned you $0.34 last year.

iii. Is this a good business?
Moat signal · return on equity
29% avg · 5y
FY21 —FY22 —FY23 —FY24 13%FY25 45%

It earned an average 29% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+326% shares · 5y

Share count is up 326% over 5 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
$0.06
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$139,682
  • growthAssumed0.0%
Graham Number
$0.23
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-04-30 · accession 0001683168-22-003645 (Revenues)
  2. 10-K · period ending 2022-04-30 · accession 0001683168-23-003352 (Revenues)
  3. 10-K · period ending 2023-04-30 · accession 0001683168-24-005110 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-04-30 · accession 0001683168-25-005368 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-04-30 · accession 0001683168-22-003645 (NetIncomeLoss)
  6. 10-K · period ending 2022-04-30 · accession 0001683168-23-003352 (NetIncomeLoss)
  7. 10-K · period ending 2023-04-30 · accession 0001683168-24-005110 (NetIncomeLoss)
  8. 10-K · period ending 2024-04-30 · accession 0001683168-25-005368 (NetIncomeLoss)
  9. 10-K · period ending 2021-04-30 · accession 0001683168-22-003645 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-04-30 · accession 0001683168-23-003352 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-04-30 · accession 0001683168-24-005110 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-04-30 · accession 0001683168-25-005368 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-04-30 · accession 0001683168-22-003645 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-04-30 · accession 0001683168-23-003352 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-04-30 · accession 0001683168-25-005368 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)