MeritValue

VitaNova Life Sciences Corp

VNOVdata completeness 75%10 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

VitaNova Life Sciences Corp earns about 36% on invested capital, but has diluted owners by 42% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.17 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$120,0001$38,0002$570,6943$2.66M4$3.03M4
Net income$139,6825−$24,2276$140,8657$850,7468−$37,3048
Operating cash flow$4,0619−$18,37510−$375,88011$192,77412$814,40712
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$23,10313$8,72813$593,03614$782,81014$1.6M14
Diluted shares5.9M5.9M10.6M25.0M8.3M

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
shares
Net assets behind them
$2.46
your share of equity
Profit it earned you last year
−$0.04
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.46 of net worth that earned you −$0.04 last year.

iii. Is this a good business?
Moat signal · return on invested capital
36% avg · 5y
FY22 —FY23 —FY24 30%FY25 76%FY26 1%

It earned an average 36% 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
+42% shares · 5y

Share count is up 42% 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 v0.5.0
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
$0.17
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$139,682
  • growthAssumed0.0%
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 2022-04-30 · accession 0001683168-23-003352 (Revenues)
  2. 10-K · period ending 2023-04-30 · accession 0001683168-24-005110 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-04-30 · accession 0001683168-25-005368 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-04-30 · accession 0001683168-26-005837 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-04-30 · accession 0001683168-23-003352 (NetIncomeLoss)
  6. 10-K · period ending 2023-04-30 · accession 0001683168-24-005110 (NetIncomeLoss)
  7. 10-K · period ending 2024-04-30 · accession 0001683168-25-005368 (NetIncomeLoss)
  8. 10-K · period ending 2025-04-30 · accession 0001683168-26-005837 (NetIncomeLoss)
  9. 10-K · period ending 2022-04-30 · accession 0001683168-23-003352 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-04-30 · accession 0001683168-24-005110 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-04-30 · accession 0001683168-25-005368 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-04-30 · accession 0001683168-26-005837 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-04-30 · accession 0001683168-23-003352 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-04-30 · accession 0001683168-26-005837 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)