MeritValue

VOX ROYALTY CORP.

VOXRdata completeness 75%5 fiscal years on file

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

The thesis, from the filings

VOX ROYALTY CORP. earns about 2% on invested capital, but has diluted owners by 81% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.65M1$8.51M2$12.3M3$11M3$12M4
Net income−$4.13M5$328,1796−$101,1127−$1.65M8$5.89M8
Operating cash flow$768,3469$2.05M10$5.27M11$5.46M12$10.7M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$5.06M13$4.17M14$9.34M15$8.75M16$8.09M16
Diluted shares37.9M44.8M50.0M50.7M68.4M

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
$15.66
your share of equity
Profit it earned you last year
$0.86
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $15.66 of net worth that earned you $0.86 last year.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 -10%FY22 6%FY23 7%FY24 1%FY25 6%

It earned an average 2% 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
+81% shares · 5y

Share count is up 81% 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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.88
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-12-31 · accession 0001654954-23-002880 (Revenue)
  2. 40-F · period ending 2022-12-31 · accession 0001654954-24-002828 (Revenue)
  3. 40-F · period ending 2023-12-31 · accession 0001654954-25-003357 (Revenue)
  4. 40-F · period ending 2025-12-31 · accession 0001654954-26-002978 (RevenueFromContractsWithCustomers)
  5. 40-F · period ending 2021-12-31 · accession 0001654954-23-002880 (ProfitLoss)
  6. 40-F · period ending 2022-12-31 · accession 0001654954-24-002828 (ProfitLoss)
  7. 40-F · period ending 2023-12-31 · accession 0001654954-25-003357 (ProfitLoss)
  8. 40-F · period ending 2024-12-31 · accession 0001654954-26-002978 (ProfitLoss)
  9. 40-F · period ending 2021-12-31 · accession 0001654954-23-002880 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2022-12-31 · accession 0001654954-24-002828 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2023-12-31 · accession 0001654954-25-003357 (CashFlowsFromUsedInOperatingActivities)
  12. 40-F · period ending 2024-12-31 · accession 0001654954-26-002978 (CashFlowsFromUsedInOperatingActivities)
  13. 40-F · period ending 2021-12-31 · accession 0001654954-23-002880 (CashAndCashEquivalents)
  14. 40-F · period ending 2022-12-31 · accession 0001654954-24-002828 (CashAndCashEquivalents)
  15. 40-F · period ending 2023-12-31 · accession 0001654954-25-003357 (CashAndCashEquivalents)
  16. 40-F · period ending 2024-12-31 · accession 0001654954-26-002978 (CashAndCashEquivalents)