MeritValue

Voip-pal.com Inc

VPLMdata completeness 50%11 fiscal years on file

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

The thesis, from the filings

Voip-pal.com Inc earns about -639% on equity, but has diluted owners by 95% 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—————
Net income−$2.16M1−$3.69M2−$23.1M3−$10.2M4−$6.23M4
Operating cash flow−$955,5505−$1.1M6−$3.01M7−$2.36M8−$1.86M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$176,5039$305,4859———
Diluted shares1.87B1.98B2.41B3.24B3.66B

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
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on equity
-639% avg · 5y
FY21 -416%FY22 -714%FY23 -952%FY24 -471%FY25 -642%

It earned an average -639% 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
+95% shares · 5y

Share count is up 95% 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
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 2021-09-30 · accession 0001493152-22-036629 (NetIncomeLoss)
  2. 10-K/A · period ending 2022-09-30 · accession 0001493152-24-006235 (NetIncomeLoss)
  3. 10-K · period ending 2023-09-30 · accession 0001493152-24-052072 (NetIncomeLoss)
  4. 10-K · period ending 2024-09-30 · accession 0001493152-25-029094 (NetIncomeLoss)
  5. 10-K · period ending 2021-09-30 · accession 0001493152-22-036629 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K/A · period ending 2022-09-30 · accession 0001493152-24-006235 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-09-30 · accession 0001493152-24-052072 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-09-30 · accession 0001493152-25-029094 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-09-30 · accession 0001493152-22-036629 (CashAndCashEquivalentsAtCarryingValue)