MeritValue

Versus Systems Inc.

VSdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Versus Systems Inc. earns about -88% on invested capital, and has bought back 68% of its shares over 5 years. 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$768,6501$1.11M2$271,1693$57,2884$2.18M4
Net income−$17.8M5−$22.5M6−$9.53M7−$4.04M8−$1.79M8
Operating cash flow−$12.9M9−$9.15M10−$5.58M11−$4.97M12−$2.05M12
Capital expenditure—$40,21113———
Free cash flow (derived)—−$9.19M10———
Total debt—————
Cash & equivalents$1.68M14$1.18M15$4.69M16$3.07M17$527,38817
Diluted shares15.6M260,761912,7172.6M4.9M

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
$20.79
your share of equity
Profit it earned you last year
−$3.66
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $20.79 of net worth that earned you −$3.66 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-88% avg · 5y
FY21 —FY22 -178%FY23 -114%FY24 -43%FY25 -18%

It earned an average -88% 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
−68% shares · 5y

Share count is down 68% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
  1. 20-F · period ending 2021-12-31 · accession 0001213900-23-024078 (Revenue)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-028552 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026006 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-044110 (Revenues)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-23-024078 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-028552 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026006 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-044110 (NetIncomeLoss)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-23-024078 (CashFlowsFromUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-028552 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-026006 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-044110 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-028552 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-24-028552 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-25-026006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-026006 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-044110 (CashAndCashEquivalentsAtCarryingValue)