MeritValue

Vestand Inc.

VSTDdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

Vestand Inc. earns about -315% on invested capital, and has bought back 71% of its shares over 4 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 2024
Revenue$6.54M1$8.28M2$9.21M3$12.8M3
Net income−$1.63M4−$3.49M5−$3.04M6−$2.67M6
Operating cash flow$194,1437−$3.8M8−$4.59M9$875,2249
Capital expenditure$896,61510$1.47M11$1.47M12$761,52712
Free cash flow (derived)−$702,4727−$5.27M8−$6.06M9$113,6979
Total debt————
Cash & equivalents————
Diluted shares4.7M1.1M1.3M1.3M

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
$1.9
your share of equity
Profit it earned you last year
−$19.81
Free cash flow it threw off
$0.84
Debt you’d be carrying
—

10 shares is a claim on $1.9 of net worth that earned you −$19.81 and generated $0.84 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-315% avg · 4y
FY21 —FY22 -47%FY23 -83%FY24 -814%

It earned an average -315% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−71% shares · 4y

Share count is down 71% over 4 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
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 2021-12-31 · accession 0001493152-23-009605 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029642 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000804 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-009605 (NetIncomeLoss)
  5. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029642 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-000804 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001493152-23-009605 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029642 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001641172-25-000804 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-009605 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2022-12-31 · accession 0001493152-24-029642 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-000804 (PaymentsToAcquirePropertyPlantAndEquipment)