MeritValue

Virtuix Holdings Inc.

VTIXdata completeness 88%2 fiscal years on file

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

The thesis, from the filings

Virtuix Holdings Inc. earns about -551% on equity, but has diluted owners by 180% over 2 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 2025FY 2026
Revenue$3.59M1$4.25M1
Net income−$14.6M2−$16.8M2
Operating cash flow−$7.89M3−$9.5M3
Capital expenditure——
Free cash flow (derived)——
Total debt—$8.54M4
Cash & equivalents$477,9085$9.47M5
Diluted shares8.2M23.0M

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
$1.32
your share of equity
Profit it earned you last year
−$7.29
Free cash flow it threw off
—
Debt you’d be carrying
$3.71

10 shares is a claim on $1.32 of net worth that earned you −$7.29 last year, against $3.71 of debt.

iii. Is this a good business?
Moat signal · return on equity
-551% avg · 2y
FY25 —FY26 -551%

It earned an average -551% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+180% shares · 2y

Share count is up 180% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
only 2 years of net income (need ≥3)
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 2025-03-31 · accession 0001213900-26-072079 (Revenues)
  2. 10-K · period ending 2025-03-31 · accession 0001213900-26-072079 (NetIncomeLoss)
  3. 10-K · period ending 2025-03-31 · accession 0001213900-26-072079 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2026-03-31 · accession 0001213900-26-072079 (LongTermDebt)
  5. 10-K · period ending 2025-03-31 · accession 0001213900-26-072079 (CashAndCashEquivalentsAtCarryingValue)