MeritValue

WORLD HEALTH ENERGY HOLDINGS, INC.

WHENdata completeness 100%15 fiscal years on file

Data notes: no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

WORLD HEALTH ENERGY HOLDINGS, INC. earns about 234% on invested capital, but has diluted owners by 502% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$98,1591$140,1772$91,1203$207,7094$166,0284
Net income−$872,7935−$4.6M6−$9.94M7−$6.98M8−$4.69M8
Operating cash flow−$649,5649−$799,12810−$943,68711−$1.07M12−$1.45M12
Capital expenditure$24,23213$8,93114$26,82315$30,92316$6,95116
Free cash flow (derived)−$673,7969−$808,05910−$970,51011−$1.11M12−$1.45M12
Total debt————$397,56717
Cash & equivalents$359,94918$46,02219$56,34620$46,43521$63,18821
Diluted shares89.79B120.83B497.73B520.06B540.82B

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
Free cash flow it threw off
−$0
Debt you’d be carrying
$0

10 shares is a claim on $0 of net worth that earned you −$0 and generated −$0 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
234% avg · 5y
FY20 —FY21 —FY22 326%FY23 218%FY24 157%

It earned an average 234% 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
+502% shares · 5y

Share count is up 502% over 5 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
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 2020-12-31 · accession 0001493152-22-009921 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001493152-23-012556 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001493152-24-014665 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2023-12-31 · accession 0001641172-25-004775 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2020-12-31 · accession 0001493152-22-009921 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001493152-23-012556 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-014665 (NetIncomeLoss)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-004775 (NetIncomeLoss)
  9. 10-K · period ending 2020-12-31 · accession 0001493152-22-009921 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-23-012556 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2022-12-31 · accession 0001493152-24-014665 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2023-12-31 · accession 0001641172-25-004775 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2020-12-31 · accession 0001493152-22-009921 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001493152-23-012556 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-014665 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-004775 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001641172-25-004775 (ShortTermBorrowings)
  18. 10-K · period ending 2020-12-31 · accession 0001493152-22-009921 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-012556 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-014665 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-004775 (CashAndCashEquivalentsAtCarryingValue)