MeritValue

Western Uranium & Vanadium Corp.

WSTRFdata completeness 75%11 fiscal years on file
The thesis, from the filings

Western Uranium & Vanadium Corp. earns about -17% on equity, but has diluted owners by 74% 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$272,1421$7.22M2$431,0653$183,8034$425,4484
Net income−$2.07M5−$713,7676−$4.94M7−$10.1M8−$7.18M8
Operating cash flow−$6.15M9$4.55M10−$4.09M11−$8.3M12−$5.78M12
Capital expenditure$65,00013$1.05M13———
Free cash flow (derived)−$6.22M9$3.5M10———
Total debt—————
Cash & equivalents$880,82114$9.68M15$9.22M16$5.48M17$5.62M17
Diluted shares36.8M42.8M44.1M55.1M64.1M

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
$4.73
your share of equity
Profit it earned you last year
−$1.12
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.73 of net worth that earned you −$1.12 last year.

iii. Is this a good business?
Moat signal · return on equity
-17% avg · 5y
FY21 -9%FY22 -2%FY23 -16%FY24 -34%FY25 -24%

It earned an average -17% 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
+74% shares · 5y

Share count is up 74% 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2021-12-31 · accession 0001213900-22-020210 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-033519 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-032203 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-044066 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-030341 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-033519 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-032203 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-044066 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-030341 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-033519 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-032203 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001213900-26-044066 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-030341 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-12-31 · accession 0001213900-23-030341 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001213900-24-033519 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001213900-25-032203 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001213900-26-044066 (CashAndCashEquivalentsAtCarryingValue)