MeritValue

XMax Inc.

XMAXdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

XMax Inc. earns about -958% on invested capital, but has diluted owners by 239% 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$12.6M1$12.7M2$11.1M3$9.69M4$16.7M4
Net income−$20M5−$17.1M6−$7.72M7−$5.56M8−$3.42M8
Operating cash flow−$4.78M9−$5.37M10−$1.58M11−$1.39M12−$445,83812
Capital expenditure$110,51913$8,77213—$14,12114—
Free cash flow (derived)−$4.89M9−$5.38M10—−$1.41M12—
Total debt—————
Cash & equivalents$6.28M15$1.37M16$369,13717$161,90218$6.71M18
Diluted shares6.1M1.4M1.6M3.8M20.7M

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
$13.52
your share of equity
Profit it earned you last year
−$1.65
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $13.52 of net worth that earned you −$1.65 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-958% avg · 5y
FY21 -19%FY22 -258%FY23 -4348%FY24 -149%FY25 -15%

It earned an average -958% 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
+239% shares · 5y

Share count is up 239% 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
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 0001493152-23-012578 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014501 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001773 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016828 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012578 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014501 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001773 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016828 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012578 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014501 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001773 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016828 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012578 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-016828 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-012578 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-014501 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-001773 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-016828 (CashAndCashEquivalentsAtCarryingValue)