Yellowstone Group Ltd.

YSGLdata completeness 88%2 fiscal years on file

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

The thesis, from the filings

Yellowstone Group Ltd. earns about -44% on equity, but has diluted owners by 958% 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

Figure	FY 2025	FY 2026
Revenue	$6,500¹	$40,667¹
Net income	−$2,820²	−$10,827²
Operating cash flow	$6,455³	$10,981³
Capital expenditure	$5,455⁴	$579⁴
Free cash flow (derived)	$1,000³	$10,402³
Total debt	—	—
Cash & equivalents	$8,455⁵	$56,936⁵
Diluted shares	2.0M	21.4M

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

Net assets behind them

$0.01

your share of equity

Profit it earned you last year

−$0.01

Free cash flow it threw off

Debt you’d be carrying

—

10 shares is a claim on $0.01 of net worth that earned you −$0.01 and generated $0 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-44% avg · 2y

FY25 —FY26 -44%

It earned an average -44% 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

+958% shares · 2y

Share count is up 958% over 2 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

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

10-K · period ending 2025-03-31 · accession 0001493152-26-030051 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2025-03-31 · accession 0001493152-26-030051 (NetIncomeLoss)
10-K · period ending 2025-03-31 · accession 0001493152-26-030051 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-03-31 · accession 0001493152-26-030051 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2025-03-31 · accession 0001493152-26-030051 (CashAndCashEquivalentsAtCarryingValue)