MeritValue

AIRWA INC.

YYAIdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

AIRWA INC. earns about -28% on invested capital, but has diluted owners by 383% 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$10.8M1$16.1M2$9.92M3$5.2M4$12.8M4
Net income−$18.6M5−$51.8M6−$71.2M7$2.63M8$3.49M8
Operating cash flow−$4.52M9−$12.4M10−$6.37M11$39,35112−$379,38412
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$928,79613$665,00214$202,09515$39,35116$54,74416
Diluted shares2.7M3.8M13,99411.6M12.9M

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
$19.6
your share of equity
Profit it earned you last year
$2.71
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $19.6 of net worth that earned you $2.71 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-28% avg · 5y
FY21 —FY22 -115%FY23 —FY24 12%FY25 18%

It earned an average -28% 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
+383% shares · 5y

Share count is up 383% 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 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
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/A · period ending 2021-04-30 · accession 0001493152-23-024832 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-04-30 · accession 0001493152-24-014146 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-04-30 · accession 0001493152-24-028975 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-04-30 · accession 0001641172-25-023612 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-04-30 · accession 0001493152-23-024832 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-04-30 · accession 0001493152-24-014146 (NetIncomeLoss)
  7. 10-K · period ending 2023-04-30 · accession 0001493152-24-028975 (NetIncomeLoss)
  8. 10-K · period ending 2024-04-30 · accession 0001641172-25-023612 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-04-30 · accession 0001493152-23-024832 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-04-30 · accession 0001493152-24-014146 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-04-30 · accession 0001493152-24-028975 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-04-30 · accession 0001641172-25-023612 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-04-30 · accession 0001493152-23-024832 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K/A · period ending 2022-04-30 · accession 0001493152-24-014146 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-04-30 · accession 0001493152-24-028975 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-04-30 · accession 0001641172-25-023612 (CashAndCashEquivalentsAtCarryingValue)