ZRCN Inc.
ZRCNdata completeness 75%7 fiscal years on fileData notes: no data for concept 'totalDebt'
ZRCN Inc. earns about -17% on invested capital, below its ~9% cost of capital, and has bought back 29% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.06 and $1.15 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $6,6721 | — | $30.5M2 | $31.5M3 | $28.1M3 |
| Net income | −$839,1064 | −$331,6174 | −$434,7035 | $51,0006 | −$2.89M6 |
| Operating cash flow | −$294,7297 | −$138,9337 | $1.03M8 | $1.18M9 | $2.15M9 |
| Capital expenditure | $2,28110 | — | $670,58811 | $582,00012 | $792,00012 |
| Free cash flow (derived) | −$297,0107 | — | $359,9988 | $602,0009 | $1.36M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $119,35713 | $27,92413 | — | — | — |
| Diluted shares | 14.1M | 20.2M | 500,000 | 9.6M | 10.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $3.86 of net worth that earned you −$2.87 and generated $1.35 of cash last year.
It earned about -17% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 29% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $1.06 and $1.15 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$602,000
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$602,000
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.85 |
| Base | 5.0% | $1.06 |
| Bull | 10.0% | $1.31 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K/A · period ending 2021-12-31 · accession 0001493152-23-011821 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-027905 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-03-31 · accession 0001641172-25-027037 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A · period ending 2021-12-31 · accession 0001493152-23-011821 (NetIncomeLoss)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-027905 (ProfitLoss)
- 10-K · period ending 2024-03-31 · accession 0001641172-25-027037 (ProfitLoss)
- 10-K/A · period ending 2021-12-31 · accession 0001493152-23-011821 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-027905 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-03-31 · accession 0001641172-25-027037 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2021-12-31 · accession 0001493152-23-011821 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-03-31 · accession 0001493152-24-027905 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-03-31 · accession 0001641172-25-027037 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2021-12-31 · accession 0001493152-23-011821 (CashAndCashEquivalentsAtCarryingValue)