MeritValue

Z Squared Inc.

ZSQRdata completeness 88%7 fiscal years on file
The thesis, from the filings

Z Squared Inc. earns about -1578% on invested capital, and has bought back 61% of its shares over 5 years. 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$75,0001$02$03$04$1.36M4
Net income−$13.4M5−$37.6M6−$21.3M7−$10.7M8−$11.9M8
Operating cash flow−$4.49M9−$3.88M10−$7.24M11−$6.65M12−$8.6M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.65M13$150,00014$1.13M15$150,00016$150,00016
Cash & equivalents$404,34517$3.79M18$1.47M19$532,88519$5.67M19
Diluted shares10.9M14.3M1.3M1.9M4.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$32.03
your share of equity
Profit it earned you last year
−$28.14
Free cash flow it threw off
—
Debt you’d be carrying
$0.35

10 shares is a claim on $32.03 of net worth that earned you −$28.14 last year, against $0.35 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1578% avg · 5y
FY21 -291%FY22 -3634%FY23 -3558%FY24 -287%FY25 -121%

It earned an average -1578% 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
−61% shares · 5y

Share count is down 61% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 91% — deleveraging.

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 v0.6.0
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 →

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Sources — the receipts
  1. 10-K/A filed 2024-03-25 · period ending 2021-12-31 · accession 0001683168-24-001674 (Revenues)
  2. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001683168-24-005797 (Revenues)
  3. 10-K filed 2025-03-28 · period ending 2023-12-31 · accession 0001683168-25-001942 (Revenues)
  4. 10-K filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001683168-26-002026 (Revenues)
  5. 10-K/A filed 2024-03-25 · period ending 2021-12-31 · accession 0001683168-24-001674 (NetIncomeLoss)
  6. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001683168-24-005797 (NetIncomeLoss)
  7. 10-K filed 2025-03-28 · period ending 2023-12-31 · accession 0001683168-25-001942 (NetIncomeLoss)
  8. 10-K filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001683168-26-002026 (NetIncomeLoss)
  9. 10-K/A filed 2024-03-25 · period ending 2021-12-31 · accession 0001683168-24-001674 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A filed 2024-08-16 · period ending 2022-12-31 · accession 0001683168-24-005797 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K filed 2025-03-28 · period ending 2023-12-31 · accession 0001683168-25-001942 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001683168-26-002026 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A filed 2024-03-25 · period ending 2021-12-31 · accession 0001683168-24-001674 (LongTermDebtNoncurrent)
  14. 10-K/A filed 2024-03-25 · period ending 2022-12-31 · accession 0001683168-24-001674 (LongTermDebt)
  15. 10-K/A filed 2024-08-16 · period ending 2023-12-31 · accession 0001683168-24-005797 (LongTermDebt)
  16. 10-K filed 2026-03-19 · periods ending 2024-12-31, 2025-12-31 · accession 0001683168-26-002026 (LongTermDebtNoncurrent)
  17. 10-K filed 2022-04-08 · period ending 2021-12-31 · accession 0001213900-22-018778 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K filed 2025-03-28 · period ending 2022-12-31 · accession 0001683168-25-001942 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K filed 2026-03-19 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001683168-26-002026 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)