MeritValue

ZeroStack Corp.

ZSTKdata completeness 100%6 fiscal years on file
The thesis, from the filings

ZeroStack Corp. earns about -270% on invested capital, and has bought back 96% 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$8.98M1$33.4M2$76.1M3$35.9M4$35.7M4
Net income−$21.4M5−$52.4M6−$57M7−$15.9M7−$119.7M8
Operating cash flow−$20.9M9−$15.9M10−$8.4M11−$5.03M12−$8.68M12
Capital expenditure$3.98M13$1.29M14$163,00015$134,00016$127,00016
Free cash flow (derived)−$24.9M9−$17.2M10−$8.56M11−$5.17M12−$8.8M12
Total debt$18,00017$1.09M18$1.93M19$4.16M20$107M20
Cash & equivalents$37.6M21$8.94M22$4.35M23$5.22M24$5.6M24
Diluted shares65,5173,8327,3563182,753

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
$256,273.16
your share of equity
Profit it earned you last year
−$434,914.64
Free cash flow it threw off
−$31,976.03
Debt you’d be carrying
$388,587

10 shares is a claim on $256,273.16 of net worth that earned you −$434,914.64 and generated −$31,976.03 of cash last year, against $388,587 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-270% avg · 5y
FY21 -43%FY22 -78%FY23 -959%FY24 -219%FY25 -53%

It earned an average -270% 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
−96% shares · 5y

Share count is down 96% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 594222% over the same window.

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 0001477932-23-002112 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001062993-24-007367 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001062993-25-006145 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001062993-26-001203 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-002112 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001062993-24-007367 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001062993-25-006145 (NetIncomeLoss)
  8. 10-K · period ending 2025-12-31 · accession 0001062993-26-001203 (ProfitLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-002112 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001062993-24-007367 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001062993-25-006145 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001062993-26-001203 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-002112 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001062993-24-007367 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001062993-25-006145 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001062993-26-001203 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001477932-23-002112 (LongTermDebtCurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001062993-24-007367 (LongTermDebtCurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001062993-25-006145 (LongTermDebtCurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001062993-26-001203 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001477932-23-002112 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001062993-24-007367 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0001062993-25-006145 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001062993-26-001203 (CashAndCashEquivalentsAtCarryingValue)