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Nano Nuclear Energy Inc.

NNE · Utilities (electric services) · 4 years of annual accounts filed with the SEC · latest fiscal year ended 2025-09-30

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On the accounting screens, it passes 3 of 6 Piotroski tests; none of the six cross-checks between its statements fires.

Revenue, fiscal 2025 —  
Operating margin — gross margin —
Return on invested capital —  
Free cash flow after stock pay -46.9M  
Net debt ÷ EBITDA — net debt —
Piotroski F-score 3/6 tests of improvement passed

Is it growing?

Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.

Does it earn more than its capital costs?

Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.

Return on invested capital

Economic profit

Needs a cost of capital, which comes from the valuation below.

Return on equity
-18.0%
Return on assets
-17.5%
Asset turnover
—

Is the profit cash, and where does the cash go?

Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.

Net incomeFree cash flowAfter stock-based pay

Per share

Earnings per shareFree cash flow per shareDividend per share

Shares outstanding

Diluted shares

Debt and liquidity

Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.

Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
53.48 current assets ÷ current liabilities
Cash conversion cycle
—

Three classic screens of the accounts

Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.

Piotroski F-score

Is the business improving? Nine yes-or-no tests, this year against last.

3of 6 tests passed
  • ProfitableReturn on assets above zero failed
  • Cash from operationsOperating cash flow above zero failed
  • Profitability improvedReturn on assets higher than a year before passed
  • Profit backed by cashOperating cash flow above net income (low accruals) passed
  • Less long-term debtLong-term debt as a share of assets fell — not reported no data
  • More liquidCurrent ratio higher than a year before passed
  • No new sharesShare count did not grow failed
  • Better gross marginGross margin higher than a year before — not reported no data
  • Sells more per assetAsset turnover higher than a year before — not reported no data

Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.

Altman Z''-score

Does the balance sheet look like those of companies that went bankrupt?

The accounts lack a line it needs (retained earnings, current assets or liabilities).

Beneish M-score

Do the accounts resemble those of companies that manipulated their earnings?

The accounts lack too many of the lines it needs.

Where the statements disagree

Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.

None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.

What is it worth, under which assumptions?

A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.

Revenue
M $

revenue of fiscal 2025

%

no revenue history: 3% assumed

yrs

ten years for growth to fade to the terminal rate

Cash from each sale
%

no cash flow lines to measure it

%

the margin in year ten; by default the business keeps today's

The long run
%

growth forever after year ten, below the risk-free rate: no company outgrows the economy forever

The discount rate
%

10-year US Treasury par yield (U.S. Treasury), 2026-09-29

not measured on this public page, which uses only public filings: 1.0 assumes it moves like the market. Sign in to measure it from prices

%

the extra return demanded for holding shares; it cannot be measured, and 4–6% is the common range

%

no interest line: the risk-free rate + 1.5 points

%

no tax line: the US federal rate, 21%

The price
$

Type the price you see at your broker. It is used only for the reverse questions: what that price implies.

Back to the defaults

SEC from the filings Treasury the 10-year yield measured from prices assumption cannot be measured yours you changed it

The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.

What it has filed lately

The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.

Event 2026-09-17
Published the results of a shareholder vote
Event 2026-08-13
Published other information
Quarterly 2026-08-12
Quarterly report
Event 2026-06-25
Published other information
Event 2026-06-25
Changed a director or officer
Event 2026-05-29
Signed a material agreement; completed an acquisition or disposal; sold shares outside a registration; changed a director or officer; published information for investors
Event 2026-05-20
Published other information
Event 2026-05-15
Published other information
Estimatein 45d
Results for the period ending 2026-09-29

What its own directors and officers did

Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.

Bought on the open market—none in the period
Sold on the open market$12.5M16 sale(s) by 3 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
Other lines40 awards · 4 option exercises · 0 tax withholdings
DateWhoWhatSharesPriceValueHolds after
3 Sep 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 25,000 $17.77 $444,168 635,000
2 Sep 2026 Yu JiangPresident and Chairman Sold on the open market · pre-arranged plan · indirect 141,931 $17.48 $2.5M 7.7M
1 Sep 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 25,000 $17.44 $436,065 660,000
1 Sep 2026 Yu JiangPresident and Chairman Sold on the open market · pre-arranged plan · indirect 332,569 $17.45 $5.8M 7.9M
3 Jun 2026 Hare Diane ElizabethDirector Sold on the open market · pre-arranged plan 2,228 $26.31 $58,616 1,200
3 Jun 2026 Hare Diane ElizabethDirector Sold on the open market · pre-arranged plan 1,000 $27.04 $27,035 200
3 Jun 2026 Hare Diane ElizabethDirector Sold on the open market · pre-arranged plan 100 $27.84 $2,784 100
3 Jun 2026 Hare Diane ElizabethDirector Sold on the open market · pre-arranged plan 100 $28.87 $2,887 0
3 Jun 2026 Walker James JohnChief Executive Officer Exercised options 70,000 $3.00 $210,000 650,000
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 46,145 $26.18 $1.2M 603,855
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 22,380 $27.06 $605,670 581,475
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 1,475 $27.90 $41,152 580,000
3 Jun 2026 Walker James JohnChief Executive Officer Exercised options 28,688 — — 608,688
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 25,792 $26.77 $690,426 582,896
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 2,624 $27.55 $72,304 580,272
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 201 $28.69 $5,766 580,071
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 71 $29.91 $2,124 580,000
3 Jun 2026 Walker James JohnChief Executive Officer Sold on the open market · pre-arranged plan 25,000 $26.04 $650,950 555,000
3 Jun 2026 Law Tsun YeeDirector Exercised options 3,428 — — 78,428
3 Jun 2026 Hare Diane ElizabethDirector Exercised options 3,428 — — 3,428

A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.

Companies like this one

Same SEC industry (electric services) first, then the rest of utilities.

NEE Nextera Energy IncSO Southern CoCEG Constellation Energy CorpAEP American Electric Power Co IncD Dominion Energy, IncETR Entergy CorpVST Vistra Corp.FE Firstenergy Corp

Every figure, year by year

4 fiscal years · 30 measures
2022202320242025
Size
Revenue————
Revenue growth————
Operating income————
Net income—-6.3M-10.2M-40.1M
Margins
Gross margin————
Operating margin————
Net margin————
Free cash flow margin————
R&D ÷ revenue————
SG&A ÷ revenue————
Cash
Free cash flow——-10.2M-28.1M
Stock-based pay—2.4M320,25718.8M
Free cash flow after stock pay——-10.5M-46.9M
Free cash flow to the firm————
Free cash flow ÷ net income——1.0×0.7×
Capex ÷ revenue————
Returns
Return on invested capital————
Return on equity—-311.2%-32.1%-18.0%
Return on assets—-86.4%-28.9%-17.5%
Asset turnover————
Economic profit————
Per share
Earnings per share—$-0.28$-0.39$-1.06
Free cash flow per share——$-0.39$-0.74
Dividend per share————
Payout ratio————
Book value per share—$0.09$1.03$5.33
Diluted shares—22.4M26.2M37.9M
Balance sheet
Net debt————
Net debt ÷ EBITDA————
Interest coverage————
Current ratio—31.8×16.0×53.5×
Cash conversion cycle (days)————
Scores
Piotroski F-score—123
Altman Z''————
Beneish M————

Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.