Agassi Sports Entertainment Corp.

AASPdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Agassi Sports Entertainment Corp. earns about -1568% on equity, but has diluted owners by 73% 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

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$98,362¹	−$57,428²	−$69,875³	−$793,749⁴	−$9.49M⁴
Operating cash flow	−$109,833⁵	−$59,558⁶	−$56,229⁷	−$149,377⁸	−$2.2M⁸
Capital expenditure	—	—	—	$10,050⁹	—
Free cash flow (derived)	—	—	—	−$159,427⁸	—
Total debt	—	—	—	—	—
Cash & equivalents	—	—	—	$2.32M¹⁰	$95,748¹⁰
Diluted shares	5.7M	5.7M	5.7M	6.8M	9.8M

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

Net assets behind them

$0.31

your share of equity

Profit it earned you last year

−$9.7

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.31 of net worth that earned you −$9.7 last year.

iii. Is this a good business?

Moat signal · return on equity

-1568% avg · 5y

FY21 —FY22 —FY23 —FY24 -35%FY25 -3101%

It earned an average -1568% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+73% shares · 5y

Share count is up 73% 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 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 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

10-K · period ending 2021-12-31 · accession 0001472375-23-000058 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001472375-24-000016 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001472375-25-000028 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001472375-26-000109 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001472375-23-000058 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001472375-24-000016 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001472375-25-000028 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001472375-26-000109 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001472375-26-000109 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001472375-26-000109 (CashAndCashEquivalentsAtCarryingValue)