AmBase Corp

ABCPdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'epsDiluted'

The thesis, from the filings

AmBase Corp earns about -217% on equity, but has diluted owners by 108% 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	−$5.21M¹	−$3.47M²	−$5.27M³	−$6.62M⁴	−$4.56M⁴
Operating cash flow	−$4.92M⁵	−$2.65M⁶	−$3.47M⁷	−$8.91M⁸	−$2.33M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	$0⁹	$3.2M⁹	—	—
Cash & equivalents	$3M¹⁰	$349,000¹¹	$78,000¹²	$314,000¹³	$87,000¹³
Diluted shares	40.7M	40.7M	40.7M	73.9M	84.9M

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

−$1.02

your share of equity

Profit it earned you last year

−$0.54

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$1.02 of net worth that earned you −$0.54 last year.

iii. Is this a good business?

Moat signal · return on equity

-217% avg · 5y

FY21 -217%FY22 —FY23 —FY24 —FY25 —

It earned an average -217% 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

+108% shares · 5y

Share count is up 108% 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 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 →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001140361-23-014268 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001140361-24-013921 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001140361-25-010025 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001140361-26-012027 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001140361-23-014268 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001140361-24-013921 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001140361-25-010025 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001140361-26-012027 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0001140361-24-013921 (LongTermDebt)
10-K · period ending 2021-12-31 · accession 0001140361-23-014268 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001140361-24-013921 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001140361-25-010025 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001140361-26-012027 (CashAndCashEquivalentsAtCarryingValue)