MeritValue

Relativity Acquisition Corp

ACQCdata completeness 50%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'interestExpense'

The thesis, from the filings

Relativity Acquisition Corp earns about 1988% on equity. 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 2022FY 2023FY 2024FY 2025
Revenue————
Net income$4.75M1−$2.31M2−$440,5643−$1.23M3
Operating cash flow−$920,9834−$1.31M5−$346,9006−$416,7946
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$1.43M7$7,1318$1,6748$7,1408
Diluted shares————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
1988% avg · 4y
FY22 1988%FY23 —FY24 —FY25 —

It earned an average 1988% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 4y

Not enough history to read capital allocation.

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
  1. 10-K · period ending 2022-12-31 · accession 0001213900-24-082228 (NetIncomeLoss)
  2. 10-K/A · period ending 2023-12-31 · accession 0001410578-25-001616 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-068362 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-082228 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K/A · period ending 2023-12-31 · accession 0001410578-25-001616 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-068362 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2022-12-31 · accession 0001410578-25-001616 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 10-K · period ending 2023-12-31 · accession 0001104659-26-068362 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)