MeritValue

Argo Blockchain Plc

ARBKdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Argo Blockchain Plc earns about -1912% on invested capital, but has diluted owners by 36% over 4 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
FigureFY 2021FY 2022FY 2023FY 2024
Revenue$98.7M1$58.6M2$50.6M2$47M2
Net income$39.1M3−$229M4−$34.6M4−$55.1M4
Operating cash flow−$37M5−$101.2M6−$48M6−$44.8M6
Capital expenditure$105.1M7$108M8$1.11M8—
Free cash flow (derived)−$142.1M5−$209.3M6−$49.1M6—
Total debt————
Cash & equivalents$15.9M9$20.1M9$7.44M9$8.63M9
Diluted shares468.1M477.8M537.0M638.0M

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
−$0.46
your share of equity
Profit it earned you last year
−$0.86
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.46 of net worth that earned you −$0.86 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1912% avg · 4y
FY21 16%FY22 -3840%FY23 —FY24 —

It earned an average -1912% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+36% shares · 4y

Share count is up 36% over 4 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
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. 20-F/A · period ending 2021-12-31 · accession 0001104659-25-037403 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-25-049311 (RevenueFromContractsWithCustomers)
  3. 20-F/A · period ending 2021-12-31 · accession 0001104659-25-037403 (ProfitLoss)
  4. 20-F · period ending 2022-12-31 · accession 0001104659-25-049311 (ProfitLoss)
  5. 20-F/A · period ending 2021-12-31 · accession 0001104659-25-037403 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001104659-25-049311 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F/A · period ending 2021-12-31 · accession 0001104659-25-037403 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001104659-25-049311 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001104659-25-049311 (CashAndCashEquivalents)