MeritValue

Strive, Inc.

ASSTdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Strive, Inc. earns about -64% on invested capital, and has bought back 77% of its shares over 4 years. 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$829,6181$343,1062$277,0383$3.65M4
Net income$14,8715−$645,2556−$4.93M7−$21.6M8
Operating cash flow$23,3709−$602,82910−$3.81M11−$21.6M12
Capital expenditure——$13,55913$24,00014
Free cash flow (derived)——−$3.82M11−$21.6M12
Total debt————
Cash & equivalents$33,73115$137,17715$2.09M16$6.16M17
Diluted shares9.8M10.2M2.7M2.2M

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
$105.46
your share of equity
Profit it earned you last year
−$97.5
Free cash flow it threw off
−$97.67
Debt you’d be carrying
—

10 shares is a claim on $105.46 of net worth that earned you −$97.5 and generated −$97.67 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-64% avg · 4y
FY21 —FY22 —FY23 -28%FY24 -99%

It earned an average -64% 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
−77% shares · 4y

Share count is down 77% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2021-12-31 · accession 0001213900-23-025411 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-029033 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-026431 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-019879 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-025411 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-029033 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026431 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-019879 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-025411 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-029033 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-026431 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-019879 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2023-12-31 · accession 0001213900-25-026431 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001628280-26-019879 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001213900-23-025411 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001628280-26-019879 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2024-12-31 · accession 0001628280-26-019879 (CashAndCashEquivalentsAtCarryingValue)