MeritValue

Bark, Inc.

BARKdata completeness 100%7 fiscal years on file
The thesis, from the filings

Bark, Inc. earns about -33% on invested capital, and has bought back 95% of its shares over 5 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$507.4M1$535.3M2$490.2M3$484.2M3$394.8M3
Net income−$68.3M4−$61.5M5−$37M6−$32.9M6−$39M6
Operating cash flow−$172.3M7$4.69M8$6.06M9−$7.08M9−$23.2M9
Capital expenditure$21.2M10$21.3M11$8.83M12$6.16M12$3.42M12
Free cash flow (derived)−$193.5M7−$16.6M8−$2.77M9−$13.2M9−$26.6M9
Total debt$152.4M13$162.4M14$79.9M15$85.1M16$016
Cash & equivalents$199.4M17$177.9M18$125.5M19$94M19$19.3M19
Diluted shares156.2M176.7M8.9M8.7M8.5M

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
$84.31
your share of equity
Profit it earned you last year
−$45.66
Free cash flow it threw off
−$31.11
Debt you’d be carrying
$0

10 shares is a claim on $84.31 of net worth that earned you −$45.66 and generated −$31.11 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-33% avg · 5y
FY22 -29%FY23 -29%FY24 -28%FY25 -26%FY26 -56%

It earned an average -33% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−95% shares · 5y

Share count is down 95% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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. 10-K · period ending 2022-03-31 · accession 0001819574-24-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001819574-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001628280-26-042242 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001819574-24-000025 (NetIncomeLoss)
  5. 10-K/A · period ending 2023-03-31 · accession 0001819574-25-000033 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001628280-26-042242 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001819574-24-000025 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001819574-25-000024 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001628280-26-042242 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001819574-24-000025 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-03-31 · accession 0001819574-25-000024 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-03-31 · accession 0001628280-26-042242 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2022-03-31 · accession 0001819574-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001819574-24-000025 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0001819574-25-000024 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0001628280-26-042242 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-03-31 · accession 0001819574-24-000025 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001819574-25-000024 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001628280-26-042242 (CashAndCashEquivalentsAtCarryingValue)