MeritValue

Mobile Infrastructure Corp

BEEPdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

Mobile Infrastructure Corp earns about -12% on equity, but has diluted owners by 209% 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 2022FY 2023FY 2024FY 2025
Revenue$29.1M1$30.3M2$37M3$35.1M3
Net income−$8.12M4−$25.1M5−$5.77M6−$21.4M6
Operating cash flow$1.51M7−$2.13M8−$784,0009$848,0009
Capital expenditure————
Free cash flow (derived)————
Total debt—$231.5M10$218.1M11$198.3M12
Cash & equivalents$5.76M13$11.1M14$10.7M14$8.35M14
Diluted shares13.1M13.2M32.0M40.5M

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
$34.88
your share of equity
Profit it earned you last year
−$5.29
Free cash flow it threw off
—
Debt you’d be carrying
$48.97

10 shares is a claim on $34.88 of net worth that earned you −$5.29 last year, against $48.97 of debt.

iii. Is this a good business?
Moat signal · return on equity
-12% avg · 4y
FY22 -9%FY23 -19%FY24 -3%FY25 -15%

It earned an average -12% 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
+209% shares · 4y

Share count is up 209% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 14% — 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
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 0001437749-24-008931 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001437749-25-007028 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001437749-26-007063 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001437749-24-008931 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001437749-25-007028 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001437749-26-007063 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001437749-24-008931 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001437749-25-007028 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001437749-26-007063 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-24-008931 (LongTermDebt)
  11. 10-K · period ending 2024-12-31 · accession 0001437749-25-007028 (LongTermDebt)
  12. 10-K · period ending 2025-12-31 · accession 0001437749-26-007063 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-25-007028 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-26-007063 (CashAndCashEquivalentsAtCarryingValue)