MeritValue

Beneficient

BENFdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Beneficient earns about -7% on equity, but has diluted owners by 31% over 5 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 2023FY 2024FY 2025FY 2026
Revenue$55.3M1−$104.9M2−$98.7M3−$7.94M4−$39.1M4
Net income−$63M5−$131M6−$2.1B6$51.2M7−$87.4M7
Operating cash flow−$57M8−$95.1M9−$58.2M10−$37.7M11−$38.7M11
Capital expenditure$4.2M12$2.08M13$1.76M14$1.1M15$96,00015
Free cash flow (derived)−$61.2M8−$97.2M9−$60M10−$38.8M11−$38.8M11
Total debt—————
Cash & equivalents$20.3M16$8.73M17$7.91M18$1.35M19$2.54M19
Diluted shares51.5M67.5M———

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
-7% avg · 5y
FY21 -6%FY23 -8%FY24 —FY25 —FY26 —

It earned an average -7% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+31% shares · 5y

Share count is up 31% over 5 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. 10-K · period ending 2021-12-31 · accession 0001775734-23-000008 (Revenues)
  2. 10-K · period ending 2023-03-31 · accession 0001775734-24-000029 (Revenues)
  3. 10-K · period ending 2024-03-31 · accession 0001775734-25-000022 (Revenues)
  4. 10-K · period ending 2025-03-31 · accession 0001775734-26-000018 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001775734-23-000008 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0001775734-24-000029 (NetIncomeLoss)
  7. 10-K · period ending 2025-03-31 · accession 0001775734-26-000018 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001775734-23-000008 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-03-31 · accession 0001775734-24-000029 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-03-31 · accession 0001775734-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2025-03-31 · accession 0001775734-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001775734-23-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-03-31 · accession 0001775734-24-000029 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-03-31 · accession 0001775734-25-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-03-31 · accession 0001775734-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001775734-23-000008 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2023-03-31 · accession 0001775734-24-000029 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-03-31 · accession 0001775734-25-000022 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2025-03-31 · accession 0001775734-26-000018 (CashAndCashEquivalentsAtCarryingValue)