Blue Hat Interactive Entertainment Technology
BHATFdata completeness 63%8 fiscal years on fileBlue Hat Interactive Entertainment Technology earns about -71% on invested capital, below its ~9% cost of capital, and has bought back 85% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $5.91 and $6.41 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $24.6M1 | $12.1M2 | $2.2M3 | $73.7M3 | $18.7M3 |
| Net income | $8.17M4 | −$57.1M5 | −$9.37M6 | −$19.3M6 | −$9.52M6 |
| Operating cash flow | $5.05M7 | −$22.3M7 | $281,7808 | $7.66M8 | — |
| Capital expenditure | $2.21M9 | $140,96210 | $3,42911 | — | — |
| Free cash flow (derived) | $2.84M7 | −$22.4M7 | $278,3518 | — | — |
| Total debt | $5.14M12 | $1.38M13 | $473,82514 | $273,71315 | $146,34115 |
| Cash & equivalents | $15.8M16 | $50,44917 | $70,40217 | $409,17517 | — |
| Diluted shares | 4.0M | 5.8M | 85,652 | 309,753 | 597,229 |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $538.2 of net worth that earned you −$159.48 last year, against $2.45 of debt.
It earned about -71% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 85% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 97% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $5.91 and $6.41 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$278,351
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$278,351
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $6.41 |
| Base | 0.0% | $6.41 |
| Bull | 5.0% | $8.03 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2020-12-31 · accession 0001731122-23-000815 (Revenues)
- 20-F/A · period ending 2021-12-31 · accession 0001731122-24-001213 (Revenues)
- 20-F · period ending 2022-12-31 · accession 0001731122-25-000634 (Revenues)
- 20-F · period ending 2020-12-31 · accession 0001731122-23-000815 (NetIncomeLoss)
- 20-F/A · period ending 2021-12-31 · accession 0001731122-24-001213 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001731122-25-000634 (NetIncomeLoss)
- 20-F · period ending 2020-12-31 · accession 0001731122-23-000815 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001731122-25-000634 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2020-12-31 · accession 0001731122-23-000815 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F/A · period ending 2021-12-31 · accession 0001731122-24-001213 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2022-12-31 · accession 0001731122-25-000634 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2020-12-31 · accession 0001731122-22-000923 (LongTermDebtNoncurrent)
- 20-F · period ending 2021-12-31 · accession 0001731122-23-000815 (LongTermDebtNoncurrent)
- 20-F/A · period ending 2022-12-31 · accession 0001731122-24-001213 (ShortTermBorrowings)
- 20-F · period ending 2023-12-31 · accession 0001731122-25-000634 (ShortTermBorrowings)
- 20-F/A · period ending 2020-12-31 · accession 0001731122-24-001213 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2021-12-31 · accession 0001731122-25-000634 (CashAndCashEquivalentsAtCarryingValue)