MeritValue

Smartbird, Inc.

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

Smartbird, Inc. earns about -146% on invested capital, and has bought back 88% 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$277.5M1$297.8M2$254.1M3$189.8M4$152.5M4
Net income−$45.4M5−$101.4M6−$152.5M7−$93.3M8−$77.3M8
Operating cash flow−$50.9M9−$90.6M10−$30.2M11−$63.9M12−$55.1M12
Capital expenditure$24.2M13$31.4M14$10.9M15$4.1M16$3.15M16
Free cash flow (derived)−$75M9−$121.9M10−$41.1M11−$68M12−$58.2M12
Total debt———$017$17.4M17
Cash & equivalents$288.6M18$167.1M19$130M20$66.7M21$26.7M21
Diluted shares69.3M148.8M7.6M7.9M8.2M

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
$44.02
your share of equity
Profit it earned you last year
−$94.72
Free cash flow it threw off
−$71.37
Debt you’d be carrying
$21.29

10 shares is a claim on $44.02 of net worth that earned you −$94.72 and generated −$71.37 of cash last year, against $21.29 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-146% avg · 5y
FY21 -32%FY22 -53%FY23 -212%FY24 -207%FY25 -228%

It earned an average -146% 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
−88% shares · 5y

Share count is down 88% over 5 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
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 0001653909-23-000030 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001653909-24-000015 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-25-012130 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-022192 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001653909-23-000030 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001653909-24-000015 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001628280-25-012130 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-022192 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001653909-23-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001653909-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001628280-25-012130 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-022192 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001653909-23-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001653909-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-012130 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-022192 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2024-12-31 · accession 0001628280-26-022192 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001653909-23-000030 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001653909-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001628280-25-012130 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2024-12-31 · accession 0001628280-26-022192 (CashAndCashEquivalentsAtCarryingValue)