MeritValue

BLUM HOLDINGS, INC.

BLMHdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024
Revenue$52M1$7.76M2$13M2
Net income−$188.9M3−$14.1M3$33.1M4
Operating cash flow−$7.95M5−$986,0006−$1.55M6
Capital expenditure$1.8M7$311,0008$10,0008
Free cash flow (derived)−$9.75M5−$1.3M6−$1.56M6
Total debt$34.5M9$58.1M10$6.17M10
Cash & equivalents$1.2M11$416,00012$1.04M12
Diluted shares5.9M8.2M13.4M

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
−$5.04
your share of equity
Profit it earned you last year
$24.71
Free cash flow it threw off
−$1.16
Debt you’d be carrying
$4.61

10 shares is a claim on −$5.04 of net worth that earned you $24.71 and generated −$1.16 of cash last year, against $4.61 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 3y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+127% shares · 3y

Share count is up 127% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 82% — 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 v0.5.0
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 2022-12-31 · accession 0001437749-24-012085 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001437749-25-007468 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001437749-24-012085 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-25-007468 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001437749-24-012085 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001437749-25-007468 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001437749-24-012085 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2023-12-31 · accession 0001437749-25-007468 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2022-12-31 · accession 0001437749-24-012085 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2023-12-31 · accession 0001437749-25-007468 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-12-31 · accession 0001437749-24-012085 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001437749-25-007468 (CashAndCashEquivalentsAtCarryingValue)