MeritValue

Balance Labs, Inc.

BLNCdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'incomeTaxExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$624,5901$247,5002——$6,0003
Net income−$796,6964−$768,3515−$381,5716−$528,2237−$31.8M7
Operating cash flow−$56,8968$7,7539−$122,50210−$157,11011−$257,02411
Capital expenditure$9,50012————
Free cash flow (derived)−$66,3968————
Total debt—$480,15513$491,49613—$25,00014
Cash & equivalents$227,55815$235,31116$112,80917$13,19918$358,97518
Diluted shares21.7M21.7M21.7M21.7M25.7M

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
−$1.31
your share of equity
Profit it earned you last year
−$12.35
Free cash flow it threw off
—
Debt you’d be carrying
$0.01

10 shares is a claim on −$1.31 of net worth that earned you −$12.35 last year, against $0.01 of debt.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

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

seeing a moat in the numbers →
Management signal · capital allocation
+19% shares · 5y

Share count is up 19% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 95% — 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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 2021-12-31 · accession 0001493152-23-012585 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014644 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001493152-26-016088 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-012585 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-014644 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-004842 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-016088 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-012585 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-014644 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-004842 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-016088 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-012585 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-014644 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0001493152-26-016088 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-012585 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-24-014644 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001641172-25-004842 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-016088 (CashAndCashEquivalentsAtCarryingValue)