MeritValue

Beeline Holdings, Inc.

BLNEdata completeness 88%15 fiscal years on file
The thesis, from the filings

Beeline Holdings, Inc. earns about -59% on invested capital, but has diluted owners by 11% 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 2022FY 2023FY 2024FY 2025
Revenue$12.4M1$13.9M2$10.5M2$1.11M3$7.77M3
Net income−$2.2M4−$16.3M5−$7.54M6−$11.3M7−$23.2M7
Operating cash flow−$5.95M8−$877,0009−$1.82M10−$3.23M11−$21.4M11
Capital expenditure$265,00012$2.5M13$60,00014—$15,00015
Free cash flow (derived)−$6.21M8−$3.37M9−$1.88M10—−$21.5M11
Total debt$8.97M16$7.75M17$8.04M18——
Cash & equivalents$3.28M19$723,00020$306,00021$80,00022$3.06M22
Diluted shares12.7M767,000109,134246,26514.1M

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
$37.9
your share of equity
Profit it earned you last year
−$16.38
Free cash flow it threw off
−$15.17
Debt you’d be carrying
—

10 shares is a claim on $37.9 of net worth that earned you −$16.38 and generated −$15.17 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-59% avg · 5y
FY21 -20%FY22 -201%FY23 -34%FY24 -4%FY25 -35%

It earned an average -59% 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
+11% shares · 5y

Share count is up 11% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 10% — 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 v0.1.0
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 0001493152-23-010264 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012410 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-014135 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-010264 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-012410 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-004793 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-014135 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-010264 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-012410 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-004793 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-014135 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-010264 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-012410 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-004793 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-12-31 · accession 0001493152-26-014135 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-22-008172 (LongTermDebt)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-23-010264 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0001493152-24-012410 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-010264 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-012410 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-004793 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-014135 (CashAndCashEquivalentsAtCarryingValue)