MeritValue

Bright Mountain Media, Inc.

BMTMdata completeness 100%15 fiscal years on file
The thesis, from the filings

Bright Mountain Media, Inc. earns about -37% on invested capital, but has diluted owners by 38% 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$12.9M1$19.6M2$44.5M3$56.7M4$59.2M4
Net income−$12M5−$8.13M6−$35.6M7−$17M8−$13.5M8
Operating cash flow−$5.93M9−$3.12M10−$4.66M11$1.88M12$1.25M12
Capital expenditure$013$14,00014$14,00015$14,00016$111,00016
Free cash flow (derived)−$5.93M9−$3.13M10−$4.67M11$1.86M12$1.14M12
Total debt$42.9M17$33.1M18$70.2M19$78.8M20$86.1M20
Cash & equivalents$781,00021$316,00022$4M23$2.55M24$1.37M24
Diluted shares128.2M149.2M164.8M171.2M176.5M

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
−$4.34
your share of equity
Profit it earned you last year
−$0.76
Free cash flow it threw off
$0.06
Debt you’d be carrying
$4.88

10 shares is a claim on −$4.34 of net worth that earned you −$0.76 and generated $0.06 of cash last year, against $4.88 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-37% avg · 5y
FY21 -22%FY22 -16%FY23 -107%FY24 -27%FY25 -11%

It earned an average -37% 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
+38% shares · 5y

Share count is up 38% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 101% over the same window.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.14M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.14M
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 0001628280-23-009609 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-24-014146 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-036193 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-121933 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001628280-23-009609 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001628280-24-014146 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-036193 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-121933 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001628280-23-009609 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001628280-24-014146 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-036193 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-121933 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-009609 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-014146 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-036193 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-121933 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-016601 (LongTermDebtCurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001628280-24-014146 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-036193 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-121933 (LongTermDebt)
  21. 10-K · period ending 2021-12-31 · accession 0001628280-23-009609 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0001628280-24-014146 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0000950170-25-036193 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0001193125-26-121933 (CashAndCashEquivalentsAtCarryingValue)