MeritValue

Brand Engagement Network Inc.

BNAIdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Brand Engagement Network Inc. earns about -282% on invested capital, and has bought back 79% 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——$35,2101$99,7902$275,1202
Net income$5.08M3$7.21M4−$11.7M5−$33.7M6−$8.63M6
Operating cash flow−$1.65M7−$648,8668−$5.05M9−$14M10−$5.09M10
Capital expenditure——$48,34911$53,02312$23,51212
Free cash flow (derived)——−$5.1M9−$14.1M10−$5.11M10
Total debt——$223,30013$1.66M14$1.34M14
Cash & equivalents$861,47415$2,01016$1.69M17$149,27318$172,12418
Diluted shares——20.6M3.3M4.4M

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
$7.91
your share of equity
Profit it earned you last year
−$19.71
Free cash flow it threw off
−$11.68
Debt you’d be carrying
$3.07

10 shares is a claim on $7.91 of net worth that earned you −$19.71 and generated −$11.68 of cash last year, against $3.07 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-282% avg · 5y
FY21 —FY22 —FY23 -57%FY24 -642%FY25 -147%

It earned an average -282% 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
−79% shares · 5y

Share count is down 79% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 501% 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
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 2023-12-31 · accession 0001838163-25-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001493152-26-016954 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001193125-23-085720 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001193125-24-083577 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001838163-25-000005 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-016954 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001193125-23-085720 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001193125-24-083577 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001838163-25-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001493152-26-016954 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001838163-25-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016954 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001838163-25-000005 (ShortTermBorrowings)
  14. 10-K · period ending 2024-12-31 · accession 0001493152-26-016954 (ShortTermBorrowings)
  15. 10-K · period ending 2021-12-31 · accession 0001193125-22-073440 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001838163-25-000005 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2023-12-31 · accession 0001838163-25-000005 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-016954 (CashAndCashEquivalentsAtCarryingValue)