MeritValue

Banzai International, Inc.

BNZIdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Banzai International, Inc. earns about -279% on equity, and has bought back 41% 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—$5.33M1$4.56M2$4.53M3$12.2M3
Net income$11.6M4−$15.5M5−$14.4M6−$31.5M7−$22.5M7
Operating cash flow−$1.01M8−$5.17M9−$1.55M10−$9.58M11−$15.7M11
Capital expenditure—$10,80612$012——
Free cash flow (derived)—−$5.18M9−$1.55M10——
Total debt—————
Cash & equivalents$711,65213$1.02M14$2.09M15$1.09M16$259,20516
Diluted shares—6.4M2.4M445,8173.8M

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
$21.29
your share of equity
Profit it earned you last year
−$59.46
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $21.29 of net worth that earned you −$59.46 last year.

iii. Is this a good business?
Moat signal · return on equity
-279% avg · 5y
FY21 —FY22 —FY23 —FY24 —FY25 -279%

It earned an average -279% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−41% shares · 5y

Share count is down 41% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2022-12-31 · accession 0000950170-24-039543 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-054303 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-134714 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001193125-23-086073 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-24-039543 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000950170-25-054303 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001193125-26-134714 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001193125-23-086073 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0000950170-24-039543 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0000950170-25-054303 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001193125-26-134714 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-039543 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-23-086073 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-039543 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-054303 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-134714 (CashAndCashEquivalentsAtCarryingValue)