MeritValue

BranchOut Food Inc.

BOFdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

BranchOut Food Inc. earns about -90% on invested capital, but has diluted owners by 794% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$752,1781$2.83M2$6.43M3$13.7M3
Net income−$4.64M4−$3.93M5−$4.75M6−$6.12M6
Operating cash flow−$2.47M7−$3.53M8−$4.86M9−$7M9
Capital expenditure$45,15010$116,56511$2.85M12$747,04312
Free cash flow (derived)−$2.51M7−$3.65M8−$7.71M9−$7.75M9
Total debt—$234,50013—$9.87M14
Cash & equivalents$015$016$017$017
Diluted shares1.2M2.7M5.7M10.7M

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
$5.19
your share of equity
Profit it earned you last year
−$5.71
Free cash flow it threw off
−$7.22
Debt you’d be carrying
$9.19

10 shares is a claim on $5.19 of net worth that earned you −$5.71 and generated −$7.22 of cash last year, against $9.19 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-90% avg · 4y
FY22 —FY23 -113%FY24 -131%FY25 -27%

It earned an average -90% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+794% shares · 4y

Share count is up 794% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 4109% 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 2022-12-31 · accession 0001493152-24-012492 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-004712 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-014040 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001493152-24-012492 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001641172-25-004712 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001493152-26-014040 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001493152-24-012492 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001641172-25-004712 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001493152-26-014040 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012492 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004712 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-014040 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001493152-24-012492 (LongTermDebt)
  14. 10-K · period ending 2025-12-31 · accession 0001493152-26-014040 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-12-31 · accession 0001493152-24-012492 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001641172-25-004712 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001493152-26-014040 (CashAndCashEquivalentsAtCarryingValue)