Black Rock Coffee Bar, Inc. earns about -0% on equity, with a roughly flat share count. 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.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $133.2M1 | $160.9M1 | $200.3M1 |
| Net income | −$8.82M2 | −$7.21M2 | −$60,0002 |
| Operating cash flow | $5.17M3 | $13.3M3 | $2.19M3 |
| Capital expenditure | $16.2M4 | $22.2M4 | $34.9M4 |
| Free cash flow (derived) | −$11M3,4 | −$8.87M3,4 | −$32.7M3,4 |
| Total debt | — | $90.2M5,6 | $27.9M7 |
| Cash & equivalents | $17.2M8 | $10.2M9 | $28.4M9 |
| Diluted shares | — | — | 17.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $26.83 of net worth that earned you −$0.04 and generated −$19.21 of cash last year, against $16.38 of debt.
It earned an average -0% on equity over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has fallen 69% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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MeritValue on the App Store →- 10-K filed 2026-03-04 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-014380 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2026-03-04 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-014380 (NetIncomeLoss)
- 10-K filed 2026-03-04 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-014380 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2026-03-04 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001628280-26-014380 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2026-03-04 · period ending 2024-12-31 · accession 0001628280-26-014380 (LongTermDebtNoncurrent)
- 10-K filed 2026-03-04 · period ending 2024-12-31 · accession 0001628280-26-014380 (LongTermDebtCurrent)
- 10-K filed 2026-03-04 · period ending 2025-12-31 · accession 0001628280-26-014380 (LongTermDebt)
- 10-K filed 2026-03-04 · period ending 2023-12-31 · accession 0001628280-26-014380 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K filed 2026-03-04 · periods ending 2024-12-31, 2025-12-31 · accession 0001628280-26-014380 (CashAndCashEquivalentsAtCarryingValue)