Black Rock Coffee Bar, Inc.

BRCBdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

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.

i. The business — what you’d actually own

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	−$8.87M³	−$32.7M³
Total debt	—	$90.2M⁵	$54.6M⁵
Cash & equivalents	$17.2M⁶	$10.2M⁷	$28.4M⁷
Diluted shares	—	—	17.0M

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

Net assets behind them

$26.83

your share of equity

Profit it earned you last year

−$0.04

Free cash flow it threw off

−$19.21

Debt you’d be carrying

$32.1

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 $32.1 of debt.

iii. Is this a good business?

Moat signal · return on equity

-0% avg · 3y

FY23 —FY24 —FY25 -0%

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 →

Management signal · capital allocation

−0% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has fallen 39% — deleveraging.

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

10-K · period ending 2023-12-31 · accession 0001628280-26-014380 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001628280-26-014380 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001628280-26-014380 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001628280-26-014380 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001628280-26-014380 (LongTermDebtNoncurrent)
10-K · period ending 2023-12-31 · accession 0001628280-26-014380 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2024-12-31 · accession 0001628280-26-014380 (CashAndCashEquivalentsAtCarryingValue)