MeritValue

BARFRESH FOOD GROUP INC.

BRFHdata completeness 88%16 fiscal years on file
The thesis, from the filings

BARFRESH FOOD GROUP INC. earns about -206% on equity, but has diluted owners by 31% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$6.7M1$9.16M2$8.13M3$10.7M4$14.2M4
Net income−$1.27M5−$6.13M6−$2.82M7−$2.83M8−$2.69M8
Operating cash flow−$1.86M9−$2.65M10−$2.94M11−$2.23M12−$1.67M12
Capital expenditure$151,00013$13,00014—$53,00015$123,00015
Free cash flow (derived)−$2.01M9−$2.66M10—−$2.28M12−$1.79M12
Total debt———$446,00016$4.56M16
Cash & equivalents$5.53M17$2.81M17———
Diluted shares12.1M12.9M13.4M14.7M15.8M

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
$0.84
your share of equity
Profit it earned you last year
−$1.7
Free cash flow it threw off
−$1.13
Debt you’d be carrying
$2.89

10 shares is a claim on $0.84 of net worth that earned you −$1.7 and generated −$1.13 of cash last year, against $2.89 of debt.

iii. Is this a good business?
Moat signal · return on equity
-206% avg · 5y
FY21 -15%FY22 -209%FY23 -113%FY24 -489%FY25 -203%

It earned an average -206% 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
+31% shares · 5y

Share count is up 31% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 923% 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 2021-12-31 · accession 0001493152-23-006567 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-010975 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000931 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016807 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-006567 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-010975 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000931 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016807 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-006567 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-010975 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000931 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016807 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-006567 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-010975 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-016807 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-016807 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-23-006567 (CashAndCashEquivalentsAtCarryingValue)