MeritValue

Blue Star Foods Corp.

BSFCdata completeness 88%10 fiscal years on file
The thesis, from the filings

Blue Star Foods Corp. earns about -101% on equity, but has diluted owners by 72% 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$9.97M1$12.8M2$6.12M3$3.59M4$2.89M4
Net income−$2.61M5−$13.2M6−$4.47M7−$12.5M8−$3.58M8
Operating cash flow−$4.83M9−$3.62M10−$3.53M11−$6.2M12−$674,56112
Capital expenditure—$296,79313$159,60914$101,73615$9,91415
Free cash flow (derived)—−$3.92M10−$3.69M11−$6.3M12−$684,47512
Total debt$31,26316$3.44M17$481,32918$52,86518—
Cash & equivalents$1.16M19$9,26220$24,16321$326,85422$14,43622
Diluted shares21.7M25.2M101,6503.0M37.4M

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
−$0.63
your share of equity
Profit it earned you last year
−$0.96
Free cash flow it threw off
−$0.18
Debt you’d be carrying
—

10 shares is a claim on −$0.63 of net worth that earned you −$0.96 and generated −$0.18 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-101% avg · 5y
FY21 -29%FY22 —FY23 -172%FY24 —FY25 —

It earned an average -101% 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
+72% shares · 5y

Share count is up 72% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 69% 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 0001493152-23-012586 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012503 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-015976 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-025031 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012586 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012503 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-015976 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-025031 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012586 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012503 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-015976 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-025031 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-012503 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-015976 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-025031 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-012586 (LongTermDebt)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-23-012586 (LongTermDebtCurrent)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-015976 (LongTermDebt)
  19. 10-K · period ending 2021-12-31 · accession 0001493152-23-012586 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2022-12-31 · accession 0001493152-24-012503 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2023-12-31 · accession 0001641172-25-015976 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2024-12-31 · accession 0001493152-26-025031 (CashAndCashEquivalentsAtCarryingValue)