MeritValue

Brownie's Marine Group, Inc

BWMGdata completeness 75%16 fiscal years on file
The thesis, from the filings

Brownie's Marine Group, Inc earns about -42% on invested capital, but has diluted owners by 36% 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$5.11M1$7.6M1$7.58M2$8.17M3$7.52M3
Net income−$1.59M4−$1.89M5−$1.25M6−$240,5997−$105,1497
Operating cash flow−$769,4678−$678,3579−$374,82710−$293,43511−$170,64511
Capital expenditure$23,67712$11,04013$29,95514$2215—
Free cash flow (derived)−$793,1448−$689,3979−$404,78210−$293,45711—
Total debt—$210,44616$139,96017$234,14018$93,36419
Cash & equivalents$643,14320$484,42721$431,11221——
Diluted shares349.6M410.5M436.2M438.9M474.9M

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
$0.04
your share of equity
Profit it earned you last year
−$0
Free cash flow it threw off
—
Debt you’d be carrying
$0

10 shares is a claim on $0.04 of net worth that earned you −$0 last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-42% avg · 5y
FY21 -62%FY22 -65%FY23 -71%FY24 -10%FY25 -3%

It earned an average -42% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+36% shares · 5y

Share count is up 36% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 56% — 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
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-009729 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001641172-25-015177 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001493152-26-016204 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-23-009729 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001493152-24-018527 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001641172-25-015177 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001493152-26-016204 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001493152-23-009729 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001493152-24-018527 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001641172-25-015177 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001493152-26-016204 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001493152-23-009729 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-018527 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-015177 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-016204 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-12-31 · accession 0001493152-23-009729 (LongTermDebt)
  17. 10-K · period ending 2023-12-31 · accession 0001493152-24-018527 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001641172-25-015177 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-016204 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001493152-23-009729 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001493152-24-018527 (CashAndCashEquivalentsAtCarryingValue)