MeritValue

CISO Global, Inc.

CISOdata completeness 100%8 fiscal years on file
The thesis, from the filings

CISO Global, Inc. earns about -65% on invested capital, and has bought back 74% of its shares over 5 years. 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$15.1M1$46.5M2$33.9M3$30.8M4$26.6M4
Net income−$39.1M5−$33.8M6−$80.2M7−$24.2M8−$8.07M8
Operating cash flow−$7.39M9−$10.7M10−$5.92M11−$3.84M12−$7.97M12
Capital expenditure—$512,24713$213,62914$83,09515$7,49115
Free cash flow (derived)—−$11.2M10−$6.13M11−$3.92M12−$7.98M12
Total debt$21.6M16—$27M17$23.4M18$2.26M19
Cash & equivalents$2.73M20$1.83M21$241,64322$992,58923$1.7M23
Diluted shares118.9M9.3M11.1M12.0M30.6M

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
$4.84
your share of equity
Profit it earned you last year
−$2.64
Free cash flow it threw off
−$2.61
Debt you’d be carrying
$0.74

10 shares is a claim on $4.84 of net worth that earned you −$2.64 and generated −$2.61 of cash last year, against $0.74 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-65% avg · 5y
FY21 -70%FY22 -35%FY23 -114%FY24 -67%FY25 -41%

It earned an average -65% 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
−74% shares · 5y

Share count is down 74% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 90% — 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 0001493152-23-010229 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014818 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001660 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013324 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010229 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014818 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001660 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013324 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010229 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014818 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001660 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013324 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001493152-24-014818 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001641172-25-001660 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001493152-26-013324 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001493152-23-010229 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001493152-24-014818 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2024-12-31 · accession 0001641172-25-001660 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2025-12-31 · accession 0001493152-26-013324 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2021-12-31 · accession 0001493152-23-010229 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0001493152-24-014818 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001641172-25-001660 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0001493152-26-013324 (CashAndCashEquivalentsAtCarryingValue)