MeritValue

Cineverse Corp.

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

Cineverse Corp. earns about -12% on invested capital, but has diluted owners by 116% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$56.1M1$68M2$49.1M3$78.2M4$65.7M4
Net income$2.27M5−$9.69M6−$21.3M7$3.76M8−$8.66M8
Operating cash flow$4.88M9−$8.8M10−$10.6M11$17.4M12−$26.5M12
Capital expenditure$316,00013$1.27M14$1.07M14——
Free cash flow (derived)$4.56M9−$10.1M10−$11.7M11——
Total debt—————
Cash & equivalents$13.1M15$7.15M16$5.17M17$13.9M18$3.39M18
Diluted shares8.7M8.9M12.3M17.8M18.8M

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
$23.61
your share of equity
Profit it earned you last year
−$4.61
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $23.61 of net worth that earned you −$4.61 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-12% avg · 5y
FY22 6%FY23 -20%FY24 -57%FY25 32%FY26 -23%

It earned an average -12% 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
+116% shares · 5y

Share count is up 116% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2022-03-31 · accession 0000950170-23-030833 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0000950170-24-079718 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0000950170-25-091741 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2025-03-31 · accession 0001193125-26-284027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-03-31 · accession 0000950170-23-030833 (NetIncomeLoss)
  6. 10-K · period ending 2023-03-31 · accession 0000950170-24-079718 (NetIncomeLoss)
  7. 10-K · period ending 2024-03-31 · accession 0000950170-25-091741 (NetIncomeLoss)
  8. 10-K · period ending 2025-03-31 · accession 0001193125-26-284027 (NetIncomeLoss)
  9. 10-K · period ending 2022-03-31 · accession 0000950170-23-030833 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-03-31 · accession 0000950170-24-079718 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-03-31 · accession 0000950170-25-091741 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2025-03-31 · accession 0001193125-26-284027 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-03-31 · accession 0000950170-23-030833 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-03-31 · accession 0000950170-24-079718 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2022-03-31 · accession 0000950170-23-030833 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-03-31 · accession 0000950170-24-079718 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-03-31 · accession 0000950170-25-091741 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-03-31 · accession 0001193125-26-284027 (CashAndCashEquivalentsAtCarryingValue)