MeritValue

Creatd, Inc.

CRTDdata completeness 100%23 fiscal years on file
The thesis, from the filings

Creatd, Inc. earns about -1254% on equity, but has diluted owners by 242% 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 2018FY 2019FY 2020FY 2021FY 2022
Revenue$90,5081$453,0062$1.21M3$4.3M4$4.8M4
Net income−$12M5−$8.04M6−$24.2M7−$37.3M8−$32.3M8
Operating cash flow−$4.97M9−$5.96M10−$7.34M11−$20.5M12−$16.8M12
Capital expenditure$27,60513$27,88714$44,98815$95,93516$212,24916
Free cash flow (derived)−$5M9−$5.98M10−$7.39M11−$20.6M12−$17M12
Total debt$123,48117—$1.43M18$1.34M19$1.68M19
Cash & equivalents—$11,63720$7.91M21$3.79M22$706,22422
Diluted shares6.4M3.0M8.7M12.7M22.0M

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
−$5.33
your share of equity
Profit it earned you last year
−$14.66
Free cash flow it threw off
−$7.72
Debt you’d be carrying
$0.76

10 shares is a claim on −$5.33 of net worth that earned you −$14.66 and generated −$7.72 of cash last year, against $0.76 of debt.

iii. Is this a good business?
Moat signal · return on equity
-1254% avg · 5y
FY18 —FY19 —FY20 -445%FY21 -2064%FY22 —

It earned an average -1254% 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
+242% shares · 5y

Share count is up 242% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 1264% 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 2018-12-31 · accession 0001213900-19-005478 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2019-12-31 · accession 0001213900-21-018972 (Revenues)
  3. 10-K · period ending 2020-12-31 · accession 0001213900-22-018351 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001213900-23-030833 (Revenues)
  5. 10-K · period ending 2018-12-31 · accession 0001213900-20-008060 (NetIncomeLoss)
  6. 10-K · period ending 2019-12-31 · accession 0001213900-21-018972 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001213900-22-018351 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001213900-23-030833 (NetIncomeLoss)
  9. 10-K · period ending 2018-12-31 · accession 0001213900-20-008060 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2019-12-31 · accession 0001213900-21-018972 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2020-12-31 · accession 0001213900-22-018351 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-030833 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2018-12-31 · accession 0001213900-20-008060 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2019-12-31 · accession 0001213900-21-018972 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2020-12-31 · accession 0001213900-22-018351 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-030833 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2018-12-31 · accession 0001213900-20-008060 (LongTermDebt)
  18. 10-K · period ending 2020-12-31 · accession 0001213900-22-018351 (ShortTermBorrowings)
  19. 10-K · period ending 2021-12-31 · accession 0001213900-23-030833 (ShortTermBorrowings)
  20. 10-K · period ending 2019-12-31 · accession 0001213900-21-018972 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2020-12-31 · accession 0001213900-22-018351 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2021-12-31 · accession 0001213900-23-030833 (CashAndCashEquivalentsAtCarryingValue)