MeritValue

DeFi Development Corp.

DFDVdata completeness 100%4 fiscal years on file
The thesis, from the filings

DeFi Development Corp. earns about 94% on invested capital, but has diluted owners by 168% over 4 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 2025
Revenue$2.15M1$2M2$2.1M3$11.4M3
Net income−$1.26M4−$3.37M5−$2.73M6−$73.8M6
Operating cash flow−$1.02M7−$1.57M8−$2.42M9−$18M9
Capital expenditure$010$29,04911$23,00012$2,00012
Free cash flow (derived)−$1.02M7−$1.6M8−$2.44M9−$18M9
Total debt——$013$127.5M13
Cash & equivalents$981,12514$5.08M15$2.52M15$5.92M16
Diluted shares6.9M1.1M9.8M18.5M

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
$53.79
your share of equity
Profit it earned you last year
−$39.99
Free cash flow it threw off
−$9.74
Debt you’d be carrying
$69.08

10 shares is a claim on $53.79 of net worth that earned you −$39.99 and generated −$9.74 of cash last year, against $69.08 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
94% avg · 4y
FY22 —FY23 —FY24 214%FY25 -26%

It earned an average 94% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+168% shares · 4y

Share count is up 168% over 4 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 2022-12-31 · accession 0001575872-24-000295 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001013762-25-003260 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-12-31 · accession 0001805526-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-12-31 · accession 0001575872-24-000295 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001013762-25-003260 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001805526-26-000006 (NetIncomeLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001575872-24-000295 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001013762-25-003260 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001805526-26-000006 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001575872-24-000295 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-003260 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001805526-26-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2024-12-31 · accession 0001805526-26-000006 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001575872-24-000295 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001013762-25-003260 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-12-31 · accession 0001805526-26-000006 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)