MeritValue

1stdibs.com, Inc.

DIBSdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

1stdibs.com, Inc. earns about -18% on invested capital, but has diluted owners by 39% 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$102.7M1$96.8M2$84.7M3$88.3M3$89.6M3
Net income−$21M4−$22.5M5−$22.7M6−$18.6M6−$13.7M6
Operating cash flow−$4.4M7−$27.9M8−$13.6M9−$2.91M9−$2.44M9
Capital expenditure$129,00010$93,00011$1.79M12$1.92M12$763,00012
Free cash flow (derived)−$4.53M7−$28M8−$15.4M9−$4.83M9−$3.2M9
Total debt—————
Cash & equivalents$168.2M13$153.2M14$37.4M15$26M15$22.9M15
Diluted shares26.1M38.5M39.7M37.8M36.1M

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
$25.93
your share of equity
Profit it earned you last year
−$3.79
Free cash flow it threw off
−$0.89
Debt you’d be carrying
—

10 shares is a claim on $25.93 of net worth that earned you −$3.79 and generated −$0.89 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-18% avg · 5y
FY21 —FY22 —FY23 -18%FY24 -20%FY25 -15%

It earned an average -18% 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
+39% shares · 5y

Share count is up 39% 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 2021-12-31 · accession 0001600641-24-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001600641-25-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001600641-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001600641-24-000022 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001600641-25-000011 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001600641-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001600641-24-000022 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001600641-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001600641-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001600641-24-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001600641-25-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001600641-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001600641-24-000022 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001600641-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001600641-26-000007 (CashAndCashEquivalentsAtCarryingValue)