MeritValue

Dominari Holdings Inc.

DOMHdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Dominari Holdings Inc. earns about -30% on equity, but has diluted owners by 195% 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——$2.04M1$18.3M2$123.1M2
Net income−$7.17M3−$22.1M4−$22.9M5−$14.7M6−$22.4M6
Operating cash flow−$6.6M7−$10.6M8−$22.2M9−$16.7M10$22.7M10
Capital expenditure——$427,00011——
Free cash flow (derived)——−$22.7M9——
Total debt—————
Cash & equivalents$65.6M12$33.2M13$2.83M14$4.08M15$34M15
Diluted shares4.8M5.3M5.2M6.2M14.3M

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
$48.56
your share of equity
Profit it earned you last year
−$15.71
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $48.56 of net worth that earned you −$15.71 last year.

iii. Is this a good business?
Moat signal · return on equity
-30% avg · 5y
FY21 -7%FY22 -30%FY23 -43%FY24 -37%FY25 -32%

It earned an average -30% 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
+195% shares · 5y

Share count is up 195% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
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 2023-12-31 · accession 0001213900-25-031890 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001213900-26-036897 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001213900-23-025306 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-028218 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-031890 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-036897 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001213900-23-025306 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001213900-24-028218 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001213900-25-031890 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001213900-26-036897 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-25-031890 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-025306 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-028218 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001213900-25-031890 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-036897 (CashAndCashEquivalentsAtCarryingValue)