MeritValue

Dream Homes & Development Corp.

DREMdata completeness 63%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

Dream Homes & Development Corp. earns about 50% on invested capital, but has diluted owners by 40% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.03 a share.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$3.88M1$6.31M2$5.66M3$4.97M4$10.1M4
Net income−$170,4785$154,0906−$97,3797$375,9858$418,2718
Operating cash flow−$37,8829$596,36810$426,95611−$773,61612$3.95M12
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$191,43913$525,38913———
Diluted shares34.5M35.8M39.2M47.1M48.4M

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
$0.29
your share of equity
Profit it earned you last year
$0.09
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.29 of net worth that earned you $0.09 last year.

iii. Is this a good business?
Moat signal · return on invested capital
50% avg · 5y
FY21 -13%FY22 179%FY23 -12%FY24 41%FY25 54%

It earned an average 50% 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
+40% shares · 5y

Share count is up 40% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.03
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$154,090
  • growthAssumed0.0%
Graham Number
$0.11
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-012455 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-035617 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004861 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-017910 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-012455 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-035617 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004861 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-017910 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-012455 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-035617 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004861 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-017910 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-012455 (CashAndCashEquivalentsAtCarryingValue)