MeritValue

Edible Garden AG Inc

EDBLdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

The thesis, from the filings

Edible Garden AG Inc earns about -204% on equity, but has diluted owners by 73% 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$10.5M1$11.6M2$14M3$13.9M4$12.8M4
Net income−$5.54M5−$12.5M6−$10.2M7−$11.1M8−$17.3M8
Operating cash flow−$4.08M9−$9.19M10−$8.53M11−$8.52M12−$11.8M12
Capital expenditure$151,00013$1.98M14$1.02M15$303,00016$638,00016
Free cash flow (derived)−$4.23M9−$11.2M10−$9.55M11−$8.82M12−$12.4M12
Total debt$12M17$10.6M18$4.43M19$4.97M20$3.31M20
Cash & equivalents$31,00021$110,00021$510,00022$3.53M22$1.11M22
Diluted shares166,667362,7166.6M21,767287,743

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
$434.31
your share of equity
Profit it earned you last year
−$602.34
Free cash flow it threw off
−$432.4
Debt you’d be carrying
$115.1

10 shares is a claim on $434.31 of net worth that earned you −$602.34 and generated −$432.4 of cash last year, against $115.1 of debt.

iii. Is this a good business?
Moat signal · return on equity
-204% avg · 5y
FY21 —FY22 —FY23 —FY24 -270%FY25 -139%

It earned an average -204% 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
+73% shares · 5y

Share count is up 73% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 72% — deleveraging.

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 0001477932-23-001657 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001477932-24-001638 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001477932-25-002281 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001477932-26-001867 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001477932-23-001657 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001477932-24-001638 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001477932-25-002281 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001477932-26-001867 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001477932-23-001657 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001477932-24-001638 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001477932-25-002281 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001477932-26-001867 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001477932-23-001657 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001477932-24-001638 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001477932-25-002281 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001477932-26-001867 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001477932-23-001657 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001477932-24-001638 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001477932-25-002281 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001477932-26-001867 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001477932-23-001657 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0001477932-26-001867 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)