MeritValue

Empery Digital Inc.

EMPDdata completeness 100%5 fiscal years on file
The thesis, from the filings

Empery Digital Inc. earns about -29434% on equity, but has diluted owners by 305% 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$448,8191$4.55M2$3.26M3$3.98M4$974,9774
Net income−$40.1M5−$34.2M6−$45.1M7−$45.5M8−$150.1M8
Operating cash flow−$24.2M9−$33.6M10−$29.6M11−$16M12−$17.8M12
Capital expenditure$824,90513$799,41214$949,72215$312,09016$204,92716
Free cash flow (derived)−$25M9−$34.4M10−$30.5M11−$16.3M12−$18.1M12
Total debt$103,37317$79,68818$107,03519$45,40820$99.9M20
Cash & equivalents$5.57M21$11.5M22$8.19M23$2.19M24$8.96M24
Diluted shares4.6M23.7M24038,72518.5M

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
$145.66
your share of equity
Profit it earned you last year
−$81.18
Free cash flow it threw off
−$9.77
Debt you’d be carrying
$54.03

10 shares is a claim on $145.66 of net worth that earned you −$81.18 and generated −$9.77 of cash last year, against $54.03 of debt.

iii. Is this a good business?
Moat signal · return on equity
-29434% avg · 5y
FY21 -636%FY22 -5391%FY23 —FY24 -111652%FY25 -56%

It earned an average -29434% 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
+305% shares · 5y

Share count is up 305% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 96512% over the same window.

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 0001683168-23-001344 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-001823 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002047 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001683168-26-002333 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-001344 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-001823 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002047 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001683168-26-002333 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-001344 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-001823 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002047 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001683168-26-002333 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-23-001344 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001683168-24-001823 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001683168-25-002047 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001683168-26-002333 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001683168-22-001882 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001683168-23-001344 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001683168-24-001823 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0001683168-26-002333 (LongTermDebtNoncurrent)
  21. 10-K · period ending 2021-12-31 · accession 0001683168-24-001823 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0001683168-25-002047 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-12-31 · accession 0001683168-26-002333 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  24. 10-K · period ending 2024-12-31 · accession 0001683168-26-002333 (CashAndCashEquivalentsAtCarryingValue)