MeritValue

EquipmentShare.com Inc

EQPTdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'interestExpense'

The thesis, from the filings

EquipmentShare.com Inc earns about 2% on invested capital, but has diluted owners by 201% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.78 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 2023FY 2024FY 2025
Revenue$1.11B1$1.98B1$2.04B1
Net income$17M2$3M2$40M2
Operating cash flow$279M3$282M3$264M3
Capital expenditure———
Free cash flow (derived)———
Total debt—$5.09B4$6.54B4
Cash & equivalents$316M5$407M6$306M6
Diluted shares75.0M77.0M226.0M

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
$23.36
your share of equity
Profit it earned you last year
$1.77
Free cash flow it threw off
—
Debt you’d be carrying
$289.56

10 shares is a claim on $23.36 of net worth that earned you $1.77 last year, against $289.56 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 3y
FY23 6%FY24 0%FY25 1%

It earned an average 2% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+201% shares · 3y

Share count is up 201% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 28% 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
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
$0.78
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$17M
  • growthAssumed0.0%
Graham Number
$0.73
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001628280-26-019656 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-12-31 · accession 0001628280-26-019656 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-019656 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-019656 (LongTermDebtNoncurrent)
  5. 10-K · period ending 2023-12-31 · accession 0001628280-26-019656 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 10-K · period ending 2024-12-31 · accession 0001628280-26-019656 (CashAndCashEquivalentsAtCarryingValue)