MeritValue

Grayscale Ethereum Staking ETF

ETHEdata completeness 38%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue————
Net income−$7.7B1$3.11B2$2.59B2−$618.8M2
Operating cash flow——$3.63B3$1.41B3
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents————
Diluted shares310.2M310.2M169.1M110.9M

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
—
your share of equity
Profit it earned you last year
−$55.8
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you −$55.8 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 4y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
−64% shares · 4y

Share count is down 64% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.
Graham Number
not applicable
business development company / RIC — reported earnings are dominated by unrealised marks on private holdings, and a RIC must distribute ~90% of income so it cannot retain earnings to compound. Capitalising them would be meaningless, not merely imprecise. Price/NAV is the applicable lens.

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0000950170-25-029411 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001193125-26-071965 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001193125-26-071965 (NetCashProvidedByUsedInOperatingActivities)