MeritValue

Exodus Movement, Inc.

EXODdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

Exodus Movement, Inc. earns about 19% on invested capital. 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 2023FY 2024FY 2025
Revenue$56.2M1$116.3M2$121.6M2
Net income$12.8M3$113M4−$11.4M4
Operating cash flow$692,0005−$12M6−$25.6M6
Capital expenditure$67,0007$273,0008$267,0008
Free cash flow (derived)$625,0005−$12.3M6−$25.8M6
Total debt———
Cash & equivalents$11.4M9$37.9M10$4.94M10
Diluted shares———

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
19% avg · 3y
FY23 12%FY24 51%FY25 -7%

It earned an average 19% 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
— shares · 3y

Not enough history to read capital allocation.

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
no diluted share count
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 2023-12-31 · accession 0000950170-25-034884 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001821534-26-000009 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-034884 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001821534-26-000009 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-034884 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001821534-26-000009 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-034884 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001821534-26-000009 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-034884 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001821534-26-000009 (CashAndCashEquivalentsAtCarryingValue)