MeritValue

Reliance Global Group, Inc.

EZRAdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Reliance Global Group, Inc. earns about -127% on equity, but has diluted owners by 710% 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$9.71M1$11.8M2$13.7M3$14.1M4$12.4M4
Net income−$21.1M5$6.47M6−$12M7−$9.07M8−$6.99M8
Operating cash flow−$2.25M9−$3.19M10−$847,97011−$2.52M12−$3.09M12
Capital expenditure$71,10813$61,45414$22,86415$24,25716$15,90116
Free cash flow (derived)−$2.32M9−$3.25M10−$870,83411−$2.54M12−$3.11M12
Total debt$16M17$27.1M18$24.9M19$22.2M20$10.3M20
Cash & equivalents—————
Diluted shares673,1371.1M165,8991.0M5.5M

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
$11.79
your share of equity
Profit it earned you last year
−$12.82
Free cash flow it threw off
−$5.71
Debt you’d be carrying
$18.82

10 shares is a claim on $11.79 of net worth that earned you −$12.82 and generated −$5.71 of cash last year, against $18.82 of debt.

iii. Is this a good business?
Moat signal · return on equity
-127% avg · 5y
FY21 —FY22 73%FY23 -168%FY24 -303%FY25 -109%

It earned an average -127% 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
+710% shares · 5y

Share count is up 710% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 36% — 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/A · period ending 2021-12-31 · accession 0001493152-23-027450 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-013118 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-25-009445 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-009536 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-027450 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-013118 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001493152-25-009445 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-009536 (NetIncomeLoss)
  9. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-027450 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-013118 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001493152-25-009445 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-009536 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-027450 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-013118 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001493152-25-009445 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-009536 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-027450 (LongTermDebtNoncurrent)
  18. 10-K · period ending 2022-12-31 · accession 0001493152-24-013118 (LongTermDebtNoncurrent)
  19. 10-K · period ending 2023-12-31 · accession 0001493152-25-009445 (LongTermDebtNoncurrent)
  20. 10-K · period ending 2024-12-31 · accession 0001493152-26-009536 (LongTermDebtNoncurrent)