MeritValue

Falcon's Beyond Global, Inc.

FBYDdata completeness 100%4 fiscal years on file
The thesis, from the filings

Falcon's Beyond Global, Inc. earns about -5791% on invested capital, but has diluted owners by 361% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$16M1$1.33M2$02$14.9M3
Net income−$17.4M4−$430.9M5$149.5M6$6.31M6
Operating cash flow−$19.3M7−$23.4M8−$12.6M9−$24.6M9
Capital expenditure$320,00010$308,00011$11,00012$153,00012
Free cash flow (derived)−$19.6M7−$23.7M8−$12.6M9−$24.8M9
Total debt$33.1M13$59.2M14$92.6M15$34.4M15
Cash & equivalents$8.37M16$672,00017$825,00018$1.87M18
Diluted shares—8.5M12.7M39.3M

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
$3.04
your share of equity
Profit it earned you last year
$1.61
Free cash flow it threw off
−$6.31
Debt you’d be carrying
$8.76

10 shares is a claim on $3.04 of net worth that earned you $1.61 and generated −$6.31 of cash last year, against $8.76 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-5791% avg · 4y
FY22 -14%FY23 -23354%FY24 183%FY25 22%

It earned an average -5791% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+361% shares · 4y

Share count is up 361% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
$0.45
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2022-12-31 · accession 0001213900-24-036854 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0000950170-25-049918 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2025-12-31 · accession 0001193125-26-131874 (Revenues)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-036854 (ProfitLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-049918 (ProfitLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001193125-26-131874 (ProfitLoss)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-24-036854 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0000950170-25-049918 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001193125-26-131874 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-036854 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-049918 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-131874 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-036854 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-049918 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-131874 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2022-12-31 · accession 0001213900-24-036854 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000950170-25-049918 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001193125-26-131874 (CashAndCashEquivalentsAtCarryingValue)