MeritValue

Free Flow USA, Inc.

FFLOdata completeness 75%14 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Free Flow USA, Inc. earns about 56% on equity, but has diluted owners by 18% 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$745,6751$195,1372$4,0323$9,1484$30,0004
Net income$543,8985−$2.76M6−$232,1567$644,2088−$192,3338
Operating cash flow−$38,5009−$304,90910−$22,82911−$427,90212−$202,88212
Capital expenditure—$013$1,00013——
Free cash flow (derived)—−$304,90910−$23,82911——
Total debt—————
Cash & equivalents$10,21214$17,27415$39,52116$91,34917$11,32217
Diluted shares26.2M24.8M25.9M30.0M31.0M

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
−$0.37
your share of equity
Profit it earned you last year
−$0.06
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.37 of net worth that earned you −$0.06 last year.

iii. Is this a good business?
Moat signal · return on equity
56% avg · 5y
FY21 56%FY22 —FY23 —FY24 —FY25 —

It earned an average 56% 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
+18% shares · 5y

Share count is up 18% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 · period ending 2021-12-31 · accession 0001096906-23-000860 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001310 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001096906-25-000495 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001096906-26-000446 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001096906-23-000860 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001310 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001096906-25-000495 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001096906-26-000446 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001096906-23-000860 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001310 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001096906-25-000495 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001096906-26-000446 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001310 (PaymentsForCapitalImprovements)
  14. 10-K · period ending 2021-12-31 · accession 0001096906-23-000860 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K/A · period ending 2022-12-31 · accession 0001096906-24-001310 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001096906-25-000495 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001096906-26-000446 (CashAndCashEquivalentsAtCarryingValue)