MeritValue

FG Merger II Corp.

FGMCdata completeness 50%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

FG Merger II Corp. earns about 366% on equity, with a roughly flat share count. 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 2024FY 2025
Revenue——
Net income−$25,8501$1.43M1
Operating cash flow−$9,9632$1.48M2
Capital expenditure——
Free cash flow (derived)——
Total debt——
Cash & equivalents$46,2853$486,9003
Diluted shares2.2M—

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 equity
366% avg · 2y
FY24 —FY25 366%

It earned an average 366% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback.

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 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
only 2 years of net income (need ≥3)
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 2024-12-31 · accession 0001104659-26-037797 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001104659-26-037797 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2024-12-31 · accession 0001104659-26-037797 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)