MeritValue

Flash Sports & Media Holdings, Inc.

FLZHdata completeness 88%9 fiscal years on file
The thesis, from the filings

Flash Sports & Media Holdings, Inc. earns about -97% on invested capital, and has bought back 95% of its shares over 5 years. 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$62.1M1$66.3M2$69.9M3$40M3$17.4M4
Net income−$875,6675−$15.3M6−$25.4M7−$36.5M8−$22.1M8
Operating cash flow−$1.56M9−$12.8M10−$10.5M11−$2.82M12$840,79612
Capital expenditure$292,42813$675,27714$540,49415$131,38716$298,21516
Free cash flow (derived)−$1.86M9−$13.4M10−$11.1M11−$2.95M12$542,58112
Total debt—————
Cash & equivalents$34.6M17$11.8M18$1.07M19$819,05019$10,64419
Diluted shares10.0M10.8M10.9M499,089528,270

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
−$854.96
your share of equity
Profit it earned you last year
−$418.33
Free cash flow it threw off
$10.27
Debt you’d be carrying
—

10 shares is a claim on −$854.96 of net worth that earned you −$418.33 and generated $10.27 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-97% avg · 5y
FY21 -2%FY22 -66%FY23 -222%FY24 —FY25 —

It earned an average -97% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−95% shares · 5y

Share count is down 95% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 · period ending 2021-12-31 · accession 0001706524-23-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001706524-25-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-26-005258 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2025-12-31 · accession 0001213900-26-046211 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001706524-23-000018 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001706524-25-000008 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-26-005258 (NetIncomeLoss)
  8. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-046211 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001706524-23-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001706524-25-000008 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001213900-26-005258 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-046211 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001706524-23-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001706524-25-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001213900-26-005258 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K/A · period ending 2024-12-31 · accession 0001213900-26-046211 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001493152-22-008018 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001213900-26-005258 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  19. 10-K/A · period ending 2023-12-31 · accession 0001213900-26-046211 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)