MeritValue

FOXO TECHNOLOGIES INC.

FOXOdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'

The thesis, from the filings

FOXO TECHNOLOGIES INC. earns about -588% on equity. 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$120,0001$511,0002$145,2913$4.05M4$16.4M4
Net income−$38.5M5−$95.3M6−$26.5M7−$12.4M8−$12.4M8
Operating cash flow−$15.1M9−$23.8M10−$6.65M11−$2.84M12−$3.87M12
Capital expenditure$118,00013$110,00014——$62,02115
Free cash flow (derived)−$15.2M9−$23.9M10——−$3.93M12
Total debt—————
Cash & equivalents$6.86M16$5.52M17$38,11618$68,26819$207,45319
Diluted shares—————

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
-588% avg · 5y
FY21 —FY22 -1420%FY23 —FY24 -233%FY25 -112%

It earned an average -588% 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
— shares · 5y

Not enough history to read capital allocation.

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 v0.5.0
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 0001213900-23-024912 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001213900-24-050377 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004858 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-016725 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001213900-23-024912 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001213900-24-050377 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004858 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-016725 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024912 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-050377 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004858 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-016725 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001213900-23-024912 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001213900-24-050377 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2025-12-31 · accession 0001493152-26-016725 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001213900-23-024912 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001213900-24-050377 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-004858 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-016725 (CashAndCashEquivalentsAtCarryingValue)