MeritValue

Freight Technologies, Inc.

FRGTdata completeness 100%11 fiscal years on file
The thesis, from the filings

Freight Technologies, Inc. earns about -99% on invested capital, but has diluted owners by 628% 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$21.5M1$25.9M1$17.1M2$13.7M2$13.1M2
Net income−$8.2M3−$8.19M3−$9.33M4−$5.6M4−$7.9M4
Operating cash flow−$5.93M5−$8.47M5−$5.79M6−$4.21M6−$4.53M6
Capital expenditure$12,5287$16,9137$34,7248$9,5708$6,0748
Free cash flow (derived)−$5.94M5−$8.49M5−$5.83M6−$4.22M6−$4.54M6
Total debt$1.73M9$6.65M10$5.62M11$3.34M12$2.88M12
Cash & equivalents$3.15M13$1.01M13$1.56M14$204,03214$346,71814
Diluted shares77,844390,5632,39345,642566,330

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
$94.05
your share of equity
Profit it earned you last year
−$139.53
Free cash flow it threw off
−$80.12
Debt you’d be carrying
$50.85

10 shares is a claim on $94.05 of net worth that earned you −$139.53 and generated −$80.12 of cash last year, against $50.85 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-99% avg · 5y
FY21 —FY22 -65%FY23 -99%FY24 -155%FY25 -79%

It earned an average -99% 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
+628% shares · 5y

Share count is up 628% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 66% over the same window.

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. 20-F · period ending 2021-12-31 · accession 0001493152-24-018375 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001493152-26-023206 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2021-12-31 · accession 0001493152-24-018375 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-26-023206 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001493152-24-018375 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-023206 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-018375 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001493152-26-023206 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2021-12-31 · accession 0001493152-23-013266 (ShortTermBorrowings)
  10. 20-F · period ending 2022-12-31 · accession 0001493152-24-018375 (ShortTermBorrowings)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-003944 (ShortTermBorrowings)
  12. 20-F · period ending 2024-12-31 · accession 0001493152-26-023206 (ShortTermBorrowings)
  13. 20-F · period ending 2021-12-31 · accession 0001493152-24-018375 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001493152-26-023206 (CashAndCashEquivalentsAtCarryingValue)