MeritValue

Flag Ship Acquisition Corp

FSHPdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

The applicable estimate puts fair value near $4.8 a share.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 2023FY 2024FY 2025
Revenue—$1.8M1$2.49M1
Net income−$62,3992$909,8383$1.83M3
Operating cash flow−$66,7784−$876,3275−$479,0965
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$116,2106$76,7476$6,5516
Diluted shares1.7M1.9M2.0M

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
−$16.12
your share of equity
Profit it earned you last year
$9.32
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$16.12 of net worth that earned you $9.32 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 3y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+14% shares · 3y

Share count is up 14% over 3 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 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
$4.8
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$909,838
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count 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 0001829126-26-005818 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2023-12-31 · accession 0001829126-25-001450 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001829126-26-005818 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001829126-25-001450 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001829126-26-005818 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001829126-26-005818 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)