MeritValue

FITLIFE BRANDS, INC.

FTLFdata completeness 75%16 fiscal years on file
The thesis, from the filings

FITLIFE BRANDS, INC. earns about 18% on invested capital, far above its ~9% cost of capital, but has diluted owners by 108% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $5.62 and $44.22 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$27.9M1$28.8M2$52.7M3$64.5M4$81.5M4
Net income$5.41M5$4.43M6$5.3M7$8.98M8$6.33M8
Operating cash flow$4.48M9$4.13M10$4.22M11$9.61M12$7.44M12
Capital expenditure—$013$106,00014$10,00015$42,00015
Free cash flow (derived)—$4.13M10$4.11M11$9.6M12$7.4M12
Total debt—$016$35.6M17$21.7M17—
Cash & equivalents—————
Diluted shares4.8M4,9759.8M9.9M10.0M

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
$43.74
your share of equity
Profit it earned you last year
$6.34
Free cash flow it threw off
$7.41
Debt you’d be carrying
—

10 shares is a claim on $43.74 of net worth that earned you $6.34 and generated $7.41 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
18% avg · 5y
FY21 31%FY22 21%FY23 10%FY24 16%FY25 14%

It earned about 18% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+108% shares · 5y

Share count is up 108% over 5 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

The 3 estimate methods that apply put fair value between $5.62 and $44.22 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$44.22
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$7.4M
DCF · Growth Exit 5Y
$24.17
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$7.4M
Earnings Power Value
$5.62
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.41M
  • growthAssumed0.0%
Graham Number
$7.87
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $24.17
The three cases
Bear0.0%$10.59
Base20.0%$24.17
Bull20.0%$24.17

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-007858 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010119 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009469 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010680 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007858 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010119 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009469 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010680 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007858 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010119 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009469 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010680 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0001437749-24-010119 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001437749-25-009469 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001437749-26-010680 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2022-12-31 · accession 0001437749-24-010119 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-009469 (LongTermDebtNoncurrent)