MeritValue

FuboTV Inc.

FUBOdata completeness 88%15 fiscal years on file
The thesis, from the filings

FuboTV Inc. earns about -408% on invested capital, but has diluted owners by 618% 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$217.7M1$638.4M2$1.01B3$1.37B3$1.62B3
Net income−$570.3M4−$382.8M4−$561.5M5−$287.5M5−$172.3M5
Operating cash flow−$149M6−$195.9M7−$316.7M8−$177.6M8−$79.5M8
Capital expenditure$166,0009$3.41M10$1.13M11$1.07M11$2.73M11
Free cash flow (derived)−$149.2M6−$199.3M7−$317.8M8−$178.7M8−$82.2M8
Total debt—————
Cash & equivalents$134.9M12$371M13$337.1M14$245.3M15$161.4M15
Diluted shares44.5M137.5M182.5M276.3M319.7M

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
$5.66
your share of equity
Profit it earned you last year
−$5.39
Free cash flow it threw off
−$2.57
Debt you’d be carrying
—

10 shares is a claim on $5.66 of net worth that earned you −$5.39 and generated −$2.57 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-408% avg · 5y
FY20 -99%FY21 -93%FY22 -522%FY23 -602%FY24 -723%

It earned an average -408% 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
+618% shares · 5y

Share count is up 618% 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
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 2020-12-31 · accession 0001628280-23-005135 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2021-12-31 · accession 0001628280-24-008632 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2022-12-31 · accession 0001628280-25-009420 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001628280-23-005135 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-009420 (NetIncomeLoss)
  6. 10-K · period ending 2020-12-31 · accession 0001628280-23-005135 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-008632 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-009420 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2020-12-31 · accession 0001628280-23-005135 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-008632 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-009420 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2020-12-31 · accession 0001493152-22-005658 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-23-005135 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-24-008632 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-25-009420 (CashAndCashEquivalentsAtCarryingValue)