MeritValue

GameSquare Holdings, Inc.

GAMEdata completeness 88%7 fiscal years on file
The thesis, from the filings

GameSquare Holdings, Inc. earns about -131% on invested capital, but has diluted owners by 316% 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 2022FY 2022FY 2023FY 2024FY 2025
Revenue$41.9M1$28.1M2$41.3M3$27.5M4$45M4
Net income−$4.34M5−$18.1M6−$31.3M7−$48.8M8−$40.1M8
Operating cash flow−$20.3M9−$11.9M10−$16.1M11−$30.6M12−$18.4M12
Capital expenditure$78,69813$31,25114$2,23915$5,11716$77,11516
Free cash flow (derived)−$20.4M9−$12M10−$16.1M11−$30.6M12−$18.5M12
Total debt$7.25M17—$7.05M18$15.4M19—
Cash & equivalents$8.6M20$977,41321$2.99M22$13.1M23$6.37M23
Diluted shares15.8M5.6M11.1M27.9M65.7M

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
$5.43
your share of equity
Profit it earned you last year
−$6.1
Free cash flow it threw off
−$2.81
Debt you’d be carrying
—

10 shares is a claim on $5.43 of net worth that earned you −$6.1 and generated −$2.81 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-131% avg · 5y
FY22 -68%FY22 -229%FY23 -90%FY24 -190%FY25 -80%

It earned an average -131% 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
+316% shares · 5y

Share count is up 316% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 112% 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/A · period ending 2022-08-31 · accession 0001493152-23-045550 (Revenue)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-014809 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-004869 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-015717 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 20-F/A · period ending 2022-08-31 · accession 0001493152-23-045550 (ProfitLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-014809 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-004869 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-015717 (NetIncomeLoss)
  9. 20-F/A · period ending 2022-08-31 · accession 0001493152-23-045550 (CashFlowsFromUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-014809 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-004869 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-015717 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F/A · period ending 2022-08-31 · accession 0001493152-23-045550 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-014809 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-004869 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001493152-26-015717 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F/A · period ending 2022-08-31 · accession 0001493152-23-045550 (Borrowings)
  18. 10-K · period ending 2023-12-31 · accession 0001641172-25-004869 (DebtCurrent)
  19. 10-K · period ending 2024-12-31 · accession 0001493152-26-015717 (DebtCurrent)
  20. 20-F/A · period ending 2022-08-31 · accession 0001493152-23-045550 (CashAndCashEquivalents)
  21. 10-K · period ending 2022-12-31 · accession 0001493152-24-014809 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2023-12-31 · accession 0001641172-25-004869 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2024-12-31 · accession 0001493152-26-015717 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)